Governance at the Core

Welcome to our August newsletter.

As we navigate an evolving landscape of corporate governance, our focus remains steadfast on placing governance at the core of all we do.

The latest results of the Singapore Governance and Transparency Index (SGTI) will be announced today at the SGX auditorium, highlighting the top-ranked Singapore listed companies. A joint initiative by SID, CPA Australia and Centre for Governance and Sustainability at NUS, the SGTI is a key benchmarking index on governance and disclosures.

SID is excited to announce the Advanced Programme in Sustainability for Listed Entity Directors, starting later this year. Supported by Singapore Exchange Regulation and developed in collaboration with KPMG in Singapore, this advanced course will help prepare board directors to meet evolving regulatory requirements. Indicate your interest to receive updates on the programme here.

Earlier this week, SID hosted the inaugural Climate Governance Singapore (CGS) Forum on 31 July. Senior Minister of State for Sustainability and the Environment Dr Amy Khor was the guest-of-honour. The event, supported by KPMG in Singapore and WSG, took 120 director-level attendees through discussions on climate governance and action. SID is the secretariat for CGS, the local chapter of the global Climate Governance Initiative which has a network of 32 chapters in 73 countries.

The SID Directors Conference on 1 October – Directorship in Transition: Redefining Roles, Risks and Results – takes a fresh look at corporate governance. Directors operating in a world of flux and increasing complexity will resonate with our tracks on Sustainability, Digital Transformation, Directorship Journey and Human Capital. Book your place now.

The second cohort of the SID Board Readiness Programme was launched on 26 July. This followed the conclusion of the inaugural cohort a month earlier. Graduands from the Singapore Computer Society’s Women-in-Tech class attended a ceremony graced by Minister of State, Ministry of Home Affairs and Ministry of Social and Family Development Sun Xueling. Click here to view photos.

Registration for our Listed Entity Director Programme in October are now open. For a limited time, participants who complete the full programme – all nine modules including the ESG Essentials - will receive a complimentary set of Corporate Governance Guides for Boards in Singapore, access to webinars and regulatory updates and priority registration for the Audit and Risk Committee Seminar in January 2025.

Directors keen to achieve an accreditation credential can look forward to the SID Accreditation Exam which will take place in October 2024 (the next window will be in 2025). Register your interest here.

We invited the Asian Corporate Governance Association to comment on Singapore’s corporate governance performance vis-à-vis other regional markets. Read about it in the analysis by Jane Moir in her report on the CG Watch 2023 in our article in SID Directors Bulletin on the shifting corporate governance landscape in Asia.

Get to know fellow directors in Singapore at our informal members networking event on 15 August. Taking place at Vatos Urban Tacos, members will be able to meet other directors and enhance their professional journey over free-flow chips and salsa. Also hear from our guest speaker Nishant Kasibhatla on how memory techniques can help increase cognitive skills and boardroom efficiency.

Read on for our key upcoming events, courses and publications that will help directors sharpen their skills and stay ahead in the dynamic world of governance.

HIGHLIGHTS

Nominating and Remuneration Committee (NRC) Seminar
11 September 2024 | 9.00am – 1.30pm | 1 Wallich St

Join us for the inaugural SID Nominating and Remuneration Committee seminar curated for directors serving on nominating committees (NCs) and remuneration committees (RCs). Explore trends affecting the role of NCs and RCs, considerations for Directors’ and Officers’ (D&O) insurance coverage, hidden dynamics of CEO succession planning, the RC’s influence on sustainability agendas, board culture and more.

SID Directors Conference 2024
1 October 2024 | 9.30am – 5.30pm
Suntec Singapore Convention & Exhibition Centre

This year’s conference Directorship in Transition: Redefining Roles, Risks and Results explores the evolving landscape of corporate governance. Geopolitical shifts, regulatory changes and climate change are reshaping expectations of boards and governance frameworks. This full-day conference features distinguished speakers and industry experts who will delve into the multifaceted challenges facing boards and directors today.

Early Bird Registration extended till 30 August 2024.

Deepfakes and Cyber Threats – Can Boards Defend?
13 August 2024 | 3.30pm – 5.30pm | PIXEL Collaboration Space

Can boards really safeguard their organisations, with the uptick in the malicious use of GenAI, deepfakes and cyber threats? Join our panel of experts as they explore the emerging trends and threats directors should be aware of. What are some strategies to reap the benefits of technological advancement while defending their organisations in this dynamic environment?

Tax Dispute Resolution
14 August 2024 | 9.00am – 11.00am | 9 Straits View

Tax disputes in Singapore and cross-border tax controversies are increasingly making their way onto the board agenda. Apart from potentially hurting a company’s bottom line, these may also damage the reputation of the company and its directors. What do directors need to know to navigate Singapore’s tax landscape so they can steer their companies away from tax disputes? Join this session to gain practical insights through the analysis of various cases, including the 2023 Singapore High Court case where the decision of the GST Board of Review was overturned in favour of the company.

Directors Sued/Charged: Lessons from Recent Cases
21 August 2024 | 9.15am – 11.15am | PARKROYAL COLLECTION Marina Bay

The recent case of a director held liable by the High Court to pay a staggering sum to his company’s liquidators for breaching his duty of care, skill and diligence grabbed headlines. Other directors have similarly found themselves in trouble with civil suits or criminal charges brought against them. What are some red flags and how should directors deal with them to avoid legal pitfalls? How can directors take reasonable steps to advance the interests of the company and its shareholders, in light of escalating risks and responsibilities?

Sustainability Transformations in Family Firms
16 September 2024 | 3.00pm – 5.00pm | One Farrer Hotel

Many family firms are rethinking their operations to meet evolving ESG expectations – especially younger generations keen to champion a sustainability transformation in their family business. How do families go about transforming their traditional business operations? Who drives the process – the family or outside directors? And how can the board facilitate the transformation? Join us as we discuss how family CEO-owners can work with external professionals for sustainable outcomes in family businesses.

SID-SMU Directorship Programme Preview Session
19 September 2024 | 5.30pm – 6.30pm | Online Webcast

Launched in 2007 in partnership with Singapore Management University (SMU), the Singapore Directorship Programme is the first local directorship training programme with formal certification. Set within an Asian context, the six core modules are designed to enhance participants’ boardroom skills and update their knowledge and capabilities to navigate an increasingly complex business environment. To find out more about the SID-SMU Directorship Programme, please join us for our Preview. Expert faculty will share highlights of the programme and address your queries.

SID Directors Bulletin
Changing Places: A Shifting Corporate Governance Landscape in Asia

Singapore slips a place to rank joint third with Taiwan with a slightly lower score in the CG Watch 2023 rankings of Asian Corporate Governance Association’s regional survey of Asian markets. While Singapore held steady in most categories, it failed to keep pace with other markets moving faster and more aggressively on reform, noted Jane Moir. Nonetheless, regulatory reforms such as the nine-year cap on independent non-executive director tenure and the disclosure of remuneration on a named basis were positive signals.

SID Boardroom Matters
For independent directors: When to resign from a board in the right way

The resignation of independent directors from a company is an occurrence that conveys a significant message to the shareholders and investment community at large. It has to be handled very carefully and sensitively, both in terms of the reasons and timing, writes Kelvin Tan. Directors should also not forget their duty to identify and nominate adequately qualified director candidates to replace and succeed them, before they step off the board, as succession planning is an important part of their director duties.

SID-SCS WIT Board Readiness Programme Graduation
28 June 2024

The graduation ceremony of the inaugural cohort of the SID Board Readiness Programme was held on 28 June 2024. The event was officiated by guest-of-honour Minister of State for the Ministry of Home Affairs and Ministry of Social and Family Development Sun Xueling, who presented certificates to the graduating cohort from the Singapore Computer Society Women-in-Tech chapter.

SID Golf Tournament 2024
12 July 2024

The SID annual Golf Tournament was held at the Sentosa Golf Club on a balmy Friday afternoon. Enthusiastic players and supporters gathered bright and early to mingle and catch up with acquaintances old and new. Even a brief rain shower failed to dampen spirits on the green.  The event ended with a networking dinner where guests were treated to a delicious spread and lucky draw prizes. Speaker of the Parliament of Singapore Seah Kian Peng graced the occasion as guest-of-honour.

IP Week @ SG 2024
Intellectual Property Office of Singapore
27 – 28 August 2024 | Marina Bay Sands Expo & Convention Centre
Early bird registration until 31 July

ACCA Singapore 88th Anniversary Gala Dinner
ACCA Singapore
3 September 2024 | 7.00pm – 9.30pm | InterContinental Singapore
SID members: S$330 (Regular price S$380) with discount code ACCA88SP15

SCWO’s Summit on Action for Gender Equality 2024
Singapore Council of Women's Organisations
5 September 2024 | 9.30am – 5.00pm | One Farrer Hotel
SID members: S$100 off with discount code SAGEPARTNER_SID

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