Singapore Stewardship Principles For Responsible Investors (SSP)

The Singapore Stewardship Principles for Responsible Investors (SSP) aim to guide institutional investors on their stewardship responsibilities towards sustainable performance and delivering long-term risk-adjusted returns.

The SSP is developed and administered by a Steering Committee and supported by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX).

The Singapore Stewardship Principles for Responsible Investors

Read the full document here.

Download the SSP

Submit your case studies

Signatories are strongly encouraged to use the SSP as a guide for your submission.

Submit Case Studies

Investor Showcase

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Development of the SSP

The SSP was introduced in 2016 and revised in 2022 to promote active and responsible investment.

The SSP Steering Committee started the process to enhance the principles in 2021, taking into account changing market developments. A public consultation to solicit feedback from the industry was issued in November 2021. Please click here to view the Steering Committee's response to the consultation.

The revised SSP was launched on 31 March 2022.

The following revisions were made:

The identification of governance structures guiding institutional investors' stewardship activities

The application of stewardship to asset classes beyond listed equities

The integration of ESG considerations into investment decision-making and stewardship practices

An outcomes-oriented approach to applying the Principles

Sign up to the SSP

SSP signatories can showcase the SSP logo to declare their commitment to the SSP. Signatories are highly encouraged to display the SSP logo on their websites and publications.

*There are no fees required to join the SSP.

By signing up to the SSP, investors are demonstrating their intent to deliver long-term value for their clients and beneficiaries and enhance sustainability efforts in the investment value chain.

Click here for the list of organisations that have joined the SSP.

For more enquiries about the SSP, please contact us here.

SSP Networking Series

The SSP Networking Series gathers signatories and industry members to discuss key issues in the investment landscape. Following the launch of the revised SSP in March 2022, we have hosted a series of meetings. Please email [email protected] to find out more. For details about our past meetings, please click the "Learn more" button below.

Learn more

SSP Steering Committee

The SSP is supported by the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX).

Frequently Asked Questions

About the SSP

What are stewardship codes?

Stewardship codes are developed to promote the responsible allocation, management and oversight of capital to create sustainable value for shareowners, beneficiaries and other stakeholders.

Stewardship codes aim to encourage investors to be effective stewards of assets entrusted in their care. The codes foster transparency, improve communication and enhance corporate governance for healthy markets.

Globally, stewardship codes have been introduced in over 20 countries, including Singapore.

What changes were made?

The investment market has evolved since the SSP was first introduced in 2016. Investors have been called to prioritise stewardship outcomes and integrate ESG considerations into the investment process.

The Steering Committee considered these global market developments in revising the Principles. The main changes include:

Requesting signatories, in line with their fiduciary duties, to integrate ESG criteria into their investment practices
Encouraging signatories to adopt an outcomes-oriented approach when applying the SSP
Recommending that signatories demonstrate how they apply stewardship in different asset classes

How were the principles and guidance of the revised SSP determined?

The SSP Steering Committee undertook research on stewardship codes in other jurisdictions and drew on best practices in drafting the Principles. An industry survey was conducted in March 2021 to garner feedback from the asset management industry on their perspectives of investment stewardship. This was followed by an open consultation to obtain stakeholders’ feedback on the draft of the updated SSP in November 2021. The enhanced SSP was officially launched in March 2022.

Is the SSP a code of conduct enforced by local authorities?

The SSP is not a set of prescriptive measures.

Using the Principles as an overarching framework, signatories can choose to apply the Principles or explain what they do to fulfil the aim of the Principles.

Signatories are strongly encouraged to submit evidence of their stewardship efforts annually to the Secretariat in a stewardship report supported by data and case studies.

Supporting the SSP

How will organisations benefit from supporting the SSP?

Enhanced stewardship and ESG integration are critical in the promotion of better corporate governance and business practices, which in turn help investors manage risks and improve long-term portfolio performance. Organisations that adopt the SSP may use the SSP logo in their marketing collaterals to showcase their commitment towards the Principles.

How can organisations support the SSP?

Organisations can indicate their interest to support the SSP by either emailing the Secretariat ([email protected]) or filling up the contact form here.

What are the obligations of an SSP signatory? Are there any auditing or reporting requirements?

While there is no independent monitoring of the SSP, signatories are strongly encouraged to use the Principles as a guide to report the outcomes of their stewardship activities and submit evidence of their stewardship efforts annually to the Secretariat.

What is the objective of the submissions?

<p>Through their submissions, signatories demonstrate their stewardship efforts in an outcomes-based manner. The Steering Committee will consider showcasing submissions that have demonstrated stewardship efforts in line with the Principles. </p>

Are there fees associated with supporting the SSP?

There are no fees required to support the SSP.

The SSP Steering Committee

Is the SSP supported by regulators and the Singapore government?

The SSP is supported by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX). The Principles should be read in conjunction with applicable local legislation and regulations. They are designed to complement stewardship codes that are in place in other jurisdictions and investors may wish to utilise the Principles alongside other local and international frameworks to achieve effective stewardship outcomes.

Which organisations make up the SSP’s Steering Committee?

The Steering Committee was officially established on 2 November 2016. It comprises the following organisations:

Chair:
• Stewardship Asia Centre

Members:
• Association of Chartered Certified Accountants
• Asia Pacific Real Assets Association
• CFA Society Singapore
• CPA Australia
• Investment Management Association of Singapore
• Institute of Singapore Chartered Accountants
• Securities Investors Association (Singapore)
• Singapore Institute of Directors
• Singapore Venture Capital & Private Equity Association