How to prepare for Singapore’s new SGX enhanced disclosure requirements 2027

Singapore's capital markets are undergoing a significant transformation. Regulatory reforms, enhanced disclosure requirements and heightened investor expectations are collectively reshaping how companies demonstrate accountability, transparency and long-term value creation.  

For boards and listed companies, the message is clear: governance is no longer judged solely by the existence of policies, but by the quality of disclosures that evidence how governance works in practice. 

For financial years commencing on or after 1 January 2027, SGX-listed issuers will be required to enhance disclosures relating to executive remuneration, dividend policies, investor relations and shareholder engagement. Boards should begin preparing now by reviewing existing policies, clarifying responsibilities and ensuring that disclosures are supported by robust evidence and governance processes. 

Why boards should act now 

Investors increasingly expect meaningful disclosures that demonstrate how boards drive long-term value, align remuneration with performance, oversee capital allocation and engage stakeholders.  

Early preparation allows boards to review remuneration, dividend and investor relations policies, address disclosure gaps and ensure reporting is supported by clear evidence ahead of the 1 January 2027 implementation date. 

SGX new disclosure requirements 

The enhanced requirements focus on four areas: 

Executive remuneration 

Companies will need to explain: 

• The financial and non-financial performance indicators used to determine executive remuneration 
• How those indicators support long-term value creation 
• Any material changes to remuneration indicators and the reasons for them 

Dividend policy 

Listed issuers will need to: 

• Maintain and explain a formal dividend policy in the annual report 
• Disclose and justify any material departure from the policy 
• Explain how retained capital supports growth, investment or expansion, where relevant 

Investor relations policy 

At a minimum, the policy should set out: 

• The channels used to communicate with investors 
• How investors can contact the company 
• The policy website address and key engagement activities undertaken during the year 

Investor engagement website 

Listed issuers must maintain a website for investor engagement or a dedicated investor engagement section within their corporate website. Investor relations policy must be published on the website. SGX RegCo also encourages issuers to make supporting information available, including: 

• Annual and sustainability reports 
• Annual general meeting minutes 
• Board diversity, investor relations and dividend policies 
• Investor presentations, investor day materials and upcoming engagement events 

Where governance disclosure gaps may arise 

The new requirements sharpen the focus on two areas that investors may find difficult to assess from current reporting. 

Stakeholder engagement 

A Singapore Institute of Directors study reported that only 10% of companies provided case studies or examples showing how their boards considered major stakeholder decisions during the year. Disclosure is most effective when it closes the loop between stakeholder concerns, board oversight and business outcomes, showing not just what was discussed, but what was done. 

Board effectiveness 

Research by the Centre for Governance and Sustainability at NUS Business School found that only 4.4% of Singapore-listed companies disclosed externally facilitated board evaluations. Only 10% disclosed succession planning arrangements and 15.9% disclosed remuneration clawback provisions. These gaps can make it harder for investors to assess board effectiveness, leadership continuity and remuneration safeguards. 

How board evaluations support stronger governance 

A well-designed board evaluation can provide evidence of how governance operates, not only whether policies exist. The review can assess: 

• Strategic oversight, including strategy, capital allocation, growth and long-term value creation. 
• Risk oversight, including cyber security, artificial intelligence, regulatory change, sustainability and business resilience. 
• Board composition and skills, including sector, technology, digital and financial expertise. 
• Board dynamics, including the quality of discussion, participation, independent challenge and decision-making. 
• Board and executive succession planning to ensure organisational continuity and resilience. 

Turning governance into visible action 

Here are some practical steps you can take to prepare for the new disclosure requirements: 

• Assess current annual report, website and policy disclosures against the new SGX requirements. 
• Identify areas where disclosures rely on generic statements rather than clear evidence, examples or outcomes. 
• Establish clear ownership across the board, company secretariat, remuneration committee, finance and investor relations functions. 
• Evaluate whether board effectiveness reviews and evaluation findings support and substantiate planned disclosures. 
• Develop a roadmap for updating policies, investor-facing websites and reporting processes ahead of the 1 January 2027 implementation date. 

The move towards enhanced disclosure presents more than a compliance obligation. It offers boards an opportunity to demonstrate how key decisions are made, how stakeholder perspectives are considered and how long-term value is overseen and delivered.  

Companies that prepare early can move beyond minimum compliance requirements and provide investors with greater transparency into governance in action.

“External board evaluations are not mandatory in Singapore, but limited disclosure can create an information gap for investors. Independent assessment can help boards show that governance frameworks operate effectively in practice.” 

- Chester Liew, Partner, Head of Risk Consulting & Sustainability 

How Forvis Mazars can help 

Preparing for the new requirements will involve more than updating annual report disclosures. The new disclosure requirements present an opportunity to strengthen transparency, build investor confidence and showcase governance in action. 

Forvis Mazars can support listed companies and governance committees through: 

• Independent board effectiveness reviews and evaluations 
• Corporate governance assessments and benchmarking 
• Governance disclosure and reporting reviews 
• Board and executive succession planning 
• Stakeholder and investor engagement framework assessments 
• Board skills, composition and succession reviews 
• Readiness assessments for the enhanced SGX disclosure requirements 

What’s Next? 

Our Risk Consulting team can help to assess your readiness for the upcoming SGX requirements, identify disclosure gaps and develop a practical roadmap for implementation. 

Discover how Forvis Mazars can support your board effectiveness, governance and disclosure readiness journey. 

Sources: 

Singapore Exchange Regulation (SGX RegCo) - enhanced disclosures supporting value creation and investor engagement. 

Centre for Governance and Sustainability (CGS), NUS Business School - Singapore Governance and Transparency Index (SGTI) 

Singapore Institute of Directors (SID) and Black Sun Global - stakeholder engagement research and corporate governance guidance. 

Organisation for Economic Co-operation and Development (OECD) - Board evaluation: overview of international practices.