What is the CGX Compliance Scorecard?

The CGX Compliance Scorecard assesses SGX-listed companies against 12 key provisions of the SGX Code of Corporate Governance 2018, covering board independence, committee composition, leadership separation, meeting frequency, and remuneration disclosure.

How is CGX compliance scored?

Each company is evaluated on 12 governance provisions and scored as pass, fail, or no-data for each rule. The overall compliance rate indicates the percentage of applicable provisions the company appears to satisfy based on available public data.

What governance code applies to SGX-listed companies?

SGX-listed companies are subject to the Code of Corporate Governance 2018 issued by the Monetary Authority of Singapore (MAS). The code operates on a comply-or-explain basis, requiring companies to either follow each provision or explain deviations in their annual report.

CGX Compliance Scorecard

Compliance assessment against 12 key provisions of the SGX Code of Corporate Governance 2018. Each company is scored on board independence, committee composition, leadership separation, meeting frequency, and remuneration disclosure based on available data.

Companies Assessed

168

Avg Compliance

34.7%

Fully Compliant

Most Common Violation

Board majority independent

Compliance Heatmap

Each column represents a CGX rule. Green check indicates compliance, red cross indicates a violation, and gray dash indicates insufficient data to assess.

Ticker	Company	R1	R2	R3	R4	R5	R6	R7	R8	R9	R10	R11	R12	Score
AU8U	CapitaLand China Trust	✓	✓	✓	—	—	—	—	—	—	—	—	✓	100%
C38U	CapitaLand Integrated Commercial Trust	✓	✓	✓	—	—	—	—	—	—	—	—	✓	100%
C52	ComfortDelGro Corporation Ltd	✓	✓	✓	—	—	—	—	—	—	—	—	✓	100%
CWCU	CapitaLand India Trust	✓	✓	✓	—	—	—	—	—	—	—	—	✓	100%
J91U	ESR-LOGOS REIT	✓	✓	✓	—	—	—	—	—	—	—	—	✓	100%
1B0	mm2 Asia Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
42R	Jumbo Group Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
558	UMS Holdings Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
5E2	Seatrium Ltd	✓	✓	✓	—	—	—	—	—	—	—	—	✗	75%
9CI	CapitaLand Investment Ltd	✓	✓	✓	—	—	—	—	—	—	—	—	✗	75%
A17U	CapitaLand Ascendas REIT	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
A50	Thomson Medical Group Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
AIY	iFAST Corporation Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
BCD	Indo Agri Resources Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
BN4	Keppel Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
C09	City Developments Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
C2PU	Parkway Life Real Estate Investment Trust	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
C6L	Singapore Airlines Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
CC3	StarHub Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
CJLU	NetLink NBN Trust	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
D05	DBS Group Holdings Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
EMI	Emperador Inc	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
F03	Food Empire Holdings Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
F9D	Boustead Singapore Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
G13	Genting Singapore Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
JYEU	Lendlease Global Commercial REIT	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
K71U	Keppel REIT	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
M1GU	Sabana Industrial REIT	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
O39	Oversea-Chinese Banking Corporation Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
OYY	PropNex Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
S58	SATS Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
S63	Singapore Technologies Engineering Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
T14	Tuan Sing Holdings Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
T6I	Tiong Seng Holdings Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
T82U	Suntec Real Estate Investment Trust	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
TQ5	Frasers Property Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
U11	United Overseas Bank Ltd	✓	✓	✓	—	—	—	—	—	—	—	—	✗	75%
V03	Venture Corporation Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
VC2	Olam Group Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
Y92	Thai Beverage Public Company Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
YF8	YZJ Financial Holdings Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
YK9	Yangzijiang Financial Holding Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✓	75%
Z74	Singapore Telecommunications Ltd	✓	✓	✓	—	—	—	—	—	—	—	—	✗	75%
5GD	HC Surgical Specialists Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	—	67%
5WH	Rex International Holding Ltd	✗	✓	—	—	—	—	—	—	—	—	—	✓	67%
BSL	Raffles Medical Group Ltd	✗	✓	—	—	—	—	—	—	—	—	—	✓	67%
C07	Jardine Cycle & Carriage Ltd	✗	✓	—	—	—	—	—	—	—	—	—	✓	67%
DCRU	Digital Core REIT	✗	✓	✓	—	—	—	—	—	—	—	—	—	67%
I07	ISDN Holdings Ltd	✗	✓	—	—	—	—	—	—	—	—	—	✓	67%
M14	InnoTek Ltd	✓	✗	✓	—	—	—	—	—	—	—	—	—	67%
1D0	Kimly Ltd	✗	✓	—	—	—	—	—	—	—	—	—	—	50%
1J5	Hyphens Pharma International Ltd	✗	✓	✗	—	—	—	—	—	—	—	—	✓	50%
5DD	Micro-Mechanics Holdings Ltd	✗	✓	—	—	—	—	—	—	—	—	—	—	50%
5OI	Japan Foods Holding Ltd	✗	✓	✗	—	—	—	—	—	—	—	—	✓	50%
5UX	Oxley Holdings Ltd	✗	✓	✓	—	—	—	—	—	—	—	—	✗	50%
A7RU	Keppel Infrastructure Trust	✗	—	—	—	—	—	—	—	—	—	—	✓	50%
AP4	Riverstone Holdings Ltd	✗	✓	✗	—	—	—	—	—	—	—	—	✓	50%
BQF	Mewah International Inc	✗	✓	✓	—	—	—	—	—	—	—	—	✗	50%
BS6	Yangzijiang Shipbuilding Holdings Ltd	✗	✓	✗	—	—	—	—	—	—	—	—	✓	50%
E5H	Golden Agri-Resources Ltd	✗	✓	✗	—	—	—	—	—	—	—	—	✓	50%
F34	Wilmar International Ltd	✗	✓	✗	—	—	—	—	—	—	—	—	✓	50%
G07	Great Eastern Life Assurance Company Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✓	50%
H02	Haw Par Corporation Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✓	50%
H30	Hutchison Port Holdings Trust	✗	✓	✓	—	—	—	—	—	—	—	—	✗	50%
HMN	Ascott Residence Trust	✗	—	—	—	—	—	—	—	—	—	—	✓	50%
J69U	Frasers Centrepoint Trust	✗	—	—	—	—	—	—	—	—	—	—	✓	50%
NC2	RH Petrogas Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✓	50%
OV8	Sheng Siong Group Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✓	50%
S68	Singapore Exchange Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✓	50%
S71	Sunningdale Tech Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✓	50%
U96	SembCorp Industries Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✓	50%
1F1	Clearbridge Health Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
1F3	Noel Gifts International Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
40V	iX Biopharma Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
5ML	Old Chang Kee Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
5TP	UMS Integration Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
AGS	The Hour Glass Ltd	✗	✓	—	—	—	—	—	—	—	—	—	✗	33%
BEZ	Dyna-Mac Holdings Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
BHK	UOI Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
D03	Del Monte Pacific Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
F10	Frasers Centrepoint Asset Management Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
G92	China Aviation Oil (Singapore) Corp Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
H07	Hiap Hoe Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
H13	Ho Bee Land Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
H15	Hotel Properties Ltd	✗	✗	—	—	—	—	—	—	—	—	—	✓	33%
J2T	Japfa Comfeed Indonesia Tbk	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
J36	Jardine Matheson Holdings Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
K29	KORI Holdings Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
LJ3	Keppel Corporation Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
MV4	Strides Pharma Science Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
OU8	Centurion Corporation Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
P52	Singapore O&G Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
P9D	Pan Jit International Inc	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
S07	Singapore Finance Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
S20	Straits Trading Company Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
T55	Travelodge Hotels Asia Pte Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
U77	SingHaiyi Group Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	—	33%
H78	Hongkong Land Holdings Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✗	25%
P34	Delfi Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✗	25%
P8Z	Bumitama Agri Ltd	✗	✗	✗	—	—	—	—	—	—	—	—	✓	25%
U06	United Overseas Land Ltd	✗	✗	✓	—	—	—	—	—	—	—	—	✗	25%
40T	Stamford American International School	✗	—	—	—	—	—	—	—	—	—	—	—	0%
544	CSE Global Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
5AI	OKP Holdings Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
5BI	Serial System Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
5CF	SinoCloud Group Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
8AZ	Aztech Global Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
A04	ASL Marine Holdings Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
A30	Asia Enterprises Holding Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
AJBU	Keppel DC REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
AWX	AEM Holdings Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
B61	Bukit Sembawang Estates Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
BEW	Frasers Centrepoint Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
BHU	Dasin Retail Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
BMGU	BHG Retail REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
BN2	Valuetronics Holdings Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
BTOU	Manulife US REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
BUOU	Frasers Logistics & Commercial Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
C05	CDL Investments New Zealand Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
C33	Tat Seng Packaging Group Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
C76	Singapore Land Group Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
C8R	Jiutian Chemical Group Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
CMOU	Keppel Pacific Oak US REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
CRPU	Sasseur REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
CY6U	Dasin Retail Trust (Units)	✗	—	—	—	—	—	—	—	—	—	—	—	0%
D01	DFI Retail Group Holdings Ltd	✗	—	—	—	—	—	—	—	—	—	—	✗	0%
D5IU	Lippo Malls Indonesia Retail Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
D8DU	ARA US Hospitality Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
DHLU	Daiwa House Logistics Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
E28	Frencken Group Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
EB5	First Resources Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
F17	Guocoland Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
J85	CDL Hospitality Trusts	✗	—	—	—	—	—	—	—	—	—	—	—	0%
K03	Koda Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
L38	Leverage Shares PLC	✗	—	—	—	—	—	—	—	—	—	—	—	0%
M01	Great Eastern Holdings Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
M44U	Mapletree Logistics Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
ME8U	Mapletree Industrial Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
MR7	Moya Holdings Asia Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
MXNU	Elite Commercial REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
MZH	Nanofilm Technologies International Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
N2IU	Mapletree Pan Asia Commercial Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
N32	Nera Telecommunications Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
NR7	NIO Inc	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
O5RU	AIMS APAC REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
ODBU	United Hampshire US REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
OXMU	Prime US REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
P15	Pacific Century Regional Developments Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
P40U	Starhill Global REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
Q0F	IHH Healthcare Berhad	✗	—	—	—	—	—	—	—	—	—	—	—	0%
Q5T	Far East Hospitality Trust	✗	—	—	—	—	—	—	—	—	—	—	—	0%
QES	QES Group Berhad	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
R14	Resources Prima Group Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
RE4	Geo Energy Resources Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
S08	Singapore Post Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
S56	Singapore Reinsurance Corporation Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
S59	SIA Engineering Company Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
S61	SBS Transit Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
S85	Straco Corporation Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
T12	TSH Corporation Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
T24	Tye Soon Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
TS0U	OUE REIT	✗	—	—	—	—	—	—	—	—	—	—	—	0%
U13	United Industrial Corporation Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
U14	UOL Group Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
W05	Wing Tai Holdings Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
WJP	Vicom Ltd	✗	—	—	—	—	—	—	—	—	—	—	—	0%
Z25	Yanlord Land Group Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%
Z59	Yongnam Holdings Ltd	✗	✗	—	—	—	—	—	—	—	—	—	—	0%

✓ Pass✗ Fail— No dataR1 Board majority independentR2 Independent chair OR lead IDR3 CEO and Chair separatedR4 AC all non-executiveR5 AC majority independentR6 AC chair independentR7 RC all non-executiveR8 RC majority independentR9 NC majority independentR10 NC chair independentR11 Board meets >= 4x/yearR12 Remuneration disclosed

Rule-by-Rule Analysis

R1: Board majority independent

Principle 2

10 passed158 failed0 no data

R2: Independent chair OR lead ID

Principle 3

53%

61 passed54 failed53 no data

R3: CEO and Chair separated

Provision 3.1

92%

83 passed7 failed78 no data

R4: AC all non-executive

Provision 10.2

0 passed0 failed168 no data

R5: AC majority independent

Provision 10.2

0 passed0 failed168 no data

R6: AC chair independent

Provision 10.2

0 passed0 failed168 no data

R7: RC all non-executive

Provision 6.2

0 passed0 failed168 no data

R8: RC majority independent

Provision 6.2

0 passed0 failed168 no data

R9: NC majority independent

Provision 4.2

0 passed0 failed168 no data

R10: NC chair independent

Provision 4.2

0 passed0 failed168 no data

R11: Board meets >= 4x/year

Good practice

0 passed0 failed168 no data

R12: Remuneration disclosed

Principle 8

84%

61 passed12 failed95 no data

Fully Compliant Companies

5 companies passed all applicable CGX rules

✓AU8U4/4 ✓C38U4/4 ✓C524/4 ✓CWCU4/4 ✓J91U4/4

Most Common Violations

Rank	Rule	Provision	Failures	Examples
1	Board majority independent	Principle 2	158	1B0 42R 558 A17U A50+153 more
2	Independent chair OR lead ID	Principle 3	54	M14 G07 H02 NC2 OV8+49 more
3	Remuneration disclosed	Principle 8	12	5E2 9CI U11 Z74 5UX+7 more
4	CEO and Chair separated	Provision 3.1	7	1J5 5OI AP4 BS6 E5H+2 more

Sector Comparison

Average CGX compliance by GICS sector, based on available data.

Communication Services

6 companies

50%

Financials

13 companies

47%

Consumer Staples

16 companies

45%

Health Care

11 companies

45%

Industrials

23 companies

39%

Energy

7 companies

37%

Consumer Discretionary

12 companies

35%

Utilities

3 companies

33%

Real Estate

58 companies

29%

Information Technology

15 companies

22%

Materials

4 companies

Data sources · Full disclaimer

CGX Compliance Scorecard

Compliance Heatmap

Rule-by-Rule Analysis

Fully Compliant Companies

Most Common Violations

Sector Comparison

Related Insights

Governance Risk Score

Committee Independence

Attendance & Engagement

Credential Score