SGX RegCo’s disclosure push may strain smaller firms, raise box-ticking risk, analysts warn

[SINGAPORE] Small and mid-cap listed companies on the Singapore Exchange (SGX) could come under strain from proposed tighter disclosure rules, with industry watchers cautioning that the push to lift valuations may also raise compliance burdens and risk boilerplate reporting.

A consultation on the proposal for tighter rules on executive pay, dividend policy and investor relations (IR) was launched by the Singapore Exchange Regulation (SGX RegCo) on Wednesday (Apr 22). Any changes are expected to be implemented in phases from 2027.

Under the proposed rules, issuers must disclose how board and management pay is tied to long-term value creation, maintain a dividend policy, and formalise investor engagement through dedicated websites and IR policies, alongside reporting their outreach activities.