The government linked companies are required to announce their key performance indicators (“KPIs”). Are the KPIs considered internal targets which must comply with the disclosure obligations under the Main LR?

KPIs are regarded as internal targets and as such, any listed issuer which makes disclosures of its KPIs would need to adhere to the disclosure obligations including paragraph 9.16 of the Main LR and provide the requisite updates as part of the quarterly reports under the Main LR.