At a Glance
Effective on 1 January 2027, enhanced disclosure requirements under the SGX-ST Listing Rules (Mainboard) (“Mainboard Rules“) and SGX-ST Listing Rules (Catalist) (“Catalist Rules“) will apply to listed companies on the SGX-ST Mainboard and Catalist (“ListCos“). Annual report disclosures apply to financial years (“FY“) commencing on or after 1 January 2027. Early adoption is encouraged.
What ListCos must do
- Remuneration key performance indicators (“KPIs“) – Disclose KPIs for executive directors and executive officers in annual reports.
- Dividend policy – Maintain and describe a dividend policy, and explain deviations for the last FY.
- Investor engagement website – Maintain an investor engagement website (and existing requirements to publish minutes of the ListCo’s general meeting will apply to its website).
- Investor relations (“IR”) policy – Maintain an IR policy.
ListCos, Are You Ready?
The infographic below sets out a four-point readiness checklist for the key requirements, explaining what being “ready” looks like (and preliminary next steps) and highlighting key clarifications from the Response Paper titled “Enhanced Disclosures: Value Creation and Investor Engagement” (“Response Paper“) issued by Singapore Exchange Regulation (“SGX RegCo“).
Background
The changes follow recommendations from the Monetary Authority of Singapore’s (“MAS“) Equities Market Review Group and form part of broader “Value Unlock” initiatives to help ListCos create shareholder value and improve communications with investors.
Key milestones:
- November 2025 – MAS Equities Market Review Group releases its recommendations.
- 22 April 2026 – SGX RegCo issues its Consultation Paper titled “Enhanced Disclosures: Value Creation and Investor Engagement”, proposing amendments to the Mainboard Rules and Catalist Rules on remuneration, dividends and IR.
- 23 September 2026 – SGX RegCo issues its Response Paper, confirming the final amendments to the Mainboard Rules and Catalist Rules.
- 1 January 2027 – Amendments to the Mainboard Rules and Catalist Rules take effect.
Looking Ahead
SGX RegCo will also refer feedback on broader capital management disclosures (beyond dividend policy) to the Corporate Governance Advisory Committee to consider whether such disclosures should be introduced, and if so, whether to introduce these under the Code of Corporate Governance or the Listing Rules.
With the enhanced disclosure requirements taking effect on 1 January 2027, ListCos should start reviewing their disclosures, dividend policies and investor engagement approaches now, so that the necessary governance structures and processes are in place in time for the upcoming annual report. Our Capital Markets team would be happy to assist ListCos with the preparatory work required. ListCos who wish to discuss how the enhanced requirements apply to them are welcome to reach out to any of our Contact Partners listed on this page.
For further background, please refer to our May 2026 Legal Update titled “SGX RegCo Proposes New Listing Rules to Enhance Disclosures on Dividend, Remuneration and Investor Relations Policies”.
If you have any queries on the above, please reach out to our team set out on this page.
For regional Capital Markets matters, please see Rajah & Tann Asia’s Capital Markets Practice for more information.
Disclaimer
Rajah & Tann Asia is a network of member firms with local legal practices in Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Our Asian network also includes our regional office in China as well as regional desks focused on Brunei, Japan and South Asia. Member firms are independently constituted and regulated in accordance with relevant local requirements.
The contents of this publication are owned by Rajah & Tann Asia together with each of its member firms and are subject to all relevant protection (including but not limited to copyright protection) under the laws of each of the countries where the member firm operates and, through international treaties, other countries. No part of this publication may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Rajah & Tann Asia or its respective member firms.
Please note also that whilst the information in this publication is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as legal advice or a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. You should seek legal advice for your specific situation. In addition, the information in this publication does not create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on the information in this publication.
