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Singapore Client Update                                                                                       MAY 2026

1
© RAJAH & TANN SINGAPORE LLP
CAPITAL MARKETS
SGX RegCo Proposes New Listing Rules to
Enhance Disclosures on Dividend,
Remuneration and Investor Relations
Policies
Executive Summary

On 22 April 2026, Singapore Exchange Regulation ("SGX RegCo") issued a Consultation Paper on
Enhanced Disclosures: Value Creation and Investor Engagement, proposing new SGX-ST Listing
Rules (Mainboard) and SGX-ST Listing Rules (Catalist) (collectively, "Listing Rules") to enhance transparency and strengthen investor engagement through new disclosure and policy requirements for issuers listed on SGX-ST ("issuers"). An issuer will be required to:

1. Disclose the key performance indicators ("KPIs") used to determine remuneration of the board and key management, and how these indicators align with long-term shareholder value creation, in its annual report;

2. Maintain and describe a dividend policy in its annual report;

3. Maintain an investor engagement website; and

4. Maintain and publish, on its website, an investor relations ("IR") policy and describe investor engagement activities in its annual report.

The proposed changes follow recommendations from the Monetary Authority of Singapore's (MAS)
Equities Market Review Group (released in November 2025) and are part of broader "Value Unlock"
initiatives to help issuers create shareholder value and improve communications with investors.
Comments should be provided to SGX RegCo by 22 May 2026.

This Update summarises the key changes to the Listing Rules.

Key Changes

New Listing Rule
Summary of Key Requirements
Remuneration KPIs

1. Disclose in annual reports the key financial and non-financial performance indicators used to determine executive directors' and executive officers' remuneration. This requirement does not extend

New Listing Rule
Summary of Key Requirements to non-executive directors. Financial indicators may include total shareholder return (TSR) and return on equity (ROE). Non-financial indicators may include operational, customer, and sustainability metrics such as on-time delivery rates, customer satisfaction, employee engagement and emissions;
2. Explain how these indicators align with long-term shareholder value creation objectives; and
3. Disclose the reasons for any material changes from the prior year.
Dividend Policy
Maintain a dividend policy and describe it in annual reports. If dividends deviate from the stated policy, the issuer must explain the reasons. The proposed new Listing Rule does not prescribe any particular payout ratio or mandate that dividends be paid. Instead, it requires a clearly articulated policy that provides meaningful insight into the issuer's approach.
Investor
Engagement
Website
Maintain a website for engagement with investors. Suggested content includes annual reports, sustainability reports, annual general meeting minutes, board diversity policy, IR policy, dividend policy, contact information, and presentation materials from results briefings and investor days.
IR Policy
Maintain and publish an IR policy that provides channels for engaging with investors and mechanisms for investors to contact the issuer.
Issuers must describe the IR policy in their annual reports, disclose the website address where the IR policy can be accessed, and describe investor engagement activities undertaken during the financial year.

Phased Implementation Timeline

SGX RegCo proposes a phased implementation for all SGX Mainboard and SGX Catalist issuers from 1 January 2027. SGX RegCo intends for the proposed amendments requiring additional descriptions or disclosures in annual reports to apply only to annual reports in respect of financial years commencing on or after 1 January 2027. SGX RegCo encourages early adoption.

The consultation is in progress.

If you have any queries on the above matters, please reach out to our team members set out on this page. For regional Capital Markets matters, please see Rajah & Tann Asia's Regional Capital Markets
Practice for more information.

Contacts
CAPITAL MARKETS

Howard Cheam
HEAD

D +65 6232 0685
howard.cheam@rajahtann.com

Tan Mui Hui
DEPUTY HEAD

D +65 6232 0191
mui.hui.tan@rajahtann.com

Cynthia Goh
PARTNER

D +65 6232 0316
cynthia.goh@rajahtann.com

Cynthia Wu
PARTNER

D +65 6232 0775
cynthia.wu@rajahtann.com

Please feel free to also contact Knowledge Management at RTApublications@rajahtann.com.

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Rajah & Tann Asia is a network of legal practices based in Asia.
Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.
This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise.
Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update.

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Rajah & Tann Singapore LLP is one of the largest full-service law firms in Singapore, providing high quality advice to an impressive list of clients.  We place strong emphasis on promptness, accessibility and reliability in dealing with clients. At the same time, the firm strives towards a practical yet creative approach in dealing with business and commercial problems. As the Singapore member firm of the Lex Mundi Network, we are able to offer access to excellent legal expertise in more than 100 countries.

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The contents of this Update are owned by Rajah & Tann Singapore LLP and subject to copyright protection under the laws of Singapore and, through international treaties, other countries. No part of this Update may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Rajah & Tann
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Please note also that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. It is to your advantage to seek legal advice for your specific situation. In this regard, you may contact the lawyer you normally deal with in Rajah & Tann Singapore LLP or email Knowledge Management at RTApublications@rajahtann.com.

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