As the business landscape in Singapore continues to evolve rapidly, company boards and senior management face increasingly complex challenges. In such an environment, it is ever more crucial that companies uphold corporate governance standards. That is where the Singapore Governance and Transparency Index (GTI) serves as a tool for investors and stakeholders to assess a company’s corporate practices.
The GTI, a pioneering initiative for the Singapore market, assesses all companies listed on the Singapore Exchange on their corporate governance disclosure and practices, as well as the timeliness, accessibility, and transparency of their financial results announcements.
Sound corporate governance is the foundation on which companies build their reputation. Directors and management must provide effective stewardship to ensure their companies excel.
The SGTI score has two components: the base score and the adjustment for bonuses and penalties. The base score comprises five domains: board responsibilities, shareholder rights, ESG and stakeholders, accountability and audit, and disclosure and transparency. The maximum base score is 100. The aggregate of the bonuses and penalties (positive or negative) is incorporated into the base score to arrive at the company’s overall GTI score.
The Singapore Governance and Transparency Index (GTI) is conducted by three parties: CPA Australia, the NUS Business School’s Centre for Governance and Sustainability (CGS) and the Singapore Institute of Directors (SID).
#1 CapitaLand Ascott Trust
CapitaLand Ascott Trust (SGX:HMN) is the largest lodging trust in Asia Pacific. The REIT owns serviced residences, hotels, and rental housing across Singapore and major cities worldwide, including Tokyo, London, New York, and Melbourne. The trust gives investors a way to earn from the global hospitality sector, while keeping a strong base in Singapore. Its mix of long-stay and short-stay properties helps balance steady income with growth potential.
The REIT has a total asset value of about $8.82 billion. In the past twelve months, it made $821.6 million in total revenue and $241.18 million in net income.
In 2025, it is the highest-scoring REIT, with a GTI score of 108.6, made up of a base score of 87.6 and an aggregate bonus of 21.
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#2 Keppel Corporation
Keppel Corporation (SGX:BN4) is a global asset manager and operator with interests in energy, infrastructure, and real estate solutions.
Keppel’s capabilities in sustainable urban development and critical infrastructure can be found in their diverse portfolio, from data centres to offshore energy solutions. Keppel’s infrastructure expertise also strengthens Singapore’s strategic position as a hub for trade and innovation.
The company has total assets of about $27.66 billion. In the past twelve months, it made $6.60 billion in total revenue and $951.72 million in net income.
In 2025, Keppel Corp has a GTI score of 109.7, made up of a base score of 82.7 and an aggregate bonus of 27.
Read Also: Celebrating SG60: 5 Homegrown Companies That Have Stood The Test Of Time
#3 Singtel
Singapore Telecommunications, better known as Singtel (SGX:Z74) is Asia’s leading communication technology company. It provides mobile, broadband, and TV services to millions of customers in Singapore. It fully owns Optus in Australia, and has stakes in major regional telcos, including Bharti Airtel in India, Telkomsel in Indonesia, and AIS in Thailand.
Singtel also invests in digital services, data centres, and cybersecurity, aiming to grow beyond traditional telecom.
The company has total assets of about $46.78 billion. In the past twelve months, it made $14.15 billion in total revenue and $4.02 billion in net income.
In 2025, Singtel had the highest GTI score in the communication services sector, with 108.3. This is made up of a base score of 86.3 and an aggregate bonus of 22.
#4 Jardine C&C
Jardine Cycle & Carriage (SGX:C07) is a diversified conglomerate invested in a number of market-leading businesses, including automotive distribution.
In Singapore, the group represents car brands such as Mercedes-Benz, Kia, Mitsubishi, and Citroen. It also has other regional interests, such as Astra and Tunas Ridean in Indonesia, and THACO, REE Corporation and Vinamilk in Vietnam. Jardine Cycle & Carriage is 85% owned by Jardine Matheson (SGX: J36).
The company has total assets of about 32.35 billion USD. In the past twelve months, it made 22.30 billion USD in total revenue and 945.8 million USD in net income.
In 2025, Jardine C&C had a GTI score of 107.3. This is made up of a base score of 80.3 and an aggregate bonus of 27.
