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CORPORATE GOVERNANCE RESEARCHThe average overall Singapore Corporate Governance (SCG) scores continued its upward trend and reached 60.5% in 2023 over a six-year period from 2018. In 2023, big companies which had market capitalisation of S$1 billion and above as of 31st December 2022 climbed back to an average SCG score at 69.5% after 2 years of stable results. Medium-sized companies (with market capitalisations between S$300 million to less than S$1 billion) continued to improve their average SCG score by 4.4 percentage points to 63.1% in 2023. Small-sized companies (with market capitalisations less than S$300 million) had their average score increased the most by 5.5 percentage points to 58.7% in 2023.876543210Overall Big Cap Mid Small2018 2019 2020 2021 2022 202339.548.652.8 52.955.360.556.364.36865.465.769.54451.957.154.558.763.136.445.450.7 5153.258.7Average SCG Scores By Company SizeFigure 1: Average SCG Scores By Company SizeN.B. 1. The score is out of 100.2. Scores are mainly corporate governance (CG) scores without incorporating corporate sustainability (CG) scores.3. The sample size for this study is 464 publicly listed companies comprising big cap (55), mid cap (55) and small cap (354).Investor Rights71 25TH ANNUAL REPORT | 2023 - 2024