[SINGAPORE] Recognising listed companies and business leaders who have led the way in corporate governance excellence, the 20th Singapore Corporate Awards (SCA) saw 26 companies and six individuals emerge as winners across seven award categories.
SCA 2025 was co-organised by The Business Times, the Institute of Singapore Chartered Accountants (Isca) and the Singapore Institute of Directors (SID). It was supported by the Accounting and Corporate Regulatory Authority and the Singapore Exchange (SGX).
This year’s ceremony was held on Monday (Sep 1) at The Ritz-Carlton, Millenia Singapore, with Minister for Law and Second Minister for Home Affairs Edwin Tong as the guest of honour at the black-tie dinner.
In his speech, he spoke of the importance of strong corporate governance, noting that it “strengthens Singapore’s position as a trusted business and financial hub, where integrity and performance go hand in hand”.
He highlighted that data globally points to a direct correlation between outcomes as well as productivity and strong trust levels, high governance levels and transparency standards.
“Companies recognised by the SCA delivered cumulative returns of 110 per cent between 2008 and 2022, compared to just 59 per cent for the Straits Times Index,” Tong said.
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He also emphasised that the awards have recognised those who set the “gold standard” for board leadership, financial transparency, risk management and investor engagement.
SCA recognises not only large-cap firms, but also small and mid-cap ones, which are “vital engines of innovation, entrepreneurship, and job creation in our economy”, he added.
This, according to Tong, acknowledges that “transparency and governance are not just for the big companies, but also for every company that wants to do business and have relations with its stakeholders at the same time”.
Several listed companies won multiple awards at the event, which was sponsored by Standard Chartered. These included the trio of local banks – DBS, OCBC and UOB – alongside CapitaLand Integrated Commercial Trust (CICT), LHN and ComfortDelGro.
Describing the award winners as “represent(ing) the best of what Singapore’s corporate sector stands for”, Tong noted that he sees them as being an inspiration for others to uphold similarly high standards.
Concurrently, he encouraged all to ask how governance can be made stronger and more forward-looking. He also pointed to the importance of embedding sustainability, resilience, and ethical leadership into the corporate DNA, while ensuring that boardrooms reflect diversity, independence, and long-term thinking.
Honouring top industry leaders
DBS took top honours in the large-cap category for companies with a market capitalisation above S$1 billion, securing gold for three prestigious awards – Best Managed Board Award (BMBA), Best Risk Management Award (BRMA), and Best Annual Report Award (Best ARA)
Under the same category, the group also clinched the Best Chief Financial Officer (CFO) Award, which went to Chng Sok Hui.
Additionally, DBS was presented with the SCA’s 20th anniversary special recognition award – The Luminary Award – for its sustained excellence, leadership and long-term impact.
This one-off accolade was for a distinguished listed company selected from among past SCA winners – one that has consistently exemplified exceptional corporate governance and delivered enduring stakeholder value. The evaluation process, which was designed and conducted by Bain & Co, rigorously assessed eligible SGX-listed companies.
“The recognition affirms our commitment to the highest standards of corporate governance and leadership excellence, which (form) the bedrock of trust with shareholders, customers, employees and society,” said DBS chairman Peter Seah on receiving five awards at this year’s SCA.
The SCA also recognised eight other boards of listed companies under the BMBA category for their exemplary standards in corporate governance and board practices.
After DBS, UOB and SGX took the silver and bronze awards, respectively, in the large-cap category.
Hong Leong Asia, meanwhile, emerged as the gold winner in the mid-cap category for listed companies with market capitalisation between S$300 million and under S$1 billion. The silver and bronze awards went to first-time SCA winner Samudera Shipping Line and PropNex, respectively.
Boards of listed companies with a market capitalisation of less than S$300 million were also recognised in the small-cap category, with LHN, Tiong Woon Corp (TWC), and Qian Hu Corp awarded gold, silver, and bronze, respectively.
The SCA also honoured outstanding industry leaders, with OCBC’s Helen Wong recognised as best chief executive officer in the large-cap category. The group also clinched the silver in BRMA and bronze in Best ARA.
In the mid-cap and small-cap categories, the Best CEO awards were given to Hong Leong Asia’s Stephen Ho and Grand Venture Technology’s (GVT) Julian Ng, respectively. Ho is the second person in the history of the SCA to claim both the Best CFO and Best CEO awards, having first secured the former in 2019 with Wilmar International.
Across the same categories, this year’s Best CFO awards went to ValueMax’s Carol Liew and GVT’s Robby Sucipto, respectively.
Setting new benchmarks
UOB clinched two more silvers: for the Best Investor Relations (IR) Award, as well as for BRMA.
In the mid-cap category, ComfortDelGro took the lead, with SBS Transit taking home the gold for BRMA and Best ARA, while being the joint silver winner for the Best IR Award with Vicom.
Qian Hu earned the top prize in the small-cap category with three awards, namely a gold for Best ARA, a bronze for BMBA and a joint silver award for BRMA with TWC.
Alongside TWC, LHN and Banyan Tree Holdings earned two awards each.
For the real estate investment trusts and business trusts category, CICT emerged the top winner clinching two gold awards – for Best IR and Best ARA.
In a special move for this anniversary edition, the usual two-year moratorium on gold award winners was lifted, allowing past winners to compete again. The moratorium will resume next year.
BT editor and SCA co-chair Chen Huifen said the awards have evolved along with industry priorities, honouring listed companies which “exemplify integrity, robust corporate governance, excellent shareholder communication and sustainability practices”.
Strong corporate governance is the “cornerstone of business resilience and investor confidence”, said SCA co-chair Judy Ng, vice-president of Isca.
“In today’s dynamic and interconnected environment, it remains the bedrock of long-term, sustainable success,” she added.
Pauline Goh, SCA co-chair and second vice-chair of SID, said that effective corporate governance depends on directors who are well-equipped to meet their duties with professionalism, integrity and foresight.
“In a world shaped by geopolitical shifts, trade disruption, digital transformation, climate change and rising stakeholder expectations, directors must continually bolster their competencies to lead with confidence.”
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