Racing to stay ahead of the curve

IT HAS been another tough year for businesses. And it appears there is still some way to go before we see some light at the end of the tunnel.

There had been optimism that things would improve as the Covid-19 pandemic wound down. But higher-for-longer interest rates amid surging inflation have knocked the wind out of the sails.

There is also the spectre of a potential recession looming ahead. Meanwhile, geopolitical tensions continue to weigh on sentiment.

Amid the doom and gloom, some of Singapore’s listed companies have stood out.

The Singapore Corporate Awards (SCA) 2023 celebrates the businesses and leaders who stand strong against adversities. They do not merely survive, but thrive and light the way for others as they stay ahead of the curve.

For example, UOB is not taking its foot off the pedal despite the challenging times.

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After winning the Best Risk Management Award last year, UOB is back on the winners’ podium.

This year, it scooped up the Best Managed Board Award for large-cap companies with market capitalisation of above S$1 billion. It also won the Gold Award for Best Investor Relations, improving from its Silver Award in 2022.

“In keeping with our longstanding focus on balancing growth with stability, the board has consistently guided management to ensure the resilience of our franchise across different markets,” said UOB chairman Wong Kan Seng.

Sharing the spoils with UOB is Keppel Corporation, which also won the Best Managed Board Award for large-cap companies.

The conglomerate recently managed to regain its footing on the corporate governance front, and now has an almost entirely new board of directors.

Keppel Corp chairman Danny Teoh said: “The volatile macroeconomic environment and evolving expectations of stakeholders have increased the complexity of the roles played by boards, and tested the agility of a company’s strategy.”

To stay ahead, companies must constantly scan the horizon for emerging and future risks.

For this reason, CapitaLand Investment (CLI) has empowered its business units to operate within an agreed risk appetite and management framework.

Kee Teck Koon, chairman of CLI’s board risk committee, said this strategy fosters risk ownership and accountability in decision-making.

CLI won the Gold Award for Best Risk Management for large-cap companies.

Other companies, such as Sing Investments & Finance (SIF), have also put in place risk management frameworks.

“Effective risk management is ingrained in the core values and operations of Sing Investments & Finance, and is key to ensuring sustainable growth and development of our business,” said chief executive Lee Sze Leong.

The company’s approach to risk management and focus on its long-term strategic direction have pushed it to the front of the pack to emerge as one of the biggest winners at SCA 2023.

SIF won gold for both the Best Managed Board and Best Risk Management awards for small-cap companies with market capitalisation of below S$300 million. It also picked up the Bronze Award for the Best Annual Report.

Jointly organised by The Business Times, the Institute of Singapore Chartered Accountants, and the Singapore Institute of Directors, the SCA is the umbrella awards for exemplary corporate governance practices for listed companies in Singapore.