Close to 300 directors and top management attended the Launch of the Board Risk Committee Guide and ASEAN Corporate Governance Scorecard (ACGS) 2016 event organized by Singapore Institute of Directors (SID).
The ACGS is an initiative of the ASEAN Capital Markets Forum and the Asian Development Bank to create a common tool for assessing the corporate governance of publicly listed companies in the ASEAN countries. The participating countries are Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
The 2015 ACGS results are based on companies’ disclosures on websites and annual reports with financial year end between 1 April 2014 and 31 March 2015.
John Lim, Immediate Past Chairman of SID and the designated corporate governance expert from Singapore for the Scorecard added: “The objective of the Scorecard is to raise corporate governance standards and disclosure practices.”
Associate Professor Lawrence Loh, Director of Centre for Governance, Institutions and Organizations (CGIO), who presented the Singapore results, was optimistic about the overall progress but believes more can be done to improve corporate governance in Singapore: “It is encouraging to see Singapore companies becoming more transparent and forthcoming in disclosing information about the way they conduct business. However, they cannot afford to be complacent. There is much room for improvement, especially when it comes to providing comprehensive and meaningful disclosures that are relevant to helping investors make informed decisions.”
Other panellists included Ms Chng Sok Hui, CFO, Development Bank of Singapore Group; Mr Nicholas Hadow, Chairman, Investment Management Association of Singapore; and Ms Agnes Koh, Chief Risk Officer, Singapore Exchange. The panel was moderated by Mr Tham Sai Choy, Chairman, KPMG in Asia Pacific and Managing Partner, KPMG in Singapore.