Continuing Professional Development

Effective from January 2014, all SID members are required to commit to Continuing Professional Development (CPD) so that they are properly equipped with the right knowledge, skills and competencies to undertake their director responsibilities. The CPD policy is similar to that of SID’s peer organisations around the world. The following FAQ addresses common questions on the policy:

The main objectives for the CPD requirements for SID members are:

  1. To ensure that SID members are able to demonstrate an adequate level of professional knowledge and skill in performing their duties competently and professionally;
  2. To help SID members respond to issues such as changing regulatory expectations, technological developments, evolving responsibilities and economic conditions; and
  3. To demonstrate to relevant stakeholders that SID and its members hold the public interest in the highest regard by ensuring that directors acquire adequate knowledge and skills to fully discharge their responsibilities.

The CPD programme is mandatory for all SID Ordinary Members and Fellows. The CPD requirements do not apply to Associate Members, Honorary Fellows or Corporate Members.

SID members covered by the CPD requirements must attain a minimum of 60 CPD hours over a three-year period. At least 24 hours must be verifiable (structured) CPD hours during the same three-year period. It is the responsibility of Ordinary Members and Fellows to maintain their CPD records and ensure they keep these updated with SID.

It is the responsibility of Ordinary Members and Fellows to maintain their own CPD records and ensure they keep these updated with SID. In due course, SID will be introducing a self-declaration form which members can use to keep accurate records. Certificates or letters of attendance are issued to members who attend courses, seminars, workshops or conferences organised by SID. For other courses, evidence can be in the form of certificates, receipts, attendance lists and letters from the organisers or company secretaries.

The CPD programme became effective as of 1 January 2014. Current Ordinary Members and Fellows will have a 3-year period, from 1 January 2014 until 31 December 2016, to meet the CPD requirement for 60 CPD hours, including at least 24 verifiable CPD hours.

A CPD year is the calendar year running from 1 January to 31 December. The CPD year will begin in the first full year following a member’s admission as an Ordinary Member or Fellow of the SID.

The 3-year cycle for new Ordinary Members and Fellows will begin in the year following their admission. For example, a new Ordinary Member admitted in say, June 2015, will be required to attain 60 CPD hours in the 3-year period from 1 January 2016 to 31 December 2018.

Ordinary Members who are subsequently admitted as fellows will follow their existing three year cycle. There will be no changes to the CPD requirement for that period of membership.

From 1 January 2017, existing Ordinary Members and Fellows, as at 1 January 2014, will be required to confirm that they have attained their requisite CPD hours when they renew their membership with SID.

Ordinary Members and Fellows who do not meet the stipulated CPD requirements may face suspension of their membership. Continued default in relation to the requirements may result in the individual membership being terminated.

Currently the only requirement for disclosure to SID by members is the three-yearly confirmation, with appropriate evidence, that the 60 CPD hours have been achieved. It is expected that Ordinary Members and Fellows take individual responsibility to maintain their own CPD records and ensure they keep these up to date. SID is exploring options to include an online CPD file for members on the SID website.

CPD hours will be awarded for learning/training activities undertaken to improve directors’ skills and capabilities.
There are two types of learning/training activities (refer to detailed answers below for more information):
1. Verifiable – formal or structured training courses.
2. Non-verifiable – informal or unstructured learning.

Verifiable learning/training refers to CPD activities that can be objectively verified by a competent source.
Verifiable learning/training could include:
• Attendance at formal courses or conferences either as an instructor, speaker or a participant; and
• The provision of educational and training services while serving on boards and committees where relevant material is prepared or reviewed by the member.
Certificates or letters of attendance are issued to members who attend courses, seminars, workshops or conferences organised by the SID. For courses which are not organised by the SID, evidence can be in the form of certificates, receipts, attendance lists, and letters from the organisers or corporate secretaries.
For each three-year CPD period, at least 24 hours of verifiable learning/training must be recorded in the individual members’ CPD records.

Non-verifiable learning/training refers to CPD activities where it is more difficult to provide clear evidence to corroborate the CPD hours members wish to claim. The learning activities should be current and contribute to increase the member’s skills and capability.
Non-verifiable learning/training could include informal activities such as:
• Self-study or research; and
• Reading technical, professional, financial or business literature such as ‘The Directors’ Bulletin’.
For each 3-year CPD period, at least 36 hours of non-verifiable learning/training must be recorded in the individual members’ CPD records.

SID, and other professional bodies and providers, offer a wide spectrum of relevant courses and forums on corporate governance and related topics that would qualify as verifiable CPD learning. SID will periodically identify training and activities conducted by SID and its partners as available for CPD and the number of hours associated with it.