SGX RegCo to require enhanced disclosures from 2027

Issuers must disclose pay metrics, dividend, and investor relations policies. 

Singapore Exchange Regulation (SGX RegCo) is requiring listed companies to provide enhanced disclosures on remuneration, dividend policies, and investor relations (IR), effective 1 January 2027.

Annual reports for financial years starting on or after that date must describe the key financial and non-financial performance indicators used to determine the remuneration of executive directors and executive officers.

Companies must also explain how these indicators are aligned with their long-term value creation objectives.

Annual reports must also contain a dividend policy, an IR policy, and a description of key shareholder engagement activities within the year. 

SGX RegCo said the dividend policy does not require issuers to commit to a dividend payout, whilst the IR policy should include investor engagement channels and the mechanisms for shareholders to contact the issuer.

From next year, all issuers will be required to maintain a website for investor engagement or a dedicated investor engagement section on their existing website.

SGXNET will remain the primary channel for information dissemination, whilst the website will serve as an additional investor touchpoint. Companies must publish their IR policies on the site.

SGX RegCo also encouraged issuers to publish annual reports, annual general meeting minutes, investor presentation decks, and calendars of upcoming events on their websites.

“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,” SGX RegCo CEO Tan Boon Gin said.

“The rule changes strengthen disclosure standards while preserving flexibility for issuers,” he added.

The first annual reports required to comply with the rules will be issued in 2028.

The regulator consulted the market on the proposed disclosures in April. 

The consultation closed in May and received comments from 32 respondents, including asset managers, service providers, representative bodies, issuers, and market professionals.