S’pore firms must get over reluctance to disclose board, CEO pay to raise governance standards

SINGAPORE – Listed companies in Singapore must overcome a culture of reluctance to disclose the pay packages of their top executives, as this will help them build accountability with shareholders and elevate local corporate governance standards to attract more investors.

Only 37.5 per cent of the companies polled provided detailed remuneration disclosures, unchanged from 2021, while 48.3 per cent gave the information in bands compared with 54 per cent in 2021. “There continues to be a reluctance among firms to fully disclose CEO and directors’ remuneration. In Asia, the culture is such that we seldom talk about how much we are paid. It is a big area we need to overcome,” said accounting professor Ho Yew Kee at the Singapore Institute of Technology.

This is especially the case with CEOs, who are rewarded much more than the rest of the board and management. The issue is even more important now that companies are adopting environmental, social and governance frameworks and under pressure to be more inclusive.He added that remuneration disclosure requirements are common in other markets like Hong Kong and Japan, and have also been implemented in Malaysia without much resistance.

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