Co-regulation: Future of governance in charities
In recent years, governance has shifted from a sole regulatory approach to that of co-regulation, initiating and acknowledging the partnership efforts of all the major stakeholders
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CHARITIES play a critical role in society - meeting the needs of communities, impacting the lives of Singaporeans, and ensuring that no one gets left behind. And in order to get better at doing good, charities must be forward-looking, have the willingness and risk appetite to adapt and grow with the ever-changing social and technological environment.
The vision of the Commissioner of Charities (COC) is to nurture a well-governed charity sector with strong public trust and confidence. Supporting the COC in achieving this vision is the Charity Council. Besides putting in place a strong framework of laws and regulations, the COC works closely with the Charity Council to promote and encourage the adoption of good governance standards and best practices among charities. This effectively helps to enhance public confidence and promote self-regulation in the long run in the charity sector.
The stakeholders of the charity sector, such as the donors, charities, intermediaries and beneficiaries, have important roles to play. Hence, the governance approach from the COC in recent years has shifted from a sole regulatory approach to that of co-regulation, initiating and acknowledging the partnership efforts of all the major stakeholders.
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