Small- and mid-cap firms have narrowed the corporate governance and transparency gap with larger peers but still lag in key areas such as ESG disclosures.

Small and mid-cap companies (SMID) in Singapore continue to fall well short of their larger peers on disclosure quality and sustainability governance, even after narrowing the overall governance gap in 2026, according to the latest Singapore Governance and Transparency Index. The gap was also wide in Environmental, Social, and Governance (ESG) and Stakeholders, where SMID companies scored 66% against 79% for large caps, a 13-point difference. Large-cap companies are those with market capitalisation above $1b, whilst SMID companies have market capitalisation of up to $1b. The difference in mean scores between large-cap and SMID companies narrowed to 17.7 points in 2026, from 19.8 points in 2025. Companies ranked in the top 100 outpaced the overall mean for Disclosure and Transparency by 16 percentage points.