SGX RegCo opens consultation on new disclosure standards for listed companies

The proposal sets requirements for IR policies, KPIs and dividend disclosures in annual reports.

SGX RegCo has proposed new rules that will require listed companies to disclose dividend policies, executive remuneration links to performance, and investor engagement practices in their annual reports.

The consultation paper, issued on 22 April with feedback open until 22 May, also requires issuers to maintain an investor relations policy, publish it on their website, and report investor engagement activities in annual reports, according to the company announcement.

Companies will also need to disclose the key performance indicators used to determine board and key management remuneration, and explain how these are linked to long-term shareholder value creation.

The proposals form part of broader efforts by the Monetary Authority of Singapore (MAS) and SGX following recommendations from the Equities Market Review Group.

SGX said the changes are supported by the Value Unlock programme, which helps issuers assess valuation drivers and improve corporate strategies, capital management and investor relations. It also provides grants for capability building.

According to SGX, more than 130 issuers have been engaged under the programme. It added that around two-thirds of the largest Mainboard and Catalist issuers either do not disclose an investor relations policy or do not publish one, and a similar proportion do not disclose metrics linking remuneration to value creation.

“By raising the baseline for transparency and engagement, we want companies to think more deliberately about how they create value and to articulate that clearly,” said Tan Boon Gin, CEO of SGX RegCo.

If implemented, the changes will be rolled out in phases from 1 January 2027 and will apply to annual reports for financial years starting on or after that date, with first compliance expected in 2028.