Month: November 2024

2024 Singapore AGM Insights Report

2024 Singapore AGM Insights Report

2024 Singapore AGM Insights Report

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Unlock Exclusive Insights into Singapore’s Annual General Meetings (AGMs)

The 2024 AGM season marks a shift back to face-to-face engagement, with companies actively reconnecting with shareholders in person. Hybrid meeting formats are also gaining traction, providing flexibility for both in-person and virtual attendance, while digital tools continue to enhance shareholder participation. Regulatory bodies like Singapore Exchange Regulation (SGX RegCo) remain focused on making AGMs more accessible and engaging.

Our in-depth report, based on data from 179 AGM proceedings during the peak April season, offers critical insights supported by statistics. Discover the latest developments in meeting formats, attendance, voting trends, and the methods companies are using to boost shareholder communication.

2024 Singapore AGM Insights Report

Key Takeaways:

  • Avoid Peak Dates: With many AGMs scheduled in the last week of April, companies can improve attendance by choosing less popular dates or adopting hybrid formats to accommodate more shareholders.
  • Consider Shareholder Demographics: When distributing meeting materials, tailor the methods to suit the preferences of different age groups – physical copies for older shareholders and electronic versions for younger, tech-savvy ones.
  • Enhance Q&A Efficiency: To keep meetings efficient, companies could address pre-submitted questions in advance, reserve additional Q&A time, and address off-topic questions post-meeting.
  • Adopt Electronic Polling: Using electronic polling, ideally with handsets, can reduce time spent on voting and avoid issues with BYOD polling like poor connectivity or low battery.
  • Plan for Increased Attendance and Questions: With growing shareholder participation, plan meeting durations that accommodate higher turnout and a greater volume of questions. Companies can also consider utilising the Question Deposition Service and addressing some of the questions prior to the meeting.
  • Inform on Refreshment Arrangements: If no refreshments are provided, companies are encouraged to notify shareholders in advance, possibly within the Notice of Meeting.

Download the full report to gain actionable insights on these trends, empowering your company to optimise your AGM practices and enhance shareholder engagement.

DOWNLOAD FULL REPORT

Related Business Insights

Singapore’s XBRL & Malaysia’s MBRS: Unlocking Efficiency in Financial Reporting

Singapore’s XBRL & Malaysia’s MBRS: Unlocking Efficiency in Financial Reporting

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As businesses in our region adapt to the evolving landscape of financial reporting, it’s essential to stay informed about key regulatory developments that enhance transparency and streamline processes.

In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) requires all incorporated companies to submit their financial reporting in eXtensible Business Reporting Language (XBRL). This requirement not only ensures that submissions are structured and machine-readable but also significantly improves data transparency and analysis. Companies must choose from one of four formats —Full XBRL, Simplified XBRL, XBRL FSH for Banks, or XBRL FSH for Insurers. While essential, conversion to XBRL can be complex, requiring careful handling of data to maintain accuracy in reporting.

Meanwhile, in Malaysia, the Companies Commission of Malaysia (CCM) has also implemented a similar requirement, making it mandatory for companies to submit financial statements, annual returns, and exemption applications via the Malaysian Business Reporting System (MBRS). The system employs the XBRL format, enhancing transparency and efficiency while helping companies improve data quality and reduce errors. 

Notably, as of 25th September 2024, Malaysia has launched MBRS 2.0, which introduces enhanced features designed to simplify financial reporting even further. This updated system expands data classification and improves consistency, allowing companies to categorise financial information more accurately and ensuring compliance with CCM regulations.

Here’s an overview of Singapore’s XBRL and Malaysia’s MBRS standards:

 
 
XBRL (Singapore)
MBRS (Malaysia)
Regulatory Body
ACRA
CCM
Introductory Date
2007
(mandatory for filing financial statements)
2018
(introduced as part of CCM’s digital transformation)
Updates in Recent Versions
Enhanced taxonomy, new data points for compliance
MBRS 2.0 enhances taxonomy and compliance features
Coverage
Mandatory for most Singapore-incorporated companies
Mandatory for certain company filings with SSM
(primarily to private limited companies [Sdn. Bhd.])
Scope of Filing
Includes financial statements such as balance sheets, profit and loss accounts in structured XBRL taxonomy
MBRS 2.0 expands beyond financial statements to include compliance reports, non-financial disclosures, and governance-related information.
Filing Platform
BizFinX portal for submission
MBRS portal for online submission
 
Adapting to the requirements of both Singapore’s XBRL and Malaysia’s MBRS can present several challenges. We take a look at 6 common issues companies may face:
 

1. Data Mapping Complexity

Financial data must be accurately mapped to each system's taxonomy, especially for companies with complex structures.

2. Multi-Entity Reporting

Consolidating data for multiple entities can be complex, as each has its own formats thus increasing the risk of errors.

 

3. Need for Technical Expertise

XBRL and MBRS require specialised knowledge, and a lack of in-house expertise can lead to delays and compliance risks.

4. Frequent Taxonomy Updates

Regular updates, like MBRS 2.0, require ongoing attention to ensure data stays properly formatted.

 

5. Software Challenges

Selecting the right conversion software is critical, as the wrong choice can lead to inefficiencies or errors.

6. Accuracy Requirements

Accurate data is vital. Errors in conversion can lead to non-compliance and costly re-submissions.

 
As these developments unfold, it’s clear that both Singapore and Malaysia are prioritising better data management and reporting standards, ultimately fostering a more transparent and efficient business environment. Staying ahead of these changes will be crucial for companies looking to navigate the complexities of financial reporting successfully.
 
 
With these complexities in mind, outsourcing XBRL and MBRS conversion to a corporate service provider like BoardRoom can greatly enhance efficiency and streamline processes. 

Here are some key advantages when companies choose to outsource their XBRL/MBRS conversion and filing process:
​​​
  • Expertise, Scalability, & Compliance
    Leverage expert insights to minimise errors and ensure compliance, while easily adapting services to meet evolving reporting needs and regulations.
     
  • Cost & Time Savings
    Lower your expenses and avoid fines associated with filing errors, as well as costs for specialised software and training, by ultilising high-quality services where providers handle the end-to-end conversion process on your behalf.
     
  •  Streamlined Processes & Quality Control
    Accelerate financial reporting and ensure timely submissions, backed by rigorous quality control measures that enhance accuracy and minimise costly corrections.

Ready to outsource your company’s XBRL and MBRS conversion?
BoardRoom is here to help improve efficiency, reduce costs, and minimise compliance risks.

Let our team of experts assist you in enhancing your reporting accuracy and paving the way for your business success. 
TALK TO US TODAY
 

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Our mailing address is: [email protected]

 

Unlocking Innovation: Maximising Tax Deductions Through The EIS

Unlocking Innovation: Maximising Tax Deductions Through The EIS

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Unlocking Innovation: Maximising Tax Deductions Through The Enterprise Innovation Scheme (EIS)

Welcome to another Issue of BoardRoom's Asia Tax Insights!

In today's fast-paced business environment, organisations are constantly seeking new ways to drive innovation while reducing their tax liabilities. The Enterprise Innovation Scheme (EIS), effective from YA 2024 to YA 2028, is designed to help with just that incentivise businesses in Singapore to invest in research, development, and capability-building activities through enhanced tax deductions.

If you need a little hand with the process, BoardRoom, in partnership with FI Group, is here to guide you through the EIS application. From identifying eligible expenses to managing the entire submission process, our expert team ensures compliance while helping you maximise tax savings. 

Free up your internal resources, focus on business growth, and let us handle the complexities.

Read our report to learn how you can fully benefit from the EIS and drive innovation in your business.

 
DISCOVER THE BENEFITS
 

 
 
 

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All rights reserved.

Our mailing address is: [email protected]