Compliance with SGX listing rules is still poor

ON OCT 29, 2019, at 7.57 am, Sakae Sushi responded to queries by Singapore Exchange (SGX) issued four days earlier regarding, among other things, the auditors' basis for disclaimer of opinion and the supplemental information on directors who were seeking re-election. The annual general meeting (AGM) was to take place at 3 pm that day, and those who have lodged proxies would have done so before Sakae provided the information.

Sakae was just one of at least 11 issuers in 2019 asked to provide the information required in Appendix 7.4.1 of the SGX Rulebook for each director seeking election/re-election at the AGM, after failing to do so in accordance with the new requirement. This requirement, introduced as part of the SGX rule changes made with the release of the 2018 Code of Corporate Governance, came into effect on Jan 1, 2019.

SGX had opened consultation on the amendments to the listing rules from January to March 2018 and published the final rules on Aug 6, 2018. There was then a transition period of more than four months until the effective date. Yet the 11 issuers above failed to comply.