Mr Daniel Teo, Honorary Chairman of SIAS

Mr David Gerald, Founder, President and CEO of SIAS

Distinguished guests

Ladies and gentlemen

1. Good evening. Tonight, we recognise the organisations and individuals who have contributed to the quality and integrity of Singapore’s capital markets.

2. It is also an appropriate occasion to take stock of where our equities market stands, including the ongoing efforts to improve trading volumes and liquidity, and what more we need to do together to build on the progress that we have made thus far.

Building on momentum in Singapore’s equities market

3. We are seeing encouraging signs in Singapore’s equities market.

a. Trading activity has picked up, with average daily trading volumes exceeding S$2 billion — which is over 40% higher than in 2025.

b. We are also seeing broader participation beyond our largest stocks. Turnover among the Next 50 constituents has increased by 93% from 2025, with a growing number of small- and mid-cap stocks now able to absorb institutional-sized flows.

c. SGX has also welcomed 10 new listings this year as of end-August, raising about S$1.4 billion.

d. And we are seeing renewed interest from a broader range of companies considering Singapore as a listing venue — from REITs and real assets to growth sectors such as technology, digital infrastructure and advanced manufacturing.

4. The external global environment has become more challenging, but Singapore’s fundamentals remain sound. We know markets will go through cycles – so what matters is that we stay focused on rebuilding broader and deeper capabilities over the medium to longer term.

5. Over the past two years, we have made a comprehensive set of moves to deepen investor participation, attract quality listings, strengthen our connectivity to global capital markets, and adopt a pro-enterprise regulatory stance while maintaining investor confidence.

a. Through the Equity Market Development Programme, or EQDP, our appointed fund managers have been crowding in more capital into Singapore equities.

b. What this means in practice is that for every dollar of public funds invested through EQDP, we are seeing more than a dollar of private capital come alongside it – a crowd-in ratio of more than 1:1 to date.

c. The first two phases of EQDP have laid a strong foundation, and we will continue to build on this momentum through Phase 3, which we announced last month.

d. We have also strengthened Singapore’s connectivity to global capital markets through the Global Listing Board, giving eligible companies a pathway to access both Singapore and US capital markets. This could be particularly relevant to companies with a strong Asia growth story.

e. It is still early days, and we are working closely with market participants to build a pipeline of quality issuers for the Global Listing Board.

f. We are also pressing ahead with our efforts to streamline the listing process. One of the key measures we have consulted on, and received broad support for, is to consolidate the listing review functions under SGX RegCo.

g. Having a single regulator review all aspects of an IPO application will give prospective issuers greater certainty on the listing process and timeline, as they will only need to engage with SGX RegCo going forward.

h. MAS and SGX RegCo will be issuing their consultation responses soon and are targeting to effect the change in January 2027.

6. The work does not end here. Building a vibrant equities market is a long-term effort – and it is not one that the government can do alone. While Mr David Gerald was very kind to express his appreciation to MAS and SGX earlier, we can only achieve this set of recommendations thanks to the very active and important contributions from the industry. This was a collective team effort – a team Singapore effort. We will continue to work closely with the industry, and we will focus on effective implementation because we want to develop our ecosystem’s capabilities to support sustainable growth. We remain open to new ideas and to better ways of doing things, because I am sure along the way there will be new ideas and new developments that we will need to respond to. This is not a one-off exercise – it is an ongoing collective effort by team Singapore to keep our equities market competitive and attractive.

7. Ultimately, what makes a market work well for investors is that the trading activity must grow. Liquidity matters. New listings matter. Yet these are only part of the equation. Turning near-term momentum into lasting investor confidence will require:

a. Well-governed companies that earn and sustain trust;

b. Well-informed investors who make sound investment decisions; and

c. Strong bridges between companies and investors that will help to foster constructive engagement and maintain market confidence.

Well-governed companies — recognising corporate governance excellence and raising standards across the market

8. Let me first touch on the importance of corporate governance. Strong corporate governance is fundamental to a robust equities market. It supports resilient companies, sound decision-making and sustainable value creation. It gives investors confidence that boards and management will exercise responsible stewardship, communicate candidly and remain accountable for their actions and performance.

9. Tonight’s award recipients span companies of different cap sizes, as well as REITs and Business Trusts. This shows that good governance is not just for our largest companies. I would like to congratulate our award recipients for setting high standards, and I would like to encourage you, together with all those being honoured this evening, to continue to lead by example.

10. Good corporate governance also means conducting business responsibly and within the law. This should be a basic expectation of every listed company. I want to echo the point made by Mr David Gerald earlier – companies should not engage in illegal activities, nor should they work with or support other companies involved in such activities – including unlawful burning that causes transboundary haze.

11. The Government takes this very seriously. Where companies are found to have contravened our laws based on the facts and evidence, we will take the necessary enforcement actions against the errant firms and individuals. Being a listed company brings with it responsibilities to your shareholders, your stakeholders and the wider community. I am sure everyone agrees with me that upholding these responsibilities is an important part of maintaining public and investor trust.

12. We must also continue to raise our corporate governance standards as markets, business models and investor expectations evolve. We want to strengthen board effectiveness and accountability, while giving companies flexibility to adopt governance arrangements that suit their circumstances.

13. This is the approach taken by the Corporate Governance Advisory Committee, or CGAC, in its review of the Code of Corporate Governance, which is part of our broader efforts to strengthen our equities market.

14. The CGAC began this review last year and has been engaging industry stakeholders as part of this work. It has identified three areas to focus on: 

a. First, to facilitate meaningful implementation of the Corporate Governance Code by clarifying its objectives and expectations while preserving the flexibility inherent in the comply-or-explain model.

b. Second, to uplift Board quality and independence. Board independence and competence are crucial to effective oversight, and governance arrangements should empower directors to exercise independent judgment. 

c. Third, to place greater emphasis on strategic, long-term shareholder value. Boards need to set clear strategy, allocate capital responsibly and engage stakeholders on how the company intends to create value over time.

15. Good governance is not just about complying with rules. It is also about building the capabilities and culture to make sound decisions and create sustainable value. This is why we are complementing the Corporate Governance Code review with initiatives such as Value Unlock. 

16. The CGAC will put out its proposals for public consultation next week, and I would like to encourage companies and investors to share your feedback so that we can make practical, proportionate and effective improvements.

Well-informed investors — strengthening the demand side and launching IPO Guides

17. Good governance must be underpinned by quality disclosure and meaningful investor engagement. Well-informed investors are essential to a robust and vibrant equities market. This applies not only to listed companies, but also to those that are seeking to access our public markets.

18. As more companies consider Singapore as a listing venue, our IPO ecosystem must inspire confidence among both issuers and investors. The measures that I mentioned earlier strengthen the supply side and improve market connectivity. On the demand side, we also want to help investors make better use of the information available to them.

19. Public offer documents provide comprehensive disclosures. The next step is to help investors navigate these documents with confidence.

20. We have therefore studied the experience of markets with strong retail participation, where free-to-access IPO guides form part of a broader ecosystem of investor education, information and research.

21. MAS will support SIAS in developing IPO Guides tailored to the needs of investors in Singapore. These IPO Guides will distil key information from public offer documents, help investors identify the matters most relevant to their assessment, and highlight matters that may warrant closer consideration.

22. Please allow me to clarify what the IPO Guides will and will not do. They will not recommend whether an IPO is a good or bad investment. They will complement, not replace, investors’ own assessment of the risks and the research available to them. The objective is to help investors ask the right questions and make more informed decisions.

23. Apart from the IPO Guides, greater research coverage of IPOs would help investors make more informed decisions. This is important. We have heard industry feedback on the need to facilitate more independent research coverage of IPOs.

24. The Grant for Equity Market Singapore (GEMS) Research grant scheme was enhanced last year to provide additional funding to support greater research coverage.

25. I am heartened to see increasing industry participation under the scheme. Looking ahead, we are also reviewing our regulations to see if there are ways to support the increased provision of independent research on IPOs for more informed investor participation.

26. Investor empowerment should not end when a company lists. An IPO marks the beginning of a company’s relationship with the wider investment community. Investors need continued access to meaningful information and opportunities for constructive engagement with the companies they invest in.

27. SIAS has played an important role over the years in supporting that relationship. This brings me to my third point, which is the importance of strong bridges between companies and investors.

Strong bridges between companies and investors — SIAS’ longstanding and growing role

28. Well-governed companies and well-informed investors do not operate in isolation. A vibrant and robust equities market also needs institutions that promote dialogue, connect investors with companies, and help sustain trust.

29. For many years, SIAS has played this connecting role in Singapore's capital markets:

a. It has educated and empowered retail investors through seminars, e-resources and market commentary, equipping them to participate with greater knowledge and confidence.

i. More recently, SIAS, SAS, and SGX launched the Youth Stock Ambassadors Programme, which gives young investors capital market education and practical exposure through internships and mentoring.

ii As we lower the barriers to investing, we must also equip investors, including our younger generation, to participate confidently and responsibly. I want to acknowledge and express my appreciation to SIAS for highlighting the importance of financial literacy. This is something which will help not just young Singaporeans – whether they are in school or before they join the workforce – it is something that will help them throughout their life, including after they start a family, work, and when they plan for retirement.

b. SIAS has also championed good corporate governance and constructive shareholder engagement, providing an important channel between investors and listed companies, including through the many events this week;

c. It has helped investors to access and understand company information, including through its Q&A for listed issuers – a role that the new IPO Guides will build on and extend; and

d. SIAS has also supported investors when problems arise through its advocacy and representation.

30. As we strengthen Singapore’s investor recourse framework, we see scope for SIAS to play an even larger role in helping retail investors to organise and to pursue their interests collectively when things go wrong. This would be a natural extension of SIAS’ longstanding role as a trusted advocate and representative for retail investors.

31. I also encourage SIAS to continue speaking up for investors when companies fail to uphold good corporate governance standards. As Mr David Gerald mentioned in his speech earlier, companies that are involved in illegal activities, including those that contribute to transboundary haze, may face legal, financial and reputational penalties, if there is evidence and facts to support the linkage between what they do and the activities causing haze and affecting us here in Singapore. These consequences, these penalties, do not just affect the companies, directors and management. They also affect the value of investments and the interests of their shareholders. Hence, it is very legitimate for SIAS to complement the actions of regulators, SGX and banks to speak up on behalf of investors and to seek answers from the companies concerned. I didn’t coordinate on this topic with Mr David Gerald, but the alignment across his speech and my speech shows what we hope SIAS can do.

32. Together, these efforts help investors participate in our markets with greater understanding, engagement and confidence.

33. MAS has supported SIAS over the years through collaborations in investor education, the promotion of good corporate governance and raising awareness of investment scams. As our market evolves, MAS will deepen this partnership with SIAS, including by providing further support for SIAS to expand its investor education, engagement and recourse efforts.

Conclusion – sustaining confidence through collective effort

34. In conclusion, a vibrant equities market rests on three mutually reinforcing foundations: (a) first, well-governed companies that create sustainable value, (b) second, well-informed investors who participate with confidence, and (c) third, strong institutions that connect the two. SIAS contributes across all three areas, and tonight’s awards are a recognition of this collective effort.

35. Once again, congratulations to all our award recipients. Your achievements demonstrate the quality, stewardship and constructive engagement that a trusted market requires. Let’s continue to work together to sustain and grow the confidence in Singapore’s equities market and build on the progress and momentum that we have achieved so far.

36. I wish everyone a very pleasant evening ahead and I look forward to your continued support as we go deeper into looking at various aspects of our capital markets, including pre-listing, early stage, to companies that are going for listing, companies that have already listed. Across all these different dimensions, there are more things that we can do, with support from industry, to make Singapore a vibrant and attractive equities market. Thank you.

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