SINGAPORE Exchange Regulation (SGX RegCo) recently laid out its expectations for the independent valuation of assets - including businesses - that are done in the course of transactions involving publicly listed companies.

Among other things, SGX RegCo provided a checklist of specific disclosures that listed companies are obligated to make. It also said directors should determine if the key assumptions and estimates are reasonable. The directors must also disclose material uncertainties, and ensure the valuation report's conclusions are acceptable.

SGX RegCo even called on corporate boards to take note of two emerging trends - the growing significance of intangible assets of companies with disruptive technologies and business models; and the increasing importance of environmental, social and governance (ESG) factors.