Accountancy body to offer mandatory training programme for new board directors

ASPIRING and new board directors of Singapore-listed companies can soon fulfil their mandatory training requirements through a new programme.

From April this year, the Institute of Singapore Chartered Accountants (Isca) will offer a new Board of Directors Masterclass Programme.

The initiative will involve a mandatory learning course which is jointly developed with investment banking firm SAC Capital. It will also include an optional mentoring scheme as well as a board-appointment service.

New board directors can attend the programme to fulfil the Singapore Exchange’s (SGX) mandatory training requirement for first-time board directors here.

The programme will make Isca the second training provider in Singapore to offer such a course.

Since 2019, the Singapore Institute of Directors has been the only training provider of the prerequisite course. Its Listed Entity Director Programme comprises nine modules over 40 hours which can be done in person or through online webcast. Topics range from regulatory compliance to corporate governance matters of listed companies in Singapore.

Isca’s Board of Directors Masterclass Programme will mostly be through 17 hours worth of recorded e-learning modules. They will be delivered by experienced professionals and cover topics ranging from corporate governance to listing rulings and sustainability. Participants will have to complete online assessments at the end of each module.

A further 13 hours of the programme will be conducted through in-person sessions. The seminars will cover topics ranging from corporate actions to corporate strategies and tactics. Participants will also look at case studies such as those from law enforcement agencies and regulators.

“We’re teaching you how to corporatise your company, how to put structure in your company, (use) strategy and governance in your company. Those are the things that will help protect your company,” said Teo Ser Luck, the president of Isca, in an interview with The Business Times earlier this week.

Teo said that the idea to offer the programme came up in a meeting about a year ago after someone pointed out that many of the courses already on offer at Isca would be beneficial for board directors too. Isca then put together the programme after floating the idea with the Singapore Exchange Regulation (SGX RegCo).

It will be accessible to “busy” board directors as most of it is conducted online and is self-directed, said Teo.

Apart from the main modules, participants will also have the option to take part in a mentoring scheme as well as a board-appointment service.

The panel of mentors will be chaired by Boon Swan Foo, chairman of Global Investments and former chief executive officer of ST Engineering. Boon is also a distinguished lifetime member of Isca. The panel will convene for quarterly mentoring sessions to share real-world insights, and provide personalised guidance to new board directors.

Isca aims to have more than 10 mentors on the panel from various industries such as manufacturing, retail and real estate, said Teo.

Participants in the programme will be able to use Isca’s complimentary board-referral scheme, which will match aspiring board members with companies that are looking for directors. They will be matched with boards based on their profile, expertise and track record.

Teo estimates that Isca can take between 500 to 1,000 participants for the new programme throughout the year. In terms of cost, S$3 million has been set aside over the next three years for the initiative.

The programme will also be offered through Isca’s 12 overseas chapters which are in territories such as Vietnam, Hong Kong and Indonesia. Teo believes that foreigners will be keen to sign up for it, given Singapore’s reputation for good governance.

Tan Boon Gin, chief executive of SGX RegCo, said that the regulator is pleased to welcome Isca and SAC Capital as another recognised training provider for directors of listed entities.

“The business landscape is fast-evolving and expectations of listed companies are high. Strategy and governance are therefore key areas where board directors must acquire knowledge and understanding,” said Tan.

Teo noted that with more companies having good governance practices, the economy will become more reliable, building investor confidence in Singapore. “We do have a reputation of having the highest governance practices and I hope Isca and this programme can contribute to it,” he added.

Registration for the course opens on Feb 1. The price of the programme is S$2,750 for non-members and S$2,200 for Isca members, excluding an early bird discount for those who sign up by Mar 31. SAC Capital will co-fund half of the Board of Directors Masterclass Programme fee for its corporate clients.