SGX Value Unlock Program – Impact that Quality Engagement has on Shareholder Value

1. Introduction

The Singapore Exchange (SGX) has introduced the Value Unlock Program as a strategic initiative complementing the broader EQT program. While the EQT program addresses the demand side of the investment equation by injecting liquidity into the capital markets, Value Unlock focuses on the supply side—enabling listed companies to effectively attract and retain that capital. The program aims to help companies discover and articulate their equity story while driving a fundamental mindset change within boardrooms, embedding shareholder value focus into strategic decision-making.

2. The Three Pillars: Capabilities, Communication, Communities

The program operates through three interconnected mechanisms, referred to as the three C’s.

These pillars function in concert: capabilities enable effective communication, reinforced by a supportive community environment.

3. Grant Mechanisms

The program offers two grant schemes under the Capabilities pillar.

3.1 Equip Grant (Training)

The grant applies to a curated panel of training providers offering off-the-shelf and bespoke courses ranging from half-day to multi-day sessions.

3.2 Elevate Grant (Professional Services)

This grant suits companies lacking dedicated IR functions or requiring strategic support. Eligibility prioritizes firms committed to growth and moving beyond “business as usual.”

4. Strategic Rationale: From Compliance to Value Creation

The program is underpinned by research on investor-company engagement. Key insights include:

• Engagement is foundational but not sufficient. While 80% of companies engage with significant investors quarterly, engagement alone does not drive valuations. It is a prerequisite for trust but must be supported by strong fundamentals.

• Alignment of motivations is critical. A perception gap exists: 25% of investors cite company strategy as their top concern, yet only 14% of corporates recognize this. Misaligned expectations reduce dialogue to a compliance exercise.

• Transparency is the currency of engagement. Over 90% of investors indicate they can look past short-term underperformance if a compelling long-term strategy is communicated honestly. Yet only 18% of investors rate SGX-listed companies as “very transparent.”

• Long-term orientation drives value. More than 60% of investors seek better disclosure on long-term strategy and risks, with forward-looking insights being a key differentiator.

5. Engagement Playbook

The program references a structured Engagement Playbook to help companies operationalize best practices.

5.1 Consistent and Transparent Communication

• Prompt disclosure of material information via SGXNET

• Regular updates on results, business developments, and strategic shifts

• Use of plain language and contextual explanations

5.2 Proactive Engagement

• Regular analyst and investor briefings following earnings releases

• Investor Day events accessible to all shareholders

• One-on-one or small-group meetings with key investors

5.3 Structured Meeting Discipline

• Consistent briefing agendas covering financials, operations, strategy, and outlook

• SGX Rule 703 reminders at the start of each meeting

• Post-briefing minutes or Q&A summaries

5.4 Leadership Visibility

• CEO, CFO, and relevant executives to participate in key investor events

• Board members available for investor dialogue

5.5 Information Disclosure Inventory
The Playbook provides a detailed inventory of information areas valuable to investors:

• Outlook & Strategy: Business model, strategic milestones, capital allocation policy

• Business & Operations: Segment performance, operational efficiencies, progress against goals

• Financial Performance: Capital efficiency metrics, shareholder return indicators

• Corporate Governance: Board diversity, succession planning, remuneration structures, conflict of interest management

6. Implications for Listed Companies

For firms seeking to optimize engagement with the investment community, the Value Unlock Program presents a structured opportunity:

1. Leverage grant funding to upskill IR teams and board members in strategic communication and financial storytelling.

2. Adopt forward-looking disclosure practices beyond minimum regulatory requirements, focusing on long-term strategy, risk management, and measurable goals.

3. Enhance board-level engagement by ensuring senior leadership and independent directors are accessible to institutional investors.

4. Utilize interactive communication formats such as earnings calls with Q&A and investor days, which investors consistently rate as more valuable than scripted or passive disclosures.

5. Participate in peer learning platforms such as the Chairpersons’ Guild to benchmark practices and stay abreast of evolving expectations.

7. Conclusion

The Value Unlock Program represents a coordinated effort to elevate the quality of investor-company engagement in Singapore’s equity market. By combining financial support for capability development with a strategic focus on communication and community building, the initiative aims to foster a sustained mindset shift toward shareholder value creation.

Firms that proactively engage with the program—through both the grant mechanisms and the broader principles outlined in the Engagement Playbook—stand to strengthen investor trust, reduce perceived risk, and position themselves more favorably in an increasingly competitive capital allocation environment.

Source: SGX, 24 February 2026