Singapore board review disclosures remain limited, study finds

Disclosures about independent board assessments remain uncommon among Singapore-listed businesses, according to research cited on 20 October at Sias Corporate Governance Week 2026. Of the 458 companies examined, 4.4 per cent reported using outside parties periodically to assess boards or individual directors.

The National University of Singapore’s Business School study, conducted by its Centre for Governance and Sustainability, also identified disclosure gaps elsewhere. Information about succession arrangements for senior management and boards appeared at 10 per cent of companies. Contractual clauses enabling recovery of incentive remuneration paid to executive directors and key management personnel were reported by 15.9 per cent.

David Gerald, founder of the Securities Investors Association (Singapore), or Sias, said companies needed to show that governance policies shaped actual decisions. He called for more effective frameworks, including independent scrutiny, stronger succession arrangements, risk oversight and better alignment of incentives.

The study’s average governance score reached 66 per cent in 2026, compared with 65.6 per cent in 2025. Gerald attributed part of that increase to greater representation of larger companies in the sample.

At the event, Senior Parliamentary Secretary for Finance and Manpower Shawn Huang pointed to separate findings from the Singapore Governance and Transparency Index 2026. Around one-third of dividend-paying businesses reported their dividend policies. Four in 10 companies explained measures taken by boards to understand shareholder views.

Huang said explaining the reasoning behind decisions helped investors judge strategy and hold companies accountable. For artificial intelligence investments, he urged boards to examine business results and enduring value, rather than count pilot projects, purchased licences or staff trained.