S'pore corporates need more innovative boards

EVERY now and then, corporates would make the sort of announcement familiar to all investors - a new chairman or director has been appointed, replacing a retiring one.

Often, the appointment is hardly a surprise, with the newcomer a familiar name from an established circle. Typically, he is either a former politician who comes with his global insight and network; a former chief executive with his business acumen, an auditor who can advise on various financial and compliance risks or experts in the legal field, among others.

So it was quite refreshing when United Overseas Bank (UOB), a local bank synonomous with the growth of Singapore's financial sector, said earlier this year that it was recruiting new directors. Its nominating committee had mapped the skillsets and expertise available on the board against an ideal framework. It had identified additional skills required including finance, technology, strategic planning and human resource management.