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Purpose, value, culture drive corporate governance: UK Financial Reporting Council chair

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Sir Winfried Bischoff (right), chairman of Financial Reporting Council, United Kingdom, in a dialogue on purpose, values and culture in governance moderated by Melvin Yong, country head - Singapore, CPA Australia, at the launch of 8th Singapore Corporate Governance Week on Monday.

PURPOSE, value and corporate culture will drive corporate governance, said Winfried Bischoff, during the launch of the 8th Singapore Corporate Governance Week on Monday.

The chairman of Financial Reporting Council, United Kingdom, said that culture in business is a key ingredient in delivering long-term sustainable performance.

"When there is a healthy culture, the systems, the procedures, and the overall functioning and mutual support of an organisation exist in harmony.

"This brings enhanced integrity, confidence, long-term success and ultimately trust.

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"A poor culture is in my view, a significant business risk in itself."

Once a good culture is in place, it does not stop there, he noted, as the ongoing success of the company is rooted in diversity and succession planning.

Mr Bischoff said: "A board must determine the balance of skills, background and experience required by the senior executives and non-executive directors."

The corporate governance week, organised by the Securities Investors Association (Singapore), will run from Monday till Friday.

The conferences, forums and workshops will be helmed by a diverse group of thought leaders and leading practitioners from the OECD, Asia, the UK and Europe.