Singapore, 25 July 2025 – Singapore-listed entities demonstrate a strong commitment to corporate governance across the region, with 53 entities recognised in the ASEAN Asset Class under the 2024 ASEAN Corporate Governance Scorecard (ACGS). This represents about a fifth of the 250 top-scoring entities across ASEAN and underscores Singapore’s continued effort in governance excellence.
The ACGS is a collaborative initiative of the ASEAN Capital Markets Forum and the Asian Development Bank and involves Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. Since 2013, the Centre for Governance and Sustainability (CGS) at the National University of Singapore (NUS) Business School and the Singapore Institute of Directors (SID) have been appointed by the Monetary Authority of Singapore (MAS) to be the domestic ranking body for the ACGS.
Singapore results for ACGS 2024
The assessment for ACGS is continuously enhanced based on evolving business landscapes. For the 2024 assessment, new questions focusing on sustainability and resilience were introduced, along with more rigorous evaluation standards. Several default questions were removed from scoring, as compliance with these specific areas is now mandatory for all listed companies across the six participating jurisdictions.
The top 100 SGX-listed entities by market capitalisation as of 31 May 2024, which include 71 listed companies and 29 business trusts or Real Estate Investment Trusts (REITs), have been evaluated.
Singapore achieved an overall average score of 98.4 points, with 53 Singapore entities scoring at least 97.5 points out of 130 points, equivalent to 75% of the total score. On average, these 53 entities (Tier 1) achieved an average score of 106.9 points, reflecting, among others, strengths in upholding shareholder rights and sustainability. The remaining 47 entities (Tier 2) recorded an average score of 88.8 points.
“In today’s rapidly evolving geopolitical landscape, strong corporate governance is not just a regulatory requirement but a strategic one. The increasingly complexity of directors’ duties demands a more proactive, resilient and accountable approach to board leadership,” said Mr John Lim, nominated Singapore Corporate Governance Expert for ASEAN Corporate Governance Scorecard and past SID Chairman.
“The strong showing by Singapore entities in the ASEAN Corporate Governance Scorecard affirms our continued commitment to excellence in governance and underscores the vital role of boards in navigating uncertainty, safeguarding trust and driving long-term value.”
Tier 1 entities perform strongly in the ACGS assessment
The ACGS assessment is based on publicly available disclosures and comprises two main sections: the macro-level (Level 1) and company-level (Level 2).
Level 1 looks at compliance with national regulations and global benchmarks such as the G20/OECD Principles of Corporate Governance. It covers four key areas: rights and equitable treatment of shareholders, sustainability and resilience, disclosure and transparency, and responsibilities of the board. Level 2 assesses individual companies, awarding bonus points for best practices and penalising for governance lapses.
In the Level 1 assessment, Singapore entities showed relative strength in upholding the rights and equitable treatment of shareholders, as well as issues related to sustainability and resilience. Many demonstrated the use of internationally recognised sustainability frameworks, materiality assessments, climate-related disclosures and formal whistleblowing mechanisms.
Singapore’s Tier 1 entities performed strongly in Level 2 of the assessment, achieving an average net bonus of 18.3 points. This reflected emerging good practices and checks against governance weaknesses, as evaluated through bonus and penalty items. Tier 2 entities recorded 8.9 points in the Level 2 assessment, less than half the score of Tier 1 entities.
Professor Lawrence Loh, Director, Centre for Governance and Sustainability, NUS Business School, said, “We commend Singapore entities for their strong performance in the principal areas of corporate governance, particularly in upholding shareholder rights and advancing sustainability and resilience.”
“Beyond these foundational practices, ASEAN Asset Class entities have also gone the extra mile to adopt emerging good practices while identifying and addressing potential governance risks. Their efforts reflect a forward-looking approach that enhances Singapore’s corporate governance standard. Moving forward, we hope to see more entities strengthen board effectiveness and enhance transparency, as part of a broader effort to build long-term trust and value in the marketplace.”
For the Singapore results under 2024 ACGS, Oversea-Chinese Banking Corp (OCBC) took first position, followed by CapitaLand Investment and CapitaLand Integrated Commercial Trust in second and third position, respectively. Netlink NBN Trust and Stoneweg European REIT round out the top 5.
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For media enquiries, please contact:
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 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 it 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.