- Recent developments (as of 30 June 2025)
- Global markets and public equity ownership 2.2. Public equity ownership by investor category 2.3. Ownership concentration by market
- Corporate governance and institutional framework
- The rights of shareholders and key ownership functions
- The board of directors
- Corporate sustainability
OECD Corporate Governance Factbook 2025: Singapore
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Singapore’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In January 2023, Singapore Exchange Regulation (“SGX RegCo”) announced that it will limit to nine years the tenure of independent directors (“IDs”) serving on the boards of listed issuers. The two-tier vote mechanism for companies to retain long-serving IDs who have served for more than nine years was also removed. The changes seek to accelerate board renewal and promote board independence1.
Also in January 2023, SGX RegCo announced that companies would be required to disclose remuneration paid to individual directors and CEOs in annual reports prepared for financial years ending on or after 31 December 2024. The increased transparency will enable investors to assess whether the directors and CEO are appropriately incentivised2.
On the recommendations of the Sustainability Reporting Advisory Committee (“SRAC”)3, Accounting and Corporate Regulatory Authority (“ACRA”) and SGX RegCo launched a public consultation in July 2023, prescribing mandatory climate reporting for listed issuers from FY2025 in accordance with the ISSB requirements for climate reporting to the extent practicable. Details of the reporting requirements for listed issuers were subsequently announced in September 20244 and implementation timelines announced in August 20255, taking into account feedback received from stakeholders and the prevailing economic landscape.
In April 2024, to improve board-shareholder engagements, SGX RegCo consulted on rule changes to require listed issuers to assist shareholders who have requisitioned a general meeting so that the meeting can take place as soon as practicable. SGX RegCo is reviewing the feedback received.
In May 2025, the Corporate Governance Advisory Committee (“CGAC”) commenced a review of the Code of Corporate Governance (“CG Code”) to build on established good practices in corporate governance, and complement the Equities Market Review Group’s ongoing work to strengthen equities market development in Singapore6. The CGAC will be reviewing the CG Code for its continuing relevance and ensuring that its disclosure requirements are meaningful to market participants.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Singapore* |
526 |
|
-2.8% |
USD 474 bn |
86.5% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
* In November 2025, the Monetary Authority of Singapore (MAS) published the Equities Market Review Group Final Report, which sets out measures to strengthen the competitiveness of Singapore’s equities market. These measures include an establishment of a Singapore Exchange (SGX)-Nasdaq dual listing bridge and an SGD 30 million “Value Unlock” package to help listed companies unlock shareholder value and deepen engagement.
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Source: OECD Capital Market Series Dataset.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD.
This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The full book is available in English: OECD (2025), OECD Corporate Governance Factbook 2025, OECD Publishing, Paris, https://doi.org/10.1787/f4f43735-en.
© OECD 2025
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← 1. Details of the change can be found here: https://www.sgxgroup.com/media-centre/20230111-sgx-regco-caps-independent-directors-tenure-enhances-remuneration
← 2. Details of the change can be found here: https://www.sgxgroup.com/media-centre/20230111-sgx-regco-caps-independent-directors-tenure-enhances-remuneration
← 3. The SRAC is an industry-led committee set up by ACRA and SGX RegCo in June 2022 to advise on the roadmap for advancing sustainability reporting by companies in Singapore.
← 4. Details of the proposal and the public consultation can be found here: https://regco.sgx.com/regco/public-consultations/20240307-consultation-paper-sustainability-reporting-enhancing
← 5. The announcement can be found here: https://www.sgxgroup.com/media-centre/20250825-extended-timelines-most-climate-reporting-requirements-support
← 6. The Monetary Authority of Singapore (“MAS”) established the Equities Market Review Group on 2 August 2024 to recommend measures to enhance the development of Singapore’s equities market. The Review Group is chaired by Mr Chee Hong Tat, Minister for National Development and Deputy Chairman of the MAS, and comprises key private sector stakeholders and public sector representatives. For more information, please refer to https://www.mas.gov.sg/news/media-releases/2025/review-group-completes-equities-market-review
← 7. Note: “World” covers 98 jurisdictions.
← 8. Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.