Singapore, 13 August 2025 – SATS has emerged top in the General Category of the Singapore Governance and Transparency Index (SGTI) 2025, while CapitaLand Ascott Trust has been 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 practices and disclosures, as well as the timeliness, accessibility and transparency of their financial disclosures.
Greg Unsworth, Singapore Divisional President, CPA Australia, said, “The SGTI continues to set the benchmark for governance excellence, playing a vital role in promoting transparency and accountability across Singapore-listed companies. CPA Australia is proud to support its strategic evolution toward a more market-centric model. By integrating financial indicators into the assessment framework, the index will offer a more comprehensive view of corporate performance and long-term value creation, ensuring it remains relevant and forward-looking.”
The SGTI 2025 scorecard comprises three key components: base scores, bonuses, and penalties. Using a five-pronged “BREAD” evaluation framework, it assesses companies on the following criteria: (1) Board Responsibilities, (2) Rights of Shareholders, (3) ESG and Stakeholders, (4) Accountability and Audit, and (5) Disclosure and Transparency. Bonus points are awarded to recognise exemplary disclosures, while penalty points are applied on a company-specific, event-triggered basis.
For the General Category, the overall mean score in 2025 stands at 70.9 points, comprising a mean base score of 61.7 points and a mean bonus of 13.4 points, offset by a mean penalty of 4.2 points.
In the REIT and Business Trust Category, the overall score stands at 90.2 points, comprising a mean base score of 73.4 points, mean bonus of 18.8 points and mean penalty of 2.0 points.
Professor Lawrence Loh, Director of the Centre for Governance and Sustainability, National University of Singapore Business School, said, “Corporate governance is the cornerstone of trust and sustainable value creation. As a dynamic index, SGTI is able to assess corporate performance in line with evolving regulations. This allows us to better identify the strengths of firms and trusts, as well as their areas of improvement in governance. By rethinking assessment models to incorporate broader, forward-looking measures, we can help organisations remain accountable, resilient and aligned with stakeholder expectations.”
Findings for the General Category
In the General Category, SATS took the top position, with Keppel and Singapore Telecommunications ranking second and third respectively. Jardine Cycle & Carriage and DBS Group Holdings took the fourth and fifth spots.
Companies performed strongest in disclosures related to shareholder rights, achieving a mean normalised score of 87 per cent. This was followed by sustainability-related matters and accountability and audit, both with mean normalised scores of 68 per cent.
Companies ranked within the top 100 followed a similar performance pattern but clearly outpaced their peers in disclosure and transparency, achieving mean scores 16 percentage points above the overall average. They also showed stronger results in accountability and audit, as well as board responsibilities.
Yeoh Oon Jin, Chair of the Singapore Institute of Directors, said, “In 2025, the environment in which directors operate is more complex than ever before. Today’s board leadership must go beyond compliance. We must ask tough questions and challenge the status quo.”
Findings for the REIT and Business Trust Category
In the REIT and Business Trust Category, CapitaLand-related entities clinched the top three positions, with CapitaLand Ascott Trust in first place, followed by CapitaLand Ascendas REIT and CapitaLand Integrated Commercial Trust. Netlink NBN Trust and Stoneweg Europe Stapled Trust rounded out the top five entities. Entities ranked within the top 10 outperformed their peers by an average of around 12 points, achieving a mean overall score of 102.5 points.
This year, REITs and Business Trusts exhibited strong performance in disclosures relating to shareholder rights, with a mean normalised score of 98 per cent. The mean scores for accountability and audit, and sustainability-related matters are comparable, at 85 per cent and 82 per cent, respectively.
Continued evolution of SGTI’s Framework
This year’s index builds on the existing framework with an expanded emphasis on sustainability disclosures, including climate reporting. It offers a holistic assessment of corporate governance disclosures and practices across 467 Singapore-listed companies and 42 REITs and business trusts, based on their annual reports, sustainability reports, websites, announcements on the Singapore Exchange website and media coverage.
As a dynamic benchmark, the SGTI continues to evolve and support ongoing efforts led by the Monetary Authority of Singapore to foster a more vibrant equity market in Singapore. Looking ahead, the organisers are refining the assessment framework for 2026 and beyond, with plans to adopt a market-centric model that incorporates financial indicators into the evaluation.
Under the proposed enhancements, value indicators derived from financial statements, stock-related data, or both would be incorporated alongside the current review of governance disclosures and practices. These may also include specific metrics such as dividends and distributions, providing a more comprehensive view of corporate governance by reflecting the core objective of long-term value creation for shareholders.
Comments and public feedback may be submitted to cgs@nus.edu.sg by 30 September 2025.
For media enquiries, please contact:
Kristy TEO Media and Communications Lead CPA Australia Tel: +65 6671 6527 Email: kristy.teo@cpaaustralia.com.au
Natalie LAW Assistant Manager, Corporate Communications NUS Business School National University of Singapore Tel: +65 6601 1206 Email: natalielaw@nus.edu.sg
Wai Wai YANG Head, Communications and Research Singapore Institute of Directors Tel: +65 6011 0102 Email: waiwai.yang@sid.org.sg
About CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with around 175,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au.
About NUS Business School
The National University of Singapore (NUS) Business School is known for providing management thought leadership from an Asian perspective, enabling its students and corporate partners to leverage global knowledge and Asian insights.
The school has consistently ranked first in Asia by independent publications and agencies, such as The Financial Times, and Quacquarelli Symonds, in recognition of the quality of its programmes, faculty research and graduates.
The school is accredited by AACSB International (Association to Advance Collegiate Schools of Business) and EQUIS (European Quality Improvement System), endorsements that the school has met the highest standards for business education.
Established in 2010, the Centre for Governance and Sustainability (CGS) is part of the NUS Business School. Its mission is to spearhead high-impact research on corporate governance and sustainability in Singapore and the Asia-Pacific and serves as the national assessor for the corporate sustainability and governance performance of listed companies in Singapore.
In tandem with growing demands from consumers and investors that financial returns are achieved with integrity, backed with environmental and social considerations, CGS has a slew of research focusing on sustainability reporting in Asia Pacific, sustainable banking, nature reporting, and climate reporting in ASEAN.
More information about CGS can be accessed at https://bschool.nus.edu.sg/cgs/.
About Singapore Institute of Directors
The Singapore Institute of Directors (SID) is Singapore’s national association for company directors. Established in 1998, our mission is to transform boards and empower board directors to be champions of good governance. SID works with regulators and partners to serve as the voice for directors and facilitates consultations and feedback sessions on regulatory matters. In advocating for good governance, SID advances thought leadership and benchmarking research and indices on corporate governance and directorship issues.
SID builds competencies and capabilities to enhance boardroom skills of directors for informed decision-making. An accreditation programme serves to set standards for and showcase best practices of good governance. The organisation supports members on their directorship journey with courses, workshops, advanced masterclasses, forum discussions and pit-stops. SID connects and strengthens the ecosystem with initiatives such as mentoring and networking. The Governance for Good Alliance is an initiative by SID to bring together key stakeholders who help advance our vision for every board director to be a champion of good governance.
For more information, please visit the website and LinkedIn page.