Singapore Exchange Regulation (SGX RegCo) will require listed companies to provide more detailed disclosures on executive remuneration, dividend policies, and investor relations as it seeks to strengthen transparency and encourage a greater focus on long-term value creation.
The changes will take effect on Jan. 1, 2027, with the first annual reports subject to the new requirements expected to be published in 2028.
Under the revised rules, annual reports for financial years beginning on or after Jan. 1, 2027 must disclose the key financial and non-financial performance indicators used to determine the remuneration of executive directors and executive officers, as well as how those indicators are aligned with long-term value creation objectives.
Companies will also have to include a dividend policy, an investor relations policy and a description of key shareholder engagement activities undertaken during the year.
The dividend policy will not require companies to commit to a specific payout. Issuers that want to retain capital to fund growth can state that in their policies, SGX RegCo said.
Their investor relations policies must set out investor engagement channels and mechanisms through which shareholders can contact the company.
From next year, all issuers will also be required to maintain a website for investor engagement or a dedicated investor engagement section on their existing websites.
SGXNET will remain the primary channel for information dissemination, while the website will serve as an additional point of contact for investors.
Companies must publish their investor relations policies on these websites. SGX RegCo also encouraged issuers to make available annual reports, minutes of annual general meetings, investor presentation decks and calendars of upcoming events.
“Singapore’s equity market is benefiting from a resurgence of investor interest, but this interest will not last if boards and management do not increase investor engagement and demonstrate greater transparency – particularly transparency about how board or management decisions align with shareholder interests,” SGX RegCo Chief Executive Tan Boon Gin said.
The rule changes strengthen disclosure standards while preserving flexibility for issuers. We encourage issuers to look beyond the minimum requirements, and to provide substantive and meaningful disclosures, such that they can attract global capital and improve valuations.
The regulator said more than 90% of issuers already maintained a website for investor engagement and had established two-way communication channels for investors, based on financial year 2025 annual reports published through May 31, 2026.
About 80% disclosed the objectives and principles of their investor relations policies, although only a minority provided details of shareholder engagement activities.
More than 90% of issuers also incorporated financial indicators into their remuneration frameworks. However, only 47% disclosed the financial indicators used to determine remuneration, highlighting an information gap the new rules are intended to address.
SGX RegCo said the figures indicated room for improvement while suggesting that most issuers should be able to adopt the new requirements.
The regulator had sought market views on the proposed disclosures in April, with the consultation closing in May.
It received responses from 32 respondents, including asset managers, service providers, representative bodies, issuers and market professionals.
Several respondents proposed expanding the disclosure requirements beyond dividends to cover a broader range of capital management practices.
SGX RegCo said it would share that feedback with the Corporate Governance Advisory Committee for consideration on whether such disclosures should be recommended and whether they should form part of the corporate governance code or listing rules.
