Singapore firms lead ASEAN with 53 ACGS governance awards

The average score across all Singapore entities was 98.4.

A total of 53 Singapore-listed entities have been recognised in the 2024 ASEAN Corporate Governance Scorecard (ACGS), placing them in the ASEAN Asset Class of top performers across the region.

The ACGS, developed by the ASEAN Capital Markets Forum and the Asian Development Bank, assesses corporate governance practices in six participating countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

It aims to raise governance standards and increase international visibility for well-governed publicly listed companies in the region.

For the 2024 assessment, the CGS and SID, appointed by the Monetary Authority of Singapore as the domestic ranking bodies, evaluated the top 100 SGX-listed entities by market capitalisation as of 31 May 2024.

The average score across all Singapore entities was 98.4. Tier 1 entities, defined as those meeting the ASEAN Asset Class threshold, recorded an average score of 106.9, whilst Tier 2 entities averaged 88.8 points.

The ACGS uses a two-level evaluation framework. Level 1 measures compliance with national regulations and global standards, including the G20/OECD Principles of Corporate Governance. Level 2 awards bonus points for good practices and deducts points for governance lapses.

According to the report, Singapore’s Tier 1 entities achieved an average net bonus of 18.3 points in Level 2, compared to 8.9 points for Tier 2.

The top-performing Singapore entities in this year’s assessment were Oversea-Chinese Banking Corp (OCBC), CapitaLand Investment Ltd, CapitaLand Integrated Commercial Trust, Netlink NBN Trust, and Stoneweg European REIT (now known as Stoneweg Europe Stapled Trust).

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