Singapore Exchange strengthens disclosure rules to cultivate a culture of value creation in listed companies

The Singapore Exchange (SGX RegCo) announced on September 23, 2026, that it will update its listing rules, requiring listed companies to provide more in-depth disclosure information on remuneration, dividend policy, and investor relations. This rule adjustment aims to "foster a culture of value creation among listed companies."

Tan Boon Gin, CEO of SGX RegCo, stated that the purpose of these rules is "to strike a balance between maintaining flexibility and strengthening disclosure standards."

The new rules will address gaps in specific information disclosure, aiming to improve the quality of disclosure. Under the new rules, listed companies will be required to disclose the following in their annual reports:

• Executive Remuneration Disclosure: A description of the key financial and non-financial performance metrics used to determine the remuneration of directors and executives, and the correlation between these metrics and long-term value creation objectives.
• Capital Allocation Policy: Disclosure of dividend policy, investor relations policy, and a description of key shareholder engagement activities for the year.
• Investor Relations Mechanisms: Listed companies must maintain an investor engagement website or a dedicated investor relations section on their website and publish an investor relations policy. Furthermore, companies are encouraged to publish annual reports, annual general meeting minutes, investor presentations, and an activity calendar.

These new rules were issued following a public consultation launched in April this year, aiming to raise the transparency benchmark and encourage listed companies to place greater emphasis on value creation.

Emily Poon, CEO of the Singapore Institute of Financial Information Technology (SID), stated that SID welcomes SGX RegCo's emphasis that the new requirements should improve disclosure quality rather than becoming a mere compliance check. SID had previously suggested that the scope of capital allocation disclosure could be broadened, emphasizing that "more disclosure does not necessarily mean better disclosure." SID believes that requirements should be proportionate to the company's size and specific circumstances.

SGX RegCo previously stated that the new rules do not mandate that listed companies must pay dividends, but rather ensure transparency regarding their dividend policy. These new rules, combined with SGX's "Value Unleashed" plan, are designed to ensure that capacity building leads to long-term improvements in corporate practices.