How can listed companies provide meaningful forward guidance while balancing transparency, accountability and market expectations?

At the SGListCos Members' Event on 28 May 2026, SGListCos convened a panel discussion to explore the role of forward-looking disclosures in today's capital markets. The event brought together 53 market participants, including representatives from STI constituent companies, non-STI listed issuers, capital market intermediaries (including Catalist Sponsors), professional advisers and other service providers. A live audience survey provided insights into market views on the opportunities, challenges and evolving expectations surrounding forward guidance.

The panel discussion and survey highlighted broad recognition that forward guidance can enhance investor understanding, support strategic signalling and strengthen market engagement. However, significant obstacles remain. The survey identified regulatory risk, liability and investor scrutiny as the most significant barrier to greater adoption of forward guidance. Panellists also highlighted challenges relating to organisational alignment, varying board and management risk appetites, limited forecasting visibility and uncertainty regarding disclosures made in good faith.

Following the event, SGListCos developed the attached discussion paper, Forward Guidance (FG): Balancing Transparency, Accountability and Market Expectations, which consolidates the key insights from the panel discussion and survey findings, together with proposed follow-up initiatives to support continued industry dialogue and capability building.

The discussion paper explores:

• The evolving role of forward guidance in Singapore's capital markets.
• Key survey findings and practical perspectives from issuers, investor relations practitioners, corporate finance advisers and independent directors.
• The opportunities and challenges surrounding forward guidance, including regulatory considerations, disclosure practices, ownership and accountability, and investor expectations.
• Proposed follow-up initiatives, including a Closed-door Regulatory Dialogue on Forward Guidance, Capability-building Workshops and Roundtables, and the development of an SGListCos Forward Guidance Playbook.

As a follow-up to the discussion paper, SGListCos intends to work with regulators, listed issuers, professional advisers and other industry stakeholders to develop practical initiatives that address the key barriers identified and welcomes opportunities to collaborate with members and partners in strengthening forward guidance practices across Singapore's listed company community.