SATS tops governance and transparency index 2025

CapitaLand Ascott Trust led the REIT category.

SATS has ranked first in the general category of the Singapore Governance and Transparency Index (SGTI) 2025.

CapitaLand Ascott Trust took the top spot in the Real Estate Investment Trust (REIT) and Business Trust Category.

In the general category, SATS led the rankings, followed by Keppel and Singapore Telecommunications in second and third place, respectively.

Jardine Cycle & Carriage and DBS Group Holdings took the fourth and fifth spots.

Companies performed best in disclosures related to shareholder rights, achieving an 87% normalised score, followed by sustainability and accountability/audit disclosures at 68%.

The top 100 companies significantly outperformed their peers in disclosure and transparency, scoring 16 percentage points above the average.

In the REIT and business trust category, CapitaLand entities dominated, with CapitaLand Ascott Trust ranking first, followed by CapitaLand Ascendas REIT and CapitaLand Integrated Commercial Trust. Netlink NBN Trust and Stoneweg Europe Stapled Trust rounded out the top five.

The top 10 entities averaged a score of 102.5 points, outperforming their peers by approximately 12 points.

Disclosures on shareholder rights scored 98%, whilst accountability and audit, as well as sustainability-related matters, scored 85% and 82%, respectively.

The SGTI, conducted annually by CPA Australia, the Centre for Governance and Sustainability at NUS Business School, and the Singapore Institute of Directors, evaluates SGX-listed companies on corporate governance and transparency in financial disclosures.

The index uses a “BREAD” framework assessing Board Responsibilities, Rights of Shareholders, ESG and Stakeholders, Accountability and Audit, and Disclosure and Transparency.

The SGTI 2025 expanded its focus on sustainability disclosures, including climate reporting, covering 467 companies and 42 REITs/business trusts.

Future plans include adding financial indicators like dividends and stock data to provide a fuller picture of governance linked to long-term shareholder value.

CPA Australia’s Greg Unsworth said the changes will make the index more market-relevant.

Professor Lawrence Loh of NUS added that the index helps companies improve governance to meet evolving standards.

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