BOARDROOM MATTERSMandatory disclosures risk creating compliance without substanceThe Singapore Exchange’s public consultation on enhanced disclosures turns its attention to the rationale behind key performance indicators. SGX’s recent public consultation on its proposal to enhance remuneration disclosures is therefore welcome. The US Securities and Exchange Commission goes further, requiring companies to explain the relationship between performance outcomes and pay decisions. Boards that can already justify their remuneration choices, knowing those choices will be scrutinised, would already have done most of this work. The writer is a member of the Advocacy and Reports Committee of the Singapore Institute of Directors