|Companies should disclose information on a timely basis through SGXNET and other information channels, including a well-maintained and updated corporate website. Where there is inadvertent disclosure made to a select group, companies should make the same disclosure publicly to all others as promptly as possible.|
This Guideline sets out how the company should disclose its information.
As there is an asymmetry of information between the directors and the shareholders, it is important that the latter be kept informed on a timely basis about relevant matters, particularly those that could affect share price and value.
This Guideline lists the channels through which such timely information should be provided:
- SGXNET, which is generally regarded as mandatory for listed companies announcements. It is, therefore, often regarded as the central source for all such announcements.
- The company’s website, through which many investors would expect to find most information related to the company.
- Other channels, which may include press releases, etc.
A principle of fairness applies in that all shareholders should be privy to the same information. There could be circumstances, such as at an investor roadshow, where companies may inadvertently disclose information to a select group of shareholders which could have a bearing on the price or value of the shares.
When this happens, such similar disclosure should be promptly made to all other shareholders as well. In this regard, it is common for companies to webcast their investor briefings, and/or to post the briefings and presentations on their website immediately after the event.
B. SGX Disclosure Guide
C. Related Rules and Regulations
- SGX MR 703(1) and CR 703(1): Disclosure of material information.
- SGX MR Appendix 7.1 and CR Appendix 7A: Corporate Disclosure Policy.
D. CG Guides
- Board Guide 4.8: Crisis Management [Board Duties].
- Board Guide 4.9: Investor Relations [Board Duties].
- Board Guide Appendix 4B-6: Getting Investors’ Attention [Board Duties].
- Board Guide 7.2: Shareholders [Stakeholder Engagement].
E. Related Articles
- “Orderly share trading adds to confidence” by Marcus Chow. (446KB)
- “Responding with confidence in a crisis” by Irving Low. (47KB)
- “Riding out a short-seller crisis” by Elaine Lim. (45KB)
- “Effective shareholders’ communications” by Daniel or Lay Huat. (118KB)
- “How to communicate during a crisis” by Jason Nisse. (4.1MB)