Small and mid-cap companies narrow governance performance gap with larger peers in Singapore Governance and Transparency Index 2026

Keppel and CapitaLand Ascott Trust top respective categories as index continues to reflect evolving governance and disclosure expectations.

Singapore, 5 August 2026 – Small and mid-cap (SMID) companies in Singapore narrowed the corporate governance and transparency performance gap with large-cap companies in 2026, according to the latest Singapore Governance and Transparency Index (SGTI).

The difference in mean scores between large-cap and SMID companies narrowed to 17.7 points in 2026, from 19.8 points in 2025. Large-cap companies are those with market capitalisation above S$1 billion, while SMID companies have market capitalisation of up to S$1 billion. However, larger gaps remained in Disclosure and Transparency as well as ESG and Stakeholders.

In the SGTI 2026, Keppel took top position in the General Category, while CapitaLand Ascott Trust ranked first in the Real Estate Investment Trust (REIT) and Business Trust Category.

The SGTI is an annual study jointly conducted by CPA Australia, the Centre for Governance and Sustainability (CGS) at the National University of Singapore (NUS) Business School, and the Singapore Institute of Directors (SID). The index ranks Singapore Exchange (SGX)-listed companies on their corporate governance disclosures and practices, as well as the timeliness, accessibility and transparency of their financial disclosures.

The overall scoring system of the SGTI is anchored in the five-pronged “BREAD” evaluation framework, which assesses: Board Responsibilities, Rights of Shareholders, ESG and Stakeholders, Accountability and Audit, and Disclosure and Transparency.

The SGTI 2026 scorecard comprises three key components: base scores, bonuses and penalties. Bonus points are awarded to exemplary corporate disclosures, while penalty points are applied on a company-specific, event-triggered basis.

Since 2024, the SGTI has adopted a dynamic assessment approach to remain responsive to regulatory updates and evolving market expectations. As such, year-on-year scores should be interpreted with care, while the index continues to provide assessed entities with a meaningful benchmark against their peers.

Greg Unsworth, Singapore Divisional President, CPA Australia, said: “Good governance is a cornerstone of investor confidence and sustainable business performance. Transparent and meaningful governance disclosures enable investors to make informed long-term decisions and strengthen trust in capital markets. CPA Australia remains committed to working closely with regulators, businesses and our members to promote governance excellence, enhance transparency, and contribute to a resilient and trusted business environment.”

Professor Lawrence Loh, Director of the Centre for Governance and Sustainability, NUS Business School, said: “The results show that significant room for improvement remains in the corporate governance disclosures of SGX-listed companies. Strengthening these disclosures will help to deepen trust and investor confidence, which are important to sustaining the renewed vibrancy of Singapore’s capital market.”

General Category: SMID companies narrow gap, but disclosure differences remain

In the General Category, the overall mean score stood at 69.5 points in 2026, slightly lower than 70.9 points in 2025. The 2026 score comprised a mean base score of 62.4 points and a mean bonus of 11.1 points, offset by a mean penalty of 4.0 points.

Keppel topped the rankings, followed by ComfortDelGro, Jardine Cycle & Carriage, DBS and SATS, in that order.

Despite the narrowed overall gap between large caps and SMIDs, large-cap companies continued to outperform SMID companies across key disclosure areas. The largest gaps were observed in Disclosure and Transparency as well as ESG and Stakeholders. In Disclosure and Transparency, large-cap companies achieved a mean normalised score of 67%, 20 percentage points higher than SMID companies. In ESG and Stakeholders, large-cap companies scored 79%, 13 percentage points higher than SMID companies.

This year, companies performed strongest in disclosures related to Rights of Shareholders, achieving a mean normalised score of 85%. This was followed by Accountability and Audit, and ESG and Stakeholders, with mean normalised scores of 71% and 67% respectively.

Companies ranked within the top 100 followed a similar performance pattern, while outpacing the overall mean score for Disclosure and Transparency by 16 percentage points. They also showed notably stronger results in ESG and Stakeholders as well as Accountability and Audit.

Yeoh Oon Jin, Chair of the Singapore Institute of Directors, said: “Clear communication and transparency are key to helping companies unlock their true value. Companies must continue to strengthen their governance and disclosure processes so that investors can better understand their performance, prospects and long-term value.”

Findings for the REIT and Business Trust Category

In the REIT and Business Trust Category, the overall mean score stood at 88.9 points, compared with 90.2 points in 2025. The 2026 score comprised a mean base score of 73.4 points, a mean bonus of 17.7 points and a mean penalty of 2.2 points.

CapitaLand Ascott Trust placed first, followed by CapitaLand Integrated Commercial Trust, NetLink NBN Trust, CapitaLand Ascendas REIT and Far East Hospitality Trust, in that order.

Entities ranked within the top 10 outperformed their peers on average by around 15 points, achieving a mean overall score of 104.3 points.

This year, REITs and Business Trusts exhibited strong performance in disclosures relating to Rights of Shareholders, with a mean normalised score of 97%. The mean scores for Accountability and Audit, and ESG and Stakeholders were 87% and 78% respectively.

Continued review of SGTI methodology

The SGTI assessment framework is under review, including the proposed adoption of a market-centric model to incorporate value measures into the assessment. While the model was proposed for 2026, its implementation will be considered in light of recent and ongoing regulatory-related reviews and consultations. The SGTI ranking methodology may be adjusted, where appropriate, to reflect these institutional developments.

Download SGTI 2026 Press Release 

Media contact

Christy Tan
Marketing & Communications Lead
[email protected]
+65 66716511