Directorship in Transition

Dear Members,

Welcome to our October Newsletter.

We are delighted to have hosted around 800 guests at our SID Directors Conference 2024, Suntec Singapore Convention and Exhibition Centre.

With over 70 speakers, 16 breakout sessions and 55 partners and sponsors, it was a day of learning, sharing, inspiration and networking.

This year’s theme Directorship in Transition: Redefining Roles, Risks and Results highlighted the evolving landscape of corporate governance and the vital role that directors play in navigating these changes.

In his welcome address, SID Chair Yeoh Oon Jin reflected on the significant challenges this past year. From geopolitical tensions to the rapid emergence of generative artificial intelligence and the pressing demands of sustainability, directors are confronted with new expectations from an array of stakeholders, including shareholders, regulators and the workforce.

The morning plenary sessions featured a thought-provoking dialogue with guest-of-honour Senior Minister and Coordinating Minister for National Security Teo Chee Hean. He urged businesses to mitigate risks and have a deliberate approach in succession planning.

SGX Group Chairman Koh Boon Hwee, in conversation with SID Council member Howie Lau, emphasised that thriving boards in disruptive times look to visionary leadership in building resilience and innovation.

The morning wrapped up with a panel session featuring leaders of MAS, ACRA, SGX RegCo and Charity Council. Regulatory transitions will help prepare directors and boards for emerging trends and realities.

In the breakout tracks, interactive zones featured separate sessions on Digital, Directorship, Human Capital and Sustainability through presentations, panel discussions and question-and-answer slots.

To equip directors for the transitions ahead, SID has launched its director accreditation programme since May and expanded its suite of professional development programmes.

The following initiatives were announced:

• SGX RegCo has approved the Listed Entity Director Bridging Programme, enabling graduates of any one of four approved programmes to fulfil the mandatory training requirements for first-time directors. The four programmes are: SGOOD, Board Readiness, SID-SMU Directorship and SID-INSEAD International Directors. The programme starts March 2025.
  
• SGOOD 2.0, an update of the Singapore Governance for Outstanding Organisation Directors Programme for nonprofit board directors will be rolled out in collaboration with NCSS in June 2025, with registrations set to open in February 2025.
  
• The Advanced Programme on Sustainability for listed entity directors, a tailored programme to help prepare directors take their companies to the next stage of the ESG journey is set to launch on 28-29 November 2024. The programme is a collaborative effort with SGX and KPMG in Singapore.
  
• An elective module featuring AI governance, digital transformation and cyber security will be integrated into the SID-SMU Directorship Programme from March 2025.
  
• The Chair Accelerator Programme for experienced directors who are aspiring board chairs and newly-appointed chairs is an advanced masterclass held jointly with Heidrick & Struggles. The programme will kick off on 29 October 2024. Registrations are now open for the 2025 sessions.
  
• The second edition of the Board Readiness Programme for aspiring directors is now underway. As part of the programme, attendees can opt to take the accreditation exam post-completion of the course.
  

To inform directors of the latest trends and developments, and to support their decision-making, SID is launching the following thought leadership initiatives:

• The Singapore Board Diversity Index provides a snapshot of Singapore’s board diversity landscape. The study will cover SGX-listed companies and their board diversity attributes across eight components, including age, gender, tenure and industry experience. A collaboration with WTW and James Cook University, the Board Diversity Index 2024 will launch in November 2024.
  
• SID is partnering with NCS and Istari, with the support of CSA Singapore to launch the Cyber Resilience Guide for Boards in Singapore in Q1 2025. The Cyber Resilience Guide for Boards in Singapore seeks to chart a framework to support directors in their decision-making and build assurance in their capacity to guide management and engage stakeholders as they navigate cyber security risks, mitigation and recovery.
  
• SID and KPMG in Singapore are putting together recommendations to be put forth to the Singapore government for Singapore Budget 2025. The proposed Singapore Budget 2025 recommendations will be derived from KPMG's insights and SID's membership. We would like to hear from directors. Click here to share your ideas.
  

HIGHLIGHTS

SID Corporate Governance Roundup 2024
17 October 2024 | 9.00am – 11.00am | Capital Tower

The annual Corporate Governance Roundup provides a look back on developments and trends in corporate governance and directorship – and a forecast of what to watch out for in 2025. Key highlights include regulatory updates and emerging trends, including sustainability governance, emerging technologies and other challenges in navigating the future of directorship. Come join us for our signature "Corporate Governance in a Nutshell", as SID council members share their insights and perspectives in succinct briefs.

Registration for SID’s Annual General Meeting starts at 11.00am, immediately after the Corporate Governance Roundup.

Listed Entity Director Programme
8 – 15 October 2024 | PARKROYAL COLLECTION Marina Bay

The Listed Entity Director Programme is a pre-requisite course supported by the Singapore Exchange for first-time appointees on boards of listed companies. For a limited time only, complete all core and optional modules this year and get a waiver of accreditation exam fees. Plus, receive a set of Corporate Governance Guides for Boards and complimentary access to webinars and regulatory updates, as well as priority registration for Audit and Risk Committee Seminar in January 2025. Seats are limited for these in-person sessions, sign up now.

Last chance to register for LED 2024: LED1 registration closes 4 October, 12noon.

Extracting Real Value and Impact from ESG (Complimentary for SID Members)
23 October 2024 | 3.00pm – 5.00pm | Online Webcast

As environmental, social and governance (ESG) principles become more ingrained in corporate governance, the challenge for board directors is no longer just about compliance but about extracting real value and impact from these initiatives. In Singapore’s rapidly evolving landscape, ESG is increasingly tied to corporate reputation and financial performance. Board directors must lead the charge in integrating ESG into the core business strategy, ensuring their efforts drive tangible results. SID and Criticaleye explore how boards can build an effective approach to ESG to support the overall business strategy.

SGD 8: Social Trends
5 November 2024 | 9.00am – 1.00pm | Social Service Institute

This concluding module explores the trends in the areas of social innovation, social media, social enterprises and other trends impacting the social sector through a series of presentations and a panel discussion. It will provide participants with ideas on the horizon and help them examine their roles in a rapidly changing world where there is a blurring of boundaries between for-profit and nonprofit sectors.

Training grants are available from the Charities Capability Fund by NCSS (subject to approval).

Advanced Programme on Sustainability for Listed Entity Directors
27 – 28 November 2024 | 9.00am – 6.00pm | Asia Square Tower 2

As the adoption of environmental, social and governance (ESG) practices matures in Singapore, it is essential for board directors to engage in advanced training to expand their knowledge and help prepare their companies for the next stage of the ESG journey. This programme is specifically curated for board directors of listed companies, delving deeper into sustainability governance at the board level. It prepares directors to meet regulatory changes, such as sustainability reporting based on International Financial Reporting Standards, while integrating sustainability into business strategy for long-term success. Presented by SID, in collaboration with SGX and KPMG.

SID Directors Bulletin
Regulator’s Voice: Enhancing Shareholder Value

Shareholder value creation starts with the board, says CEO of SGX RegCo Tan Boon Gin. A more diverse boardroom means more varied views and better decision-making. New directors bring fresh ideas to the table, and are likely to be more open to opportunities in areas such as sustainability. With a nine-year limit on the tenure of independent directors and a rule requiring companies to disclose a board diversity policy, boards with fresh blood tempered by experience can transform Singapore companies to meet the emerging challenges.

SID Directors Conference
Effective Corporate Governance in Transition

Effective corporate governance demands informed decision-making, proactive risk management and the integration of cyber security and artificial intelligence into governance frameworks, says Ambili Nair of Diligent. And research shows that companies with advanced cyber security ratings create nearly four times the shareholder value. As digital threats continue to evolve, organisations must prioritise cyber security as a fundamental aspect of their governance framework.

Singapore Corporate Awards Gala Dinner
27 August 2024

At the 2024 Singapore Corporate Awards, we recognised SGX-listed companies and corporate leaders who have enhanced corporate governance in Singapore. Guest-of-Honour Deputy Prime Minister Heng Swee Keat encouraged companies to step up education for directors and boards, leverage technology to enhance competitiveness, and work with regulators and other stakeholders to evolve Singapore’s corporate governance regime to keep up with emerging needs. The Awards are organised by SID, ISCA and The Business Times.

SID Directors Conference
1 October 2024

This year’s conference Directorship in Transition: Redefining Roles, Risks and Results explored the evolving landscape of corporate governance. Guest-of-Honour Senior Minister and Coordinating Minister for National Security Teo Chee Hean, urged businesses to mitigate risks and have a deliberate approach in succession planning. SGX Group Chairman Koh Boon Hwee emphasised the importance of visionary leadership in building resilience and innovating. With more than 70 speakers in 16 breakout sessions, it was an exhilarating day of sharing and exchange of ideas.

Annual Conference 2024
The Institute of Internal Auditors Singapore
24 October 2024 | 8.00am – 5.20pm | Marina Bay Sands Expo & Convention Centre

ACCA Annual Conference 2024
ACCA
25 October 2024 | 9.00am – 5.00pm | One Farrer Hotel
SID members: 25% off with discount code SIDSUPPAC24

Global Corporate Governance Conference 2024
Global Network of Director Institutes
29 – 30 October 2024 | 24 hours | Virtual | Complimentary

Key outcomes for boards from COP16:
Is nature accounted for in your company's strategy?
Climate Governance Initiative
5 November 2024 | 7.00pm – 8.00pm (SGT) | Complimentary

 Copyright (C) 2024 Singapore Institute of Directors. All rights reserved.

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