Shaping the Future with Fresh Insights

Dear Members,

Festive greetings to our members who celebrate the Lunar New Year! As we usher in the Year of the Snake, we wish you a wonderful year filled with prosperity, good health and success.

At SID, we are committed to fostering continuous growth and transformation for the community of directors in Singapore. In this issue of our newsletter, we reflect on some exciting developments and highlight upcoming events and programmes – all aimed at empowering you with fresh perspectives and tools to support your professional growth and transformation.

Advancing your learning journey
SID and Singapore Business Federation have partnered to develop the SBF-SID Leadership Programme for TAC (trade associations and chambers) Councils. Announced at the inaugural TAC Summit on 22 January 2025, the programme is designed to equip council members and senior management of TACs with the knowledge and skills needed to enhance governance and decision-making.

Our first masterclass on 27 March 2025 will focus on corporate governance and director duties, as well as human capital and performance. Eligible TAC participants can receive up to 70 per cent funding support from Enterprise Singapore. To register for the programme, click here.

The mentoring segment of SID’s flagship Board Readiness Programme (BRP) kicked-off in January 2025. We would like to express our heartfelt thanks to the 59 experienced directors who have stepped forward to mentor and guide the next generation of board leaders.

If you are interested in joining the third cohort of the BRP commencing in July 2025, look out for the registration link on this webpage. Registration will open on 17 February 2025. To pre-register your interest, email us at [email protected].

Our other flagship course supported by the Singapore Exchange, the Listed Entity Director (LED) Programme, kicks off in March 2025. If you haven’t yet registered for this pre-requisite course for first-time appointees on boards of listed companies, don’t miss out and register today.

In addition to the above programmes, we invite you to take the next step in your directorship journey with the SID Director Accreditation Programme. If you are a SID member and have accumulated at least 32 hours of formal directorship training, you can register for the April 2025 accreditation exam here.

Singapore Budget 2025
With the upcoming 2025 Budget Statement slated for delivery on 18 February 2025, SID in collaboration with KPMG in Singapore shared highlights from our proposal for the 2025 Singapore Budget. For the first time, this session integrated tax, business and boardroom perspectives to reimagine Singapore’s budget strategy and outline the proposed wishlist for businesses. You can read about the recommendations and media coverage here.

Singapore Board Diversity Index
More listed companies in Singapore now have boards comprising at least 30 per cent women, compared to five years ago, according to the Board Diversity Index (BDI) launched on 20 January 2025. Jointly launched by SID, WTW and James Cook University (Singapore Campus), the BDI is based on analysis of public disclosures from 553 companies with primary listing on the SGX and Catalist and measures attributes across eight dimensions. To view the index, click here.

New Guides to drive good governance
At our annual Audit and Risk Committee (ARC) Seminar held on 22 January 2025, held in collaboration with ACRA and SGX, we welcomed over 300 directors, regulators and corporate governance experts to discuss ways to elevate shareholder value through good governance. For a quick summary on the highlights, you can download the 2025 ARC Mini Guide here.

Stay tuned for the upcoming release of the Cyber Resilience Guide for Boards in Singapore. This essential guide for directors will provide boards with strategies to address and mitigate cyber security risks. The launch of the Guide, in partnership with ISTARI and NCS, and supported by Singapore’s Cyber Security Agency, is scheduled on 12 February 2025 at the Exercise SG Ready event organised in collaboration with Nexus: Are You Ready for Disruptions.

Look out for the link to this guide on SID’s Resources webpage.

Have you renewed your SID membership yet? Don’t forget to renew your SID membership to continue benefiting from our events, resources, courses and networking opportunities. If you need assistance with the renewal process, please email us at [email protected].

If you are already a SID member, don’t miss this year’s first Members Networking Event on 6 March 2025. Join us to meet like-minded professionals, share insights and expand your network. To attend, register here.

If you are not yet following SID on LinkedIn, we encourage you to do so for latest updates on our new programmes, resources and events.

Thank you for being a valued member of SID. We look forward to continuing this journey with you in the Year of the Snake and beyond.

HIGHLIGHTS

The Board’s Role in Adopting the New Global Internal Audit Standards
6 March 2025 | 10.00am – 12.00pm | SGX Auditorium

The new Global Internal Audit Standards (effective January 2025), marks a transformative phase for internal audit functions and governance. Whilst the primary responsibility for implementation of the standards lies with the chief audit executive, the standards emphasise the importance of board and senior management playing a key role in supporting and overseeing implementation. SID and Institute of Internal Audit explore the critical role of the board in championing and overseeing the transition to the new standards while unlocking the full potential of the internal audit function.

LED Bridging Programme
15 April – 20 August 2025 | Online & In-person Sessions

The SID Listed Entity Director (LED) Bridging Programme is a 15-hour hybrid course endorsed by Singapore Exchange to enable first-time directors to meet mandatory training requirements for SGX-listed companies. Through a combination of self-directed e-learning, compulsory assessment and an in-person facilitated discussion, this abridged LED course is designed to offer graduates of four approved directorship programmes* an alternative to taking the full LED programme (see below).

*The four approved directorship training programmes are: SID Board Readiness Programme, SID Governance for Outstanding Organisation Directors Programme, SID-SMU Directorship Programme, SID-INSEAD International Directors Programme

Join us for a curriculum preview on 4 March 2025 in which we will explain the course structure.

Unlocking Value with Advisory Boards
(Complimentary for members)
12 February 2025 | 9.00am – 11.00am | Online Webcast

Advisory boards provide guidance and expertise to organisations, offering diverse perspectives that can enhance strategic decision-making. Comprising experienced professionals, they can help identify opportunities, mitigate risks and navigate challenges. With the growing uncertainty and complexities in decision-making, organisations are increasingly turning to advisory boards for support in problem solving, leadership and governance.

Director Financial Reporting Fundamentals
27 February 2025 | 9.00am – 6.00pm | PARKROYAL COLLECTION Marina Bay

Designed for directors with limited or no financial/accounting background, this course provides essential accounting knowledge and practical tips. It equips participants with the key tools and concepts to review company financial statements and stay up-to-date on good financial practices. Participants will learn how to perform high-level reviews of financial statements and undertake financial reporting and filing.

SID Members Networking (for members only)
6 March 2025 | 5.00pm – 7.00pm | Moon Rooftop Bar & Lounge

Join us for the first SID Members Networking Event of 2025! Connect with fellow SID members over delicious food and drinks while enjoying a spectacular skyline view. This networking session, in partnership with Diligent, will take place on Thursday, 6 March 2025, at the Moon Rooftop Bar & Lounge. We look forward to seeing you there!

Listed Entity Director Programme
11 – 26 March 2025 | 2.00pm – 6.00pm | Online Webcast

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 in one year and get a waiver of accreditation exam fees. Plus, receive a set of Corporate Governance Guides for Boards as well as priority registration for the Audit and Risk Committee Seminar and access to regulatory updates.

Board-level Tax Governance: Regulator and Practitioner Insights
30 April 2025 | 2.30pm – 5.30pm | Revenue House

Effective tax governance reflects a company’s commitment to transparency, accountability and responsible corporate citizenship. Boards play a pivotal role in establishing and championing robust tax governance frameworks to manage tax risks, ensure compliance with evolving regulations and build stakeholder confidence. SID, in collaboration with Inland Revenue Authority of Singapore and BDO, presents a regulatory perspective and practitioner insights on tax governance. The session will cover the latest developments, including the Tax Governance Framework and the Tax Risk Management and Control Framework for Corporate Income Tax.

SID Directors Bulletin
Power Dynamics on Boards

The interplay of power and social influence among board directors impacts how decisions are made in the boardroom, say Alvin Chiang and Arabella Steel. By recognising and mitigating power imbalances, boards can foster a culture of trust, psychological safety and inclusive decision-making, leading to improved organisational performance and resilience. Understanding how power runs through boardrooms – and managing power dynamics – is vital for good governance and sound decision-making.

SID Boardroom Matters
The Wayang of Board Evaluations

Board evaluations are meant to be an exercise in accountability, transparency and strategic self-reflection, ensuring that boards function effectively in guiding organisations. However, as Howie Lau argues, the reality can sometimes resemble a wayang (a staged performance) – especially if the exercise is aimed at appeasing shareholders rather than driving real governance advances. To make evaluations more than just a compliance exercise, boards must embrace qualitative assessments, involve external stakeholders, ensure evaluator independence and link assessments to real consequences.

Launch of 2025 Singapore Board Diversity Index 
20 January 2025

The launch of the Board Diversity Index (BDI) 2025 report highlighted the progress and challenges in board diversity in Singapore. Key findings include a 17 per cent increase in gender diversity, although 193 companies still have all-male boards. Developed by WTW in partnership with SID and James Cook University (Singapore Campus), the 2025 survey analysed public disclosures from 553 companies with primary-listing on the Singapore Exchange, and highlights 43 companies that exhibit exemplar standards across four or more diversity attributes.

Audit and Risk Committee Seminar 2025 
22 January 2025

The 2025 Audit and Risk Committee (ARC) Seminar attracted over 300 attendees. Co-organised by SID, ACRA and SGX, the half-day sessions focused on elevating shareholder value through good governance. Regulatory updates and an engaging panel discussion produced useful insights on the role of ARCs in enabling sustainable growth and long-term success. The 2025 Mini Guide for ARCs was launched at the event, containing bite-sized information including focus areas of review for FY2024 financial statements.

PARTNERS’ HIGHLIGHTS

Certified Chair Executive Programme
Advisory Board Centre
18-19 March 2025 | TBC | $6,290

 Copyright (C) 2025 Singapore Institute of Directors. All rights reserved.

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