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.
For media enquiries, please contact:
Christy TAN Marketing & Communications Lead CPA Australia Tel: +65 66716511 Email: christy.tan@cpaaustralia.com.au
Frank CHUA Assistant Senior Manager, Corporate Communications NUS Business School National University of Singapore Tel: +65 66012469 Email: frank.c@nus.edu.sg
Wai Wai YANG Vice President, Thought Leadership and Communications Singapore Institute of Directors Tel: +65 6011 0102 Email: waiwai.yang@sid.org.sg
Shawn Liew Content Manager The Nutgraf Tel: 6909 2729 Email: shawn@nutgraf.com.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.