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All about the Singapore Governance and Transparency Index 2025

Findings of the Singapore Governance and Transparency Index (SGTI) were unveiled on 13 August 2025. A joint study by the 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 entities on their corporate governance practices and disclosures.

Mr Yeoh Oon Jin, Chair, Singapore Institute of Directors, gave the opening address.
Mr Lim Tuang Lee, Assistant Managing Director (Capital Markets), Monetary Authority of Singapore, was the Guest-of-Honour for the Singapore Governance and Transparency Forum 2025.

Winners were announced at the Singapore Governance and Transparency Forum (SGTF) 2025 held at SGX Auditorium. Among them, SATS Ltd. has emerged top in the General Category, while CapitaLand Ascott Trust has been ranked first in the Real Estate Investment Trust (REIT) and Business Trust Category.

Seeking public comments for new indicators

Prof Lawrence Loh, Director, CGS, presented the SGTI findings. 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.

He also disclosed potential plans to include financial and stock-related indicators in SGTI for 2026 and beyond, which may comprise 25% of the total score, alongside current governance and transparency indicators (75%). Sustainable corporate governance will be about what is delivered, beyond what is disclosed. The rationale for the new model is further elaborated in a commentary in The Business Times. At the moment, CGS is seeking feedback for the new proposal. Suggestions may be submitted to cgs@nus.edu.sg by 30 September 2025.

Engaging panel discussion on creating value

The proposal was also keenly discussed during the panel discussion, comprising:

-Mr Daniel Ee, Chairperson, Keppel Infrastructure Fund Management

-Ms Tan Yen Yen, Independent Director, OCBC Bank

-Mr Michael Tang, Head, Listing Compliance, Singapore Exchange Regulation

-Ms Stefanie Yuen Thio, Joint Managing Partner, TSMP Law

-Mr Terence Quek, CEO, Singapore Institute of Directors [Moderator]

The debate was on defining value creation, and whether different yardsticks are needed for different sectors or firm sizes. Beyond the proposal, the panellists discussed what makes good governance, the role of the board, and balancing different stakeholders’ interests.

We thank the panellists for sharing their insights and all who have joined us for the forum.

An engaging panel discussion. From left: Moderator Mr Terence Quek and panellists Ms Stefanie Yuen Thio, Mr Michael Tang, Ms Tan Yen Yen and Mr Daniel Ee.
Mr Joshua Ong, Divisional Deputy President – Singapore, CPA Australia, gave the closing speech.
Many parties have made SGTF 2025 a success. From left: Mr Terence Quek, Mr Nicklaus Wee (Country Manager – Singapore, CPA Australia), Mr Daniel Ee, Ms Tan Yen Yen, Mr Lim Tuang Lee, Ms Stefanie Yuen Thio, Prof Lawrence Loh, Mr Michael Tang and Mr Joshua Ong.
The NUS CGS team. From left: Ms Verity Thoi, Ms Huang Minjun, Ms Joycelyn Lee, Ms Annette Singh, Prof Lawrence Loh, Ms Nguyen Thi Thuy (Aster), Ms Ang Hui Min, Ms Trang Nguyen and Mr Kong Zhen Wei.