2024 Singapore Proxy Season Preview

Below are key takeaways from ISS’ recently released 2024 Singapore Proxy Season Preview. The full report is available to institutional subscribers by logging into ProxyExchange then selecting the Governance Exchange and its Report Center tab and to corporate subscribers by logging into Governance Analytics then selecting the Governance Exchange and the Report Center tab.

• Sustainability Reporting in Singapore: Starting from Jan. 1, 2024, climate reporting is mandated to issuers in the financial, agriculture, food and forest products, energy, materials, buildings, and transportation industries, while other remaining sectors adhering on a “comply or explain” basis.
• Regulatory Developments: Singapore Exchange Regulation (SGX RegCo) recently released two public consultations to seek feedback, in relation to, among others, (i) the proposed incorporation of International Sustainability Standards Board (ISSB) standards into its reporting rules on climate-related disclosures for Singapore-listed companies, and (ii) the proposed company restructuring process for Singpore-listed companies.
• Singapore SPACs: Despite the lackluster performance of special purpose acquisition companies (SPACs) listed on the Mainboard of Singapore Stock Exchange, as exhibited by the first batch of companies, some market experts believe that adjustments can still be made to refine the current SPAC structure and address any concerns, which suggests that SPACs are likely to remain a viable option for companies in the years ahead.
• ISS Policy Update: In response to the amended SGX Listing Rules regarding the tenure of independent non-executive directors (INEDs), ISS has modified its policy by implementing a strict limit on the tenure of INEDs who have been on the board for more than nine years. According to the updated policy, any INED surpassing this limit will immediately be reclassified as a non-independent non-executive director.

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