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Companies with $1 billion and above in market capitalisation

Gold ico Gold DBS Group Holdings Ltd
silver ico Silver Sembcorp Industries Ltd
bronze ico Bronze Keppel Corporation Ltd

Companies with $300 million to $1 billion in market capitalisation

Gold ico Gold Tuan Sing Holdings Ltd
silver ico Silver Banyan Tree Holdings Limited
bronze ico Bronze Del Monte Pacific Ltd

Companies with less than $300 million in market capitalisation

Gold ico Gold Megachem Ltd
silver ico Silver Singapore O&G Ltd
bronze ico Bronze Baker Technology Ltd

REITS & Business Trusts

Gold ico Gold Frasers Commercial Trust
silver ico Silver CapitaLand Mall Trust
bronze ico Bronze CapitaLand Commercial Trust

First-Year Listed Companies

merit ico Merit Manulife US REIT

Objectives of the Award

  • To encourage excellent financial reporting presentation and a wider scope of disclosures beyond the minimum regulatory requirements that are in tandem with the needs of investors and other stakeholders such as employees, creditors and the general public;
  • The Best Annual Report Award was introduced to increase awareness, through the encouragement of social responsibility reporting that businesses and organisations are responsible to the community both as employers and corporate citizens;
  • The Best Annual Report Award also gives recognition to maiden annual reports of First-Year Listed companies that show an excellent standard of disclosure. The Judging Panel hopes that this will encourage First-Year Listed companies to raise the standard of their annual report disclosures.

Categories of the Award

The Award will be presented for the following categories of companies:

  • Listed companies with market capitalisation of S$1 billion and above;
  • Listed companies with market capitalisation of S$300 million to less than S$1 billion;
  • Listed companies with market capitalisation of less than S$300 million;
  • First-Year Listed companies;
  • REITs and Business Trusts.

Screening Process

Annual reports submitted for the competition go through a two-stage screening process. All annual reports are screened preliminarily by reference to the presence of key information stipulated in the Best Annual Report Award preliminary screening criteria

The Best Annual Report Award Judging Panel subsequently assesses each shortlisted annual report against detailed marking criteria, taking into account the quality and presentation of information.

Preliminary Screening Criteria

The annual reports are first screened for the presence of the following information:

  • Presence of financial highlights commentary (discussions on financial statistics presented such as ROE, dividend cover, etc.)
  • Discussion on corporate liquidity or capital management
  • Benchmarking commentaries against industry performance/statistics
  • Value-added statements and disclosure made on productivity measure and performance measures
  • A separate CEO statement
  • A separate CFO statement
  • Earnings prospects by division/territory/portfolios
  • Discussion of key business risks
  • Discussion of risk management strategies
  • Presence of sensitivity analysis or Value-at-Risk (VaR) analysis
  • Tenure of directorship
  • Remuneration of directors disclosed in nearest dollar amount
  • Remuneration of key management personnel disclosed in dollar amount and not in bands
  • Board succession planning
  • Commentary on environment sustainability
  • Commentary on community and social responsibility
  • Disclosure on quantitative measures on environmental sustainability performance and social performance
  • Investor/shareholder relations activities
  • Employee diversity disclosure (Gender, age, education, nationality, people with special needs, etc.)
  • (Specific to REITs and business trust) Disclosure on organisation/trust structure
  • (Specific to REITs and business trust) Disclosure of REIT/business trust manager relationship

Detailed Marking Criteria

Annual reports shortlisted from the preliminary screening process are examined in detail for the quality of information disclosed according to the assessment criteria in the following areas:

Review of Results (RR)

  • Historical analysis and ratios (Quantitative data: 5-year, 10-year trends etc.)
  • Commentaries on historical analysis and ratios (5-year, 10-year trends etc.)
  • Analysis and commentaries on current year financials – quarterly, half-yearly, segment analysis
  • Commentaries on capital management (gearing and debt equity ratios, managing borrowing, refinancing etc.)
  • Benchmarking against competitors and industry performance
  • Value-adding statements and productivity ratios
  • Discussion/disclosure on strategies to improve productivity
  • (Specific to REITs and business trust) Description of portfolio/asset characteristics (e.g. valuation as at latest date, committed occupancy, tenancy mix, top tenants, lease expiry profile)
  • (Specific to REITs and business trust) Detailed description on yield accretive acquisitions and asset disposals (including disclosure of acquisition/disposal fee payment), asset enhancement initiatives, lease renewals

Vision and Strategic Issues (VSI)

  • Corporate vision/mission, strategic goals, strategy and business environment
  • Group structure and business segment
  • Corporate/industry developments and strategic issues

Business Plan and Prospects (BPP)

  • Business plan and initiatives and planned capital investment (forward looking)
  • Outlook and future prospects, including prospects by territory and business division

Risk Assessment and Management (RAM)

  • Identification and assessment of key risks (including VaR, sensitivity analysis, stress testing)
  • Risk management responses/policies/strategies
  • Crisis management and business continuity planning (including key management succession planning)

Corporate Governance Issues (CG)

  • Director background information (including tenure, qualification, experience, other directorships, shareholdings)
  • Board renewal and succession planning (including assessment of independence of non-independent directors and diversity)
  • Management background information (including shareholdings)
  • Director remuneration (including breakdown, bands, dollar amounts)
  • Key executive remuneration (including breakdown, bands, dollar amounts)
  • Director orientation and training policy and processes
  • Key executive and director performance, evaluation and remuneration policy and processes
  • Fraud and whistle-blowing policy and processes (including procedures and any reported instances)
  • Board opinion of internal controls (including Board's basis for the opinion)
  • (Specific to REITs and business trust) Relationship between sponsor, manager/ trustee-manager and asset/property manager (roles/checks and balances residing with each entity, resolution of conflicts of interest particularly if there are common directors)

Environmental and Social Accountability (ESA)

  • Social and environmental sustainability practices, policy and plan
  • Quantitative and qualitative disclosures on environmental sustainability performance (including waste management, pollution control, energy conservation)
  • Quantitative and qualitative disclosures on employees (including evidence on fair practices, training, non-discriminatory policy, health and safety policies)
  • Quantitative and qualitative disclosures on wider community (including suppliers, customers, society)
  • Reference to separate sustainability reporting such as independent assurance and/or reference to GRI framework

Informativeness, Clarity and Presentation (ICP)

  • Comprehensive and informative (i.e., no omission of crucial and useful information, investor/shareholder relations activities)
  • Clear and well-organised (i.e., good use of diagrams/charts, easy retrieval of specific information)
  • Innovative design and presentation (i.e., attractive, refreshing & novel presentation)


Ms Zoey Xie

CA (Singapore)
Manager, Technical Advisory and Professional Standards

Institute of Singapore Chartered Accountants

60 Cecil Street, ISCA House,
Singapore 049709

Telephone: 65-6749 8060
Facsimile: 65-6749 8061
Email: zoey.xie@isca.org.sg

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