2025 Singapore Proxy Season Review

• Regulatory Developments: Board diversity and transparency regarding executive remuneration remain key focuses of corporate governance reforms in Singapore. During the first six months of 2025, women constituted 20.32% of board members across 162 Singapore-listed companies covered by ISS, representing a modest increase from 2024. Furthermore, according to the Singapore Board Diversity Review 2025 issued by the Council for Board Diversity (CBD), women hold over 25% of board seats in the top 100 listed companies, indicating steady movement toward the 30% target set for 2030. Concurrently, approximately 65.8% of Singapore-listed companies, including real estate investment trusts (REITs) and business trusts (BTs) with financial year ending Dec. 31, 2024, were observed to be fully compliant with the amended rule on director and key management personnel remuneration disclosure requirements, while approximately 34.2% were only partially compliant. 
• ESG-related Update: The Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange Regulation (SGX Regco) have extended the climate reporting timelines to allow companies additional time to develop their reporting capabilities. While all listed companies must still report Scope 1 and 2 greenhouse gas (GHG) emissions from FY2025, only the largest constituents of the Straits Times Index or the 30 largest companies listed on SGX must begin International Sustainability Standards Board (ISSB)-aligned disclosures and add Scope 3 emissions reporting by FY2026. Other listed companies will follow in phases based on market capitalization, with deadlines in FY2028 or FY2030.  
• Market Outlook: The Initial Public Offering (IPO) landscape in Singapore has been quite volatile in recent years, with 2024 marking one of the weakest years for new listings in two decades. During the first half of 2025, IPO activity remained subdued, with only one company listing on the Catalist board. However, momentum picked up in July with the successful Mainboard listing of NTT DC REIT, reported as one of the largest REIT offerings in Singapore in recent years. Several reports also indicate that over 30 companies have begun preparations for listing, suggesting a potential rebound in IPO activity for the remainder of 2025. Meanwhile, the Monetary Authority of Singapore (MAS) has tasked the Corporate Governance Advisory Committee (CGAC) with reviewing and revising the Corporate Governance Code (CG Code) with the final version expected by mid-2026.

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