What Singapore's top 30 companies reveal about reporting

Trust under pressure

Trust in business is eroding. Recent studies by Salesforce and Edelman reveal that nearly three-quarters of Singaporean consumers trust companies less than they did a year ago - driven by concerns about data handling, greenwashing, and misleading claims.

Against this backdrop, corporate reporting has become more than a compliance exercise. It's now a primary channel for demonstrating transparency, accountability, and future readiness.

Last week, Black Sun's Singapore team hosted a webinar analysing the latest reporting trends across Singapore's top 30 listed companies (STI30). Led by Joanne Lee, APAC Director of Research and Strategy, the session built on Black Sun's recent Complete 100: Trust in Transition research and examined how leading organisations are communicating trust through their annual reports.

What the research shows

The findings reveal clear progress - but also critical gaps - across six dimensions of reporting maturity.

Value focus and materiality
Only 13% of companies clearly explain the value they create for stakeholders, and none provide a labelled investment case for investors. Just nine disclose which materiality lens they apply, though those that do are adopting double materiality in line with new regulation.

Purpose in practice
Forty per cent include a purpose statement, but only 17% position it prominently. Nearly half articulate corporate values, yet few connect them to behaviours and culture - the real test of authenticity.

Future-oriented disclosure
AI and climate are rising priorities. About 40% of reports discuss AI applications such as automation or compliance, but only 17% mention governance - and none have a board-level AI committee. Keppel and Singtel stand out for detailing responsible adoption frameworks.

On climate, most companies declare net-zero ambitions, but only 10% — including SGX and OCBC - outline structured transition plans with milestones and metrics.

Stakeholder-driven and transparent
All STI30 companies reference stakeholder engagement, but fewer than 40% link it to materiality, and only 10% show how feedback influences board decisions. Most acknowledge challenges, yet few connect them to missed targets or corrective action.

Assurance and regulatory alignment
Just 23% of companies obtain limited assurance for non-financial disclosures. References to IFRS S1 (general sustainability) and S2 (climate) remain low, at 17% and 23% respectively - signalling early but uneven adoption of global standards.

Strategic alignment
Over half of companies set out strategic targets, but most are broad or aspirational. Only 17% link strategy to executive remuneration. DBS and Keppel demonstrate stronger alignment, connecting targets to KPIs and milestones to drive accountability.

Where companies can improve

The research highlights several clear opportunities for Singapore's listed leaders to strengthen trust and transparency:

• Label the investment case clearly. With AI and generative search interpreting reports, concise investor narratives are vital for discoverability and decision-making.
• Link values and behaviours. Demonstrate purpose in action by showing how culture drives conduct.
• Clarify AI governance and transition plans. Go beyond aspirations with defined policies, timelines, and responsible adoption frameworks.
• Evidence stakeholder outcomes. Move from "we engaged" to "we listened and acted."
• Maintain balance and transparency. Report both achievements and challenges - credibility grows through honesty.
• Tie pay to progress. Connect strategic priorities to executive remuneration to reinforce accountability.

The bigger picture

Singapore's leading companies are making visible strides - especially in purpose statements, stakeholder engagement, and early adoption of double materiality. Yet the trust deficit remains.

The companies that treat trust as a strategic asset - balancing regulatory, human, and now algorithmic audiences - will be the ones best positioned to lead in this new era of corporate transparency.

You can watch the full webinar discussion here: Reporting Trends Across Singapore's Top 30 Companies.

Got any questions?

If you'd like to discuss how these trends might affect your corporate reporting approach, we'd be happy to connect you with our team.