Companies are selected based on the assessment of the following criteria:

• Overall quality of corporate governance as reflected in board and committee structure, practices, external validation;
• Board composition and accountability: independence, skill-mix, board and gender diversity, working relationships, commitment, etc.;
• Board functions: principles and processes, meeting and information management, committee functioning, board evaluation;
• Performance orientation: board, director and executive performance management, strategic guidance and company performance monitoring, performance-linked executive compensation;
• Managing company leadership: access to management, balance of power, succession planning and talent development;
• Directors' development and recognition: board orientation, on-going development, alignment of compensation with shareholders' interests;
• Corporate transparency and governance disclosure: financial disclosure content and context, governance compliance and reasons for non-compliance;
• Shareholders' Interest: shareholder value creation and return to shareholders, shareholder communications and meetings;
• Risk management: risk management framework and processes;
• Corporate social responsibility and sustainability: policies and practices.

As nominees may come from any industry segment, where states of the market as well as measuring yardsticks differ, the criteria for evaluation will focus more on qualitative and behavioural traits. 

Specifically, the Best Chief Executive Officer nominees will be evaluated on the competencies listed below.

Governance  
The CEO sets a tone of excellence in corporate governance through personal example and upholds a strict code of business ethics throughout the organisation. He/she builds high standards of governance, controls and accountability into the execution of business growth and expansion plans.
He/she is able to maintain the right balance in relationship between board and management with a view to enhancing effectiveness. We will look at how the CEO acts as a true advocate of best-in-class board practices within the firm and in the business community.

Performance
The CEO must have delivered best-in-class performance, evidenced by having broken new grounds to improve delivery and/or has dealt with critical situations to turnaround business. Large-scale improvement of results is achieved by substantial change to the operating process of the organisation, especially in an environment of continual reinvention. In some instances, it is not just about improving the business, but transforming it or creating a new standard.

Strategy
The CEO has articulated a vision and has built strategy in anticipation of crisis. He/she is able to think strategically and lead change in the organisation to achieve that vision. Based on the vision, the CEO should have developed a high-impact corporate strategy by integrating market, competition, trends, and other factors to create a competitive advantage for the company. He/she should also have a vision and track record of building sustainable strategy for digital innovation and cybersecurity best practices to create a resilient and trusted cyber environment for the organisation.

Succession Planning, Talent Management & Development
The CEO is the key driver of talent management. He/she should have succession planning, particularly at the C-suite level, at the forefront of his/her agenda, and actively identifies and develops the next generation of the executive team. The CEO systematically builds team capability, in terms of understanding the capabilities of immediate team members and reaching out to develop promising team members at other levels. He/she ensures the organisation trains and nurtures talent with a view to retaining institutional domain knowledge. He/she also creates corporate cultures that are diverse and inclusive.

Corporate Social Responsibility
The CEO is committed to making a positive impact on the economic, social and environmental well-being of the society in which his/her business operates. He/she promotes greater environmental responsibility, corporate philanthropy, volunteerism and community outreach programmes. He/she fosters the practice of corporate social purpose and sustainability within the organisation.

The corporate context in which the Chief Financial Officer functions will be considered in assessing potential nominees, including transparency of financial reporting; high standards of corporate behaviour, sound accounting practices; commitment to good corporate governance consistent with current standards and evolving guidelines; providing advice on strategic direction; and being an effective leader of the finance and accounting function. In addition, the Best Chief Financial Officer nominees will be evaluated on these three areas:

• Personal and Professional Qualities;
• Knowledge and Experience;
• Track Record and Accomplishments.

Personal and Professional Qualities

• Integrity: The CFO's integrity must be of the highest standard. He/She must exhibit the highest ethical behaviour and inculcate the same corporate culture top-down, across all levels within the organisation;
• Transparency: The CFO is someone who champions the need for greater accountability and transparency in corporate governance;
• Soft People Skills: The CFO must have the skills and abilities to address and manage the concerns of the various corporate constituents – the CEO, directors, unit managers, analysts, bankers, investors and the media – in an impartial manner;
• Confidence: The CFO must have the confidence to provide meaningful information about the company's accounts and finances at board meetings and with shareholders, investors and the media;
• Vision and Leadership: The CFO must possess sound business acumen, astute foresight and the ability to lead, inspire and guide his/her organisation to greater heights of growth, financial achievement and recognition;
• Innovation: The CFO is characterised as an innovator who has the ability to transform and shape the successful financial performance of his/her organisation while exercising sound business judgement and demonstrating excellence in his/her field.

Knowledge and Experience

• Knowledge Base: The CFO must have a sound understanding of all matters relating to the corporate regulatory compliance and reporting requirements of the company;
• Experience: While age is not the sole decisive factor, the CFO should ideally have spent at least three years in the finance function and three full years in his current company. Preferably the CFO should not be a newcomer to the industry in which he/she is currently working in;
• Professional Training: Possessing the necessary professional qualifications in accountancy or finance will be a plus. Some accountancy and finance designations include the Certified Public Accountant (“CPA”), Chartered Accountant (“CA”) designations and Chartered Financial Analyst (“CFA”). Other finance-related tertiary qualifications will also be considered;
• Continuous Learning: The CFO should possess a desire for continuous learning and professional development.

Track Record and Accomplishments

• Personal Achievements: The CFO's track record and accomplishments will be a key factor. The judges will consider the corporate deals, including M&As, rights issues etc, handled by the CFO during the year under review. The degree of difficulty of each corporate deal will also be taken into account. The ability of the CFO to create long-term shareholder value for the company is an important consideration;
• Corporate Reporting and Performance: The financial performance of an organisation is indicative of success or failure. Full and fair disclosure, sound financial management, integrity and a commitment to ethical business conduct are key indicators of a good CFO;
• Social Responsibility: In addition to a commitment to integrity and a passion for the future of business, a highly distinguished CFO uses his/her influence, skill and creativity to make significant contributions to the finance and accounting profession, industry and to the community;
• Global Competitiveness: Companies compete in a global marketplace. A successful CFO demonstrates global initiatives and regional drives that foster potential new markets abroad, enhance operations, aid in the establishment of foreign ventures or the expansion of foreign corporate affairs on an international scale. The CFO is a key pre-requisite for the success of the company competing in the global marketplace.

The following criteria are used to identify the final shortlist of companies:

• Risk strategy and appetite which is well articulated, formalised and integrated into the enterprise-wide decision making process at all levels
• Formalised risk governance structure with clear roles and responsibilities across the various lines of defense
• The extent to which the organisation’s risk culture permeates across all levels of management and staff.
• A clearly defined and effective risk identification, assessment, and measurement process which aligns the organisations strategy.
• Adequate and effective risk management and internal control systems.
• Risk reporting and insights are timely and transparent to support internal and external stakeholder needs.
• The extent to which technology is used to enhance data quality, governance and risk analytics.

In addition, the extent to which companies disclose information in relation to:

• Innovation and Technology Governance
• Sustainability Governance
• Continuous Improvement of Enterprise Risk Management

The following criteria are used to identify the final shortlist of companies:

• Responsiveness of the IR contact to cold calls and emails;
• Comprehensiveness/ user-friendliness of the IR link, specifically the types and quality of information provided (e.g. annual reports, presentations, etc.) and speed of downloads;
• Whether the company submits requested information on the IR function and practices;
• Whether there are negative news items related to IR, such as being on the SGX watchlist, late announcement of financial or AGM results, modified audit opinion, and queries about disclosures and announcements.

Preliminary Screening Criteria

The annual reports are first screened for the presence of the following information:

• Discussion on corporate liquidity or capital management;
• Benchmarking commentaries against industry performance/statistics;
• Value-added statements and disclosure made on productivity measure and performance measures;
• Separate CEO/management’s statement;
• Earnings prospects by division/territory;
• Discussion of key business risks;
• Discussion of risk management strategies;
• Presence of quantitative analysis of identified risks including value-at-risk (VAR) analysis;
• Remuneration of directors disclosed in nearest dollar amount and not in bands;
• Remuneration of key management personnel disclosed in dollar amount and not in bands;
• Board succession planning/long tenure of independent directors;
• Policy/position on board diversity;
• Sustainability report disclosures included in annual report:
• • Environment;
  • Community and social programmes;
• Quantification of sustainability performance;
• Investor/shareholder relations activities;
• Employee diversity disclosure (Gender, age, education, nationality, people with special needs, etc.);
• (Specific to REITs and Business Trusts) Disclosure of business-specific measures of historical performance for portfolios (such as trademix by area or trademix by gross rent of lease expiry profile etc.);
• (Specific to REITs and Business Trusts) Presence of financial highlights commentary (discussions on financial statistics presented such as ROE, dividend cover, etc);
• (Specific to REITs and Business Trusts) Discussion on corporate liquidity or capital management (description of loan and borrowing profile);
• (Specific to REITs and Business Trusts) Benchmarking commentaries against industry;
• (Specific to REITs and Business Trusts) Disclosure of group and strategic directions (clear articulation of vision, mission statement, goals and objectives);
• (Specific to REITs and Business Trusts) Disclosure on organisation/trust structure;
• (Specific to REITs and Business Trusts) Disclosure of REIT/business trust manager relationship.

Detailed Marking Criteria

Annual reports shortlisted from the preliminary screening process are examined in detail for the quality of information disclosed according to the assessment criteria in the following areas:

Performance Review (PR)

• Historical analysis and ratios (Quantitative data: 5-year, 10-year trends etc.);
• Commentaries on historical analysis and ratios (5-year, 10-year trends etc.);
• Analysis and commentaries on current year financials – quarterly, half-yearly, segment analysis;
• Commentaries on capital management (gearing and debt equity ratios, managing borrowing, refinancing etc.);
• Benchmarking against competitors and industry performance;(e.g. total shareholder returns, share prices);
• Value-adding statements and productivity ratios;
• Discussion/disclosure on strategies to improve productivity;
• (Specific to REITs and Business Trusts) Description of portfolio/asset characteristics (e.g. valuation as at latest date, committed occupancy, tenancy mix, top tenants, lease expiry profile);
• (Specific to REITs and Business Trusts) Detailed description on yield accretive acquisitions and asset disposals (including disclosure of acquisition/disposal fee payment), asset enhancement initiatives, lease renewals.

Vision and Strategic Issues (VSI)

• Corporate vision/mission, strategic goals, strategy and business environment;
• Discussion on how the Group has performed in relation to its vision and mission;
• Group structure and business segment;
• Corporate/industry developments and strategic issues;
• Discussion on the Group’s dividend policy.

Business Plan and Prospects (BPP)

• Business plan and initiatives and planned capital investment (forward looking);
• Outlook and future prospects, including prospects by territory and business division.

Risk Assessment and Management (RAM)

• Discussion on risk appetite, risk-aware culture and policies;
• Identification and assessment of key risks (including VaR, sensitivity analysis, stress testing);
• Risk management responses/policies/strategies;
• Crisis management and business continuity planning.

Corporate Governance Issues (CG)

• Discussion on the Group's policy and practices on diversity within the Board;
• Board assessment of director's independence;
• Board succession planning for independent directors;
• Succession planning for key management;
• Management background information (including shareholdings);
• Director remuneration (including breakdown, bands, dollar amounts);
• Key executive remuneration (including breakdown, bands, dollar amounts);
• Director orientation and training policy and processes;
• Key executive and director performance, evaluation and remuneration policy and processes;
• Fraud and whistle-blowing policy and processes (including procedures and any reported instances);
• Board opinion of internal controls (including Board's basis for the opinion);
• Commentary on the Group’s key audit risks areas (e.g. audit committee/corporate governance report or a separate report);
• (Specific to REITs and Business Trusts) Relationship between sponsor, manager/trustee-manager and asset/property manager (roles/checks and balances residing with each entity, resolution of conflicts of interest, particularly if there are common directors).

Environmental and Social Accountability (ESA)

• Social and environmental sustainability practices, policy and plan;
• Quantitative and qualitative disclosures on environmental sustainability performance (including waste management, pollution control, energy conservation);
• Quantitative and qualitative disclosures on employees (including evidence on fair practices, training, non-discriminatory policy, health and safety policies);
• Quantitative and qualitative disclosures on wider community (including suppliers, customers, society);
• Discussion of the Group’s sustainability targets and performance and its progress in meeting those targets and performance;
• Discussion of sustainability reporting with reference to a GRI framework or reference to a separate sustainability report with the information (Additional points awarded for independent assurance on the report).

Informativeness, Clarity and Presentation (ICP)

• Comprehensive and informative (i.e., no omission of crucial and useful information, investor/shareholder relations activities);
• Clear and well-organised (i.e., good use of diagrams/charts, easy retrieval of specific information);
• Innovative design and presentation (i.e., attractive, refreshing & novel presentation).

Individuals and/or organisations that have demonstrated outstanding and exemplary corporate governance in the conduct of the affairs of their boards and organisations especially in the past year or more in an area not already covered by an existing SCA award.

The selection for this Award goes through a rigorous three-stage process.

In Stage 1, all listed companies are screened based on publicly available information of total shareholder returns, corporate governance practices, and corporate governance indices (the Singapore Governance and Transparency Index and the ASEAN Corporate Governance Scorecard).

A shortlist of about ten companies in each category will be developed.

In Stage 2, additional inputs on shortlisted Companies are obtained through research and discreet inquiries. The Best Managed Board committee will visit companies which are further shortlisted to confirm the information and obtain more information on their board practices and processes.

In Stage 3, a panel of judges will meet with and interview the boards of the final shortlisted candidates and rank them.

The selection for this Award goes through a three-stage process:

In Stage 1, likely candidates will be identified through the following sources:

• Nominations;
• Media reports and industry knowledge;
• Rankings of the CEO companies in the ASEAN Corporate Governance Scorecard and the Singapore Governance and Transparency Index;
• Performance of the CEO companies.

A preliminary shortlist of candidates are developed using the criteria (described below).

In Stage 2, additional inputs on shortlisted CEOs are obtained through research and discreet inquiries. A final shortlist is then developed for the judges in Stage 3.

In Stage 3, a panel of judges will review and evaluate the shortlisted candidates. The judges will consider the information from the prior research using the criteria developed.

The selection for this Award goes through a three-stage process.

In Stage 1, an initial list of candidates will be identified through the following sources:

• Nominations;
• Media reports and industry knowledge;
• Rankings of the CFOs' companies in the Singapore Governance and Transparency Index;
• Performance of the CFOs' companies.

In stage 2, additional research and inputs on shortlisted CFOs are conducted through research and discreet inquiries. A final shortlist is then drawn up using the criteria (described below) for the judges to assess in stage 3.

In stage 3, a panel of judges will use information obtained from earlier stages, review and evaluate the final shortlist of candidates. The Judging Panel will decide the winners for each category.

The selection and judging process consists of a three-stage process:

In Stage 1, all listed companies are subjected to a preliminary screening using the following sources:

• Corporate governance rankings eg. Singapore Governance and Transparency Index score and ASEAN Corporate Governance Scorecard;
• Performance results e.g. return on equity
• Potential ‘red flags’ of poor risk management e.g. SGX watchlist, significant unplanned incidents or events (using publicly available information)

In Stage 2, a final shortlist of companies is evaluated against a set of detailed Risk Management review criteria.

In Stage 3, a panel of judges reviews and evaluates the shortlisted candidates based on the information provided by the companies and evaluators. The panel of judges will also meet with and interview representatives from the final shortlisted candidates and rank them.

The selection and judging process consists of a three-stage process:

In Stage 1, all listed companies are subjected to a preliminary screening using the following sources:

• The company’s Singapore Governance and Transparency Index score;
• Dedicated IR link and IR contact on the company’s website and/or annual report.

In Stage 2, a final shortlist of companies is identified using the criteria (described below).

In Stage 3, a panel of judges reviews and evaluates the shortlisted candidates based on the information provided by the companies and evaluators.

Annual reports of all SGX-listed companies will go through a two-stage screening process. All annual reports are screened preliminarily by reference to the presence of key information stipulated in the Best Annual Report Award preliminary screening criteria.

The Best Annual Report Award Judging Panel subsequently assesses each shortlisted annual report against the detailed marking criteria, taking into account the quality and presentation of information.

There will be a call for nominations from the corporate community at large.

Nominations are to be sent to the Singapore Corporate Awards Secretariat. Nominations are in free form but should provide the name and contact information of the nominator, a seconder, and the name and any supporting information of the nominee. Self-nominations are allowed.

In addition to the nominations submitted, other candidates may be identified by the Singapore Corporate Awards Secretariat through industry knowledge and media.

The SCA Steering Committee will then review all nominations and decide on who or which organisations are deserving of the award.

This special one-off award was introduced in 2015 for the 10th anniversary of the Singapore Corporate Awards.

In February 2015, nominations were called for the Distinguished Contribution to Corporate Governance Award along with the call for nominations of the other Singapore Corporate Award categories.

The judges reviewed the nominations and concluded on one nominee which they felt stood out among all others – Mr. JY Pillay.