Singapore small and mid-caps narrow corporate governance performance gap with larger peers

Felicia Tan08-05

The difference in mean scores between SMIDs and their larger peers came to 17.7 points this year, down from 19.8 points in 2025.Small- and mid-cap (SMID) companies in Singapore have narrowed the ...

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The SGTI is conducted between CPA Australia, the Singapore Institute of Directors (SID) and the National University of Singapore (NUS).\nThe difference in mean scores between SMIDs and their larger peers came to 17.7 points this year, down from 19.8 points in 2025.\nThe SGTI 2026 scorecard takes into consideration three key parts: base scores, bonuses and penalties. Bonuses are awarded for exemplary corporate disclosures while penalties are applied on a company-specific, event-triggered basis. The index has taken a \"dynamic assessment approach\" since 2024 to \"remain responsive to regulatory updates and evolving market expectations\". This means y-o-y scores should be \"interpreted with care\".\nLarge caps are defined as companies with market capitalisation of above $1 billion each while SMIDs are seen as companies with market capitalisation of up to $1 billion each.\nIn the SGTI 2026, Keppel came in top in the general category, followed by ComfortDelGro, Jardine Cycle & Carriage, DBS and Sats.\nThe overall mean score stood at 69.5 points in the general category, down from 70.9 points in 2025. This year's score comprised a mean base score of 62.4 points and a mean bonus of 11.1 points. This was offset by a mean penalty of 4.0 points.\nDespite the narrowed gap overall, the index found that large-caps still outperformed SMIDs across \"key disclosure areas\" with the largest gaps in disclosure and transparency, as well as ESG (environmental, social and governance) and stakeholders.\nLarge-caps achieved a mean normalised score of 67% in disclosure and transparency, 20 percentage points higher than the SMIDs. Large-caps also scored 79% in ESG and stakeholders, 13 percentage points higher.\nThis year, companies did well in disclosures related to rights of shareholders with a mean normalised score of 85%. This was followed by accountability and audit, and ESG and stakeholders with scores of 71% and 67% respectively.\nAccording to the index, the top 100-ranked companies followed a similar performance pattern, while outpacing the overall mean score for disclosure and transparency by 16 percentage points. They also showed notably stronger results in ESG and stakeholders as well as accountability and audit.\nREITs and business trusts\nCapitaLand Ascott Trust (CLAS) ranked first in the REIT and business trust category, followed by CapitaLand Integrated Commercial Trust (CICT), Netlink NBN Trust, CapitaLand Ascendas REIT (CLAR) and Far East Hospitality Trust (FEHT).\nThe overall mean score fell to 88.9 points this year compared to last year's 90.2 points. This year's score comprised a mean base score of 73.4 points, a mean bonus of 17.7 points and a mean penalty of 2.2 points.\nEntities within the top 10 outperformed their peers by around 15 points on average, with a mean overall score of 104.3 points.\nThis year, REITs and business trusts exhibited strong performance in disclosures relating to rights of shareholders, with a mean normalised score of 97%. The mean scores for accountability and audit, and ESG and stakeholders were 87% and 78% respectively.\n\"Good governance is a cornerstone of investor confidence and sustainable business performance. Transparent and meaningful governance disclosures enable investors to make informed long-term decisions and strengthen trust in capital markets,\" says Greg Unsworth, Singapore divisional president, CPA Australia.\n\"The results show that significant room for improvement remains in the corporate governance disclosures of SGX-listed companies. Strengthening these disclosures will help to deepen trust and investor confidence, which are important to sustaining the renewed vibrancy of Singapore's capital market,\" adds Professor Lawrence Loh, director of the centre for governance and sustainability at NUS Business School.\n\"Clear communication and transparency are key to helping companies unlock their true value. Companies must continue to strengthen their governance and disclosure processes so that investors can better understand their performance, prospects and long-term value,\" says Yeoh Ooh Jin, SID chair.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2657525834","isCrawlerRequest":true}