2023 Singapore Proxy Season Review

Below are key takeaways from ISS’ recently released 2023 Proxy Season Review – Singapore. 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.

• Mandatory Climate Reporting: The Singapore Exchange, in collaboration with other regulatory authorities, is pushing forward the agenda of sustainability reporting in Singapore by expanding the scope of mandatory climate reporting to a wider array of listed issuers, and introducing an environmental, social, and governance (ESG) tracking platform.
• Regulatory Changes on Holding of General Meetings: Based on ISS coverage, there was a 59 percent reduction in the number of companies in Singapore holding purely virtual meetings  during the first half of 2023, as compared to the figures from the same period in 2022. After the previous COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings) Orders were lifted, the Singapore Parliament has enacted a new legislation permitting companies to conduct general meetings in purely virtual and/or hybrid formats. This enactment now allows companies to have the permanent flexibility to adapt their meeting format based on their circumstances and business requirements.
• Key Legislative Changes to the Companies Act of 1967: Recent legislative revisions to the Companies Act of 1967 have been implemented, including refinements to the compulsory share acquisition framework, reductions in the disqualification period for first time non-compliant directors, and more substantial penalties for directors who fail to adhere to the accounting standards in Singapore.

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