Singapore Exchange (SGX) will publish its response to a consultation issued last year on dual-class shares (DCS) and issue a second consultation on the key framework and rules by the end of this month, local media The Business Times reported on Thursday.

The media said the key framework and rules will be finalized in time for DCS adoption soon after June.

It believes that the companies to be listed on SGX's main board with DCS must come with safeguards including a sunset clause, where multiple-vote shares are converted to one-vote shares under certain circumstances.

DCS is a controversial structure, according to previous media reports. On one hand, it is favored by technology stocks as it allows founders and certain shareholders to have higher voting rights or dividends than others. On the other hand, the structure is criticized by fund managers and corporate governance activists as it breaches the "one share, one vote" principle and leaves minority shareholders vulnerable.

SGX announced last July that companies with dual-class share structures that are primary-listed in developed markets will be allowed to hold a secondary listing in Singapore.