ASEAN Corporate Governance Scorecard. Country Report for Singapore 3 April Dr Lawrence Loh. Director. Centre for Governance, Institution &. At Globe, we are committed to continuously adopt and strongly advocate for the ACGS. View our ASEAN corporate governance scorecards. The ASEAN corporate governance scorecard is an initiative under the ASEAN Capital Markets. Forum (ACMF). The ACMF endorsed the ASEAN scorecard and .
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The country report for Singapore, part of the Asean Corporate Governance Scorecard scorecqrd, indicated that the development of CG practices here has essentially flatlined, and that the gap in standards between the large-capitalisation large-cap companies and the rest of the field is continuing to widen.
Going back toit assesses the CG of the largest publicly listed companies in six participating Asean nations. Mr Lim was even more pointed with his views on how Singapore companies compare with their peers in diversity practices: Singapore is third from the bottom, ahead of only Japan and Sxorecard Korea.
We are behind Malaysia, behind Indonesia; so, I think we compare very badly. Nissan updates governance code after arrest of former head.
Asean Corporate Governance Scorecard: Singapore companies’ progress flatlines
However, a breakdown of the score into the five major evaluation areas showed that while companies did mildly better in shareholder rights, the equitable treatment of shareholders and the role of stakeholders, they fared worse in the areas of disclosure and transparency, and responsibilities of the board.
Associate Professor Lawrence Loh, the director of the CGIO, said another worrying finding was the widening gap between better performing large-cap companies and the rest.
Another topic that engendered much discussion on Tuesday was diversity in Singapore companies and boards. A recent revision in the scorecard puts greater emphasis on board diversity, which includes disclosing a detailed diversity policy, and having female directors on board.
While 37 per cent of the Singapore companies provided a detailed policy including measurable objectives, only four companies reported on the progress of achieving their board diversity objectives and targets.
Six in 10 companies had no women directors; three in 10 had just one.
To achieve this target, we need to double the number of female directors we have. It is a stretch target, but it will be possible to achieve if we can collectively make a serious commitment to do so.
When asked if this should be achieved by way of instilling quotas for female representation on boards, panellist Lim Hwee Hua, who serves on the board of United Overseas Bank, said she was not against quotas but that they should not be the first step to increasing the number of women directors on boards. She suggested looking at the 60 per cent of companies with no women scorfcard on their boards to find out why this is so.
She also said that quotas could have unintended consequences. Mr Lim said quotas do not sit well with him, as he believes they favour the end result, not the process. Axean that’s because, I was told, when they looked for people to join their civil service, they picked people from a certain family, who came from a certain school, regardless of what their abilities were.
But when they picked players for their football team, they went to every part of the country and picked those who could play.
Thai Institute of Directors
I think we aesan just not paying sufficient attention in the selection process, and we are ignoring what is a big part of the talent pool. Skip to main content. Asean Corporate Governance Scorecard: Singapore companies’ progress flatlines. Michelle Quah michquah sph. Firms in South-east Asia most positive about outlook: Bank of America Merrill Lynch report. On the edge of a new Cold War.