We recently launched Unlocking Value Through Trust: STI30 Reporting and Communications Research at the SGX Auditorium, in partnership with the Securities Investors Association Singapore (SIAS).
The launch of Unlocking Value Through Trust generated media interest, with the research findings featured in both The Business Times and Lianhe Zaobao.
The morning brought together senior leaders from across Singapore’s capital markets to discuss what it takes to build and communicate long-term value. The programme featured a fireside chat with Jeremy Sing, Director of Capital Market Development at SGX, on the Value Unlock Programme, followed by a panel discussion with Mr Masayuki Ozaki, Chief Financial Officer of NTT DC REIT, Mr Melvin Tan, Community Engagement Sub-Committee Member at SIAS, and Mr Chong Lek Foong, Director and Head of Family Offices at SGX Group.
The conversations came at an important moment for Singapore’s equity market. With the STI crossing the historic 5,000 mark, retail participation surging, and institutional and international investors actively seeking opportunities in SGX-listed companies, attention is increasingly turning to how companies can unlock and communicate their value more effectively.
This is also reflected in the direction set by the Monetary Authority of Singapore and Singapore Exchange through initiatives such as the Equity Market Development Programme (EQDP) and Value Unlock initiative. The message is clear: creating value is not only about improving business performance. It is also about ensuring that this value is clearly understood by the market.
That principle sits at the heart of this year’s research. Developed by Black Sun Asia Pacific in partnership with SIAS, Unlocking Value Through Trust assesses all 30 constituents of the Straits Times Index against more than 63 criteria and 1,800 data points. The research examines how effectively Singapore’s blue-chip companies communicate trust, value and long-term direction across their annual and sustainability reports.
Our research examines reports through six lenses which we call the principles of trust. Together, they provide a framework for building a more rigorous, compelling and value-focused articulation of a business, they are; Purposeful Value focused & material, Strategically aligned, Stakeholder-driven, Future-oriented and Balanced, transparent, credible.
Purposeful: 93% say the board sets the tone from the top for ethics, values and organisational culture.
Value-focused & material: 43% Present a dedicated business model section – meaning 57% leave investors to piece together the value creation story.
Strategically aligned: 7% Identify AI as a principal risk, despite AI featuring prominently in strategy narratives. This is a particularly striking strategy–risk disconnect.
Stakeholder-driven: 33% Explain how the board actually considers stakeholder interests in decision-making.
Future-oriented: 17% Provide any sensitivity analysis of financial outcomes, leaving most investors without a clear view of how strategy would perform if assumptions change.
Balanced, transparent & credible: 93% Acknowledge areas of underperformance, setbacks or challenges – making balance one of the stronger aspects of STI30 reporting.
Across the six Principles of Trust, a consistent pattern emerged. Companies are referencing many of the right commitments, but far fewer are providing the clarity, evidence and detail needed to make those commitments meaningful to investors.
The opportunity, therefore, is not simply to communicate more. It is to communicate with greater clarity, credibility and purpose, helping investors better understand how a company creates value today and where that value can come from tomorrow.
To find get further details on the findings you can read our research summary.
If you would like to find out more about how we can support you to improve your reporting please get in touch with Beryl Leong at bleong@blacksun-global.com
About Black Sun
Black Sun Global is a stakeholder advisory and engagement agency that's been driving transformation and positive change for ambitious brands for more than 20 years. With deep expertise in disclosure and reporting, ESG, sustainability, and digital engagement, we reshape how organisations connect with customers, investors, employees, and the wider world.
We are trusted partners to some of the most influential global organisations, sparking innovation and sustainable performance through our strategic insights, partnerships, and proprietary technologies.
As founders of the Positive Change Group, we are on a mission to create a new kind of stakeholder relations partner. Our world-class specialists work closely with executive leadership teams to protect reputations, inspire trust, and promote responsible business practices - building resilience and long-term value in a rapidly changing world.
For more information, please visit: www.blacksun-global.com
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