SGX mandates investor relations websites, executive pay disclosure from 2027

Overview

Updated Yesterday

Singapore's market regulator just told every listed company what it must tell shareholders. Starting January 1, 2027, firms need a dedicated investor relations website, a published dividend policy, and a clear explanation of how executive pay is set. The rules arrive nine months after a public consultation drew 32 responses from asset managers, issuers, and market professionals.

SGX Regulation (SGX RegCo) says the changes target specific communication gaps rather than impose new financial mandates. The regulator argues clearer disclosure will draw global capital and lift valuations in a market that has long traded at a discount to regional peers. The first annual reports under the new rules are expected in 2028.

Why it matters

By 2028, every Singapore-listed company must explain executive pay, dividend policy, and investor outreach in writing — or say why it won't.

Questions about this story

Free account needed to ask — your question is kept and asked for you right after sign-up. Answers are public.

No questions yet — be the first to ask.

Key Indicators

Consultation responses received

Responses from asset managers, service providers, representative bodies, issuers, and market professionals.

90%

Listed firms already maintaining investor websites

Yet only a handful currently publish details of shareholder engagement activities.

2027-01-01

Rules take effect

Applies to financial years commencing on or after this date; first compliant reports in 2028.

Voices

Curated perspectives — historical figures and your fellow readers.

Ever wondered what historical figures would say about today's headlines?

People Involved

Tan Boon Gin

Chief Executive, SGX RegCo

Led the rulemaking process

Organizations Involved

Singapore Exchange Regulation

Market Regulator

Rulemaker

The regulatory subsidiary of Singapore Exchange that oversees listing rules and market conduct.

Timeline

April 2026 January 2028

5 events Latest: Yesterday

Tap a bar to jump to that date

January 2028
First compliant annual reports expected
Upcoming Milestone

Calendar-year companies with financial years starting January 2027 issue their first annual reports under the new rules.
January 1st, 2028
January 2027
Rules take effect
Upcoming Regulatory

Applies to financial years commencing on or after this date. Companies encouraged to adopt early.
January 1st, 2027
September 2026
SGX RegCo finalizes disclosure rules
Latest Regulatory

Rules require investor relations websites, executive pay factor disclosure, and dividend policies. Effective January 1, 2027.
Yesterday
May 2026
Consultation closes with 32 responses
Regulatory

Asset managers, issuers, and market professionals submit feedback. SGX RegCo signals phased implementation from January 2027.
May 22nd, 2026
April 2026
SGX RegCo launches disclosure consultation
Regulatory

Proposes rules on remuneration KPIs, dividend policies, investor engagement websites, and IR policies. Comments due May 22.
April 22nd, 2026

Scenarios

First wave of compliant reports lands with broad adoption

Likely Resolves by End of 2028

Discussed by: SGX RegCo, Rajah & Tann

Mainboard and Catalist issuers publish investor relations policies, dividend policies, and remuneration KPI disclosures in their first annual reports under the new rules. SGX RegCo's emphasis on 'meaningful disclosure over mere compliance' holds as boards adopt the spirit of the rules rather than boilerplate language.

SGX eases transition for smaller issuers amid compliance strain

Possible Resolves by Q2 2027

Discussed by: The Business Times analysts

Smaller Catalist issuers struggle with the administrative burden of maintaining dedicated investor relations websites and producing detailed remuneration disclosure. SGX RegCo responds with transition relief, amended guidance, or a phased compliance schedule for smaller companies.

Disclosure reforms draw global capital and narrow SGX discount

Uncertain Resolves by End of 2028

Discussed by: SGX RegCo CEO Tan Boon Gin

Improved transparency attracts overseas investors to Singapore-listed companies, which the regulator argues have suffered a persistent valuation discount. Annual statistics tracking foreign investor participation and market activity show measurable gains in the year following implementation.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

July 2010 – January 2011

Dodd-Frank Say-on-Pay (2010-2011)

The United States passed the Dodd-Frank Act in 2010, which included requirements for public companies to hold non-binding shareholder votes on executive compensation and to disclose the ratio between CEO pay and median employee pay. The Securities and Exchange Commission (SEC) implemented the rules through 2011.

Then

Companies scrambled to calculate pay ratios and prepare for shareholder votes. Compliance costs drew complaints, particularly from smaller firms.

Now

Say-on-pay became embedded in U.S. corporate governance. The SEC now requires annual proxy statements to include executive compensation disclosure.

Why this matters now

Shows how executive pay disclosure mandates typically prompt compliance-cost complaints from smaller issuers — a pattern SGX RegCo may face with Catalist firms.

July 2018

UK Corporate Governance Code remuneration reforms (2018)

The Financial Reporting Council revised the UK Corporate Governance Code to require listed companies to demonstrate how executive remuneration aligns with company purpose and long-term strategy, with clearer reporting on pay ratios and malus and clawback arrangements.

Then

New reporting requirements took effect for accounting periods beginning on or after January 1, 2019.

Now

The reforms strengthened the link between pay disclosure and long-term value creation — the same logic SGX RegCo is now applying in Singapore.

Why this matters now

SGX RegCo's push to tie remuneration KPIs to long-term value creation mirrors the UK approach, offering a benchmark for how the Singapore rules may be received.