By Mak Yuen Teen
It has been 20 years since the first Code of Corporate Governance was introduced in Singapore in 2001. Having served on the committee that developed the first Code and being involved closely in the corporate governance journey of Singapore since then, I am delighted to work with EquitiesFirst and Nasdaq Governance Solutions to write this paper not only on Singapore’s journey but also current practices and trends. While I have written other articles on the corporate governance journey in Singapore, this is the most comprehensive paper I have written on the subject, drawing on up-to-date data as much as possible.
Some key takeaways from the report are:
- Singapore’s position as regional leader in corporate governance standards are under threat
- Complacency and an impetus to attract more listings is undermining this legacy
- New, ambitious challengers in the region are beginning to close the gap, with some outperforming Singapore in certain areas
- Singapore corporate boards must do more to improve board effectiveness, which requires much more than mere compliance with rules
- Regulators and domestic investors must continue to hold boards accountable and push for higher standards
- There are optimistic trends in gender diversity and ESG reporting
The report reflects my personal views. I would like to acknowledge the provision of data on Singapore board practices provided by Handshakes, and assistance provided by Professor Ho Yew Kee, Associate Provost (SkillsFuture) at the Singapore Institute of Technology, and the Singapore Institute of Directors in obtaining certain information for this paper.
Here is the full report.
Another paper on corporate governance in Malaysia which I have written is expected to be published next month.
