In a parliamentary reply, the Monetary Authority of Singapore's chairman said the Singapore Exchange (SGX) Listing Rules and the Code of Corporate Governance already set a baseline for listed companies that remuneration committees should comprise only non-executive directors, with issuers required to comply with that standard or explain why they do not. The reply also highlighted ongoing proposals to strengthen remuneration disclosure by requiring companies to disclose the key performance indicators used to determine executive directors' remuneration and how those measures align with long-term shareholder value creation. Current SGX Listing Rules already require listed companies to disclose the remuneration paid to each director, including executive directors who are substantial shareholders or their family members. Separately, the Corporate Governance Advisory Committee is reviewing the Code of Corporate Governance to enhance governance and disclosure standards and will publicly consult on proposals in due course.
Monetary Authority of Singapore 2026-05-06
Monetary Authority of Singapore says remuneration committees are already expected to comprise only non executive directors and points to executive pay KPI disclosure proposals
The Monetary Authority of Singapore said Singapore Exchange Listing Rules and the Code of Corporate Governance already require remuneration committees to comprise only non-executive directors on a comply-or-explain basis and mandate disclosure of remuneration paid to each director. It highlighted proposals to require listed companies to disclose key performance indicators used to determine executive directors’ pay and their alignment with long-term shareholder value, and noted that the Corporate Governance Advisory Committee is reviewing the Code to further enhance governance and disclosure standards.