TOP listed companies and business leaders were lauded for their accomplishments in corporate governance at the 19th edition of the Singapore Corporate Awards (SCA).
In a ceremony held at The Ritz-Carlton, Millenia Singapore on Tuesday (Aug 27), 36 companies and six business leaders were honoured.
The awards recognise companies listed on the Singapore Exchange (SGX) and individuals in these companies who, through their corporate practices, have helped raise the Republic’s corporate-disclosure standards.
Deputy Prime Minister Heng Swee Keat, the guest of honour at the event, said in his speech that, beyond compliance, boards will have to “play a broader and more strategic role in the coming years”, as changes across the global business landscape take place more swiftly and make more of an impact.
“The Asean Corporate Governance Scorecard, NUS’ Singapore Governance and Transparency Index, and Council for Board Diversity Review have all shown improvements (in corporate governance). Nonetheless, there is more that we can do to help our companies strengthen corporate governance, particularly for smaller companies with less resources,” he said.
He suggested some ways to improve corporate governance and prepare companies to do better. These include stepping up education for directors and boards, and evolving the corporate governance regime in Singapore to put it “in line with the expectations of the many stakeholders”.
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Among the winners, Keppel (comprising Keppel and Keppel Real Estate Investment Trust), ComfortDelGro (comprising Vicom and SBS Transit) and CSE Global netted the most awards within their market capitalisation categories.
Among the large caps – that is, companies with a market capitalisation of S$1 billion and above – Keppel won two silvers, one each for Best Investor Relations and Best Risk Management. Keppel Reit won silver for Best Annual Report in the Reits and business trusts category.
CDG unit Vicom clinched three awards in the category for mid-cap companies, which are those with a market cap of S$300 million to S$1 billion. It won a gold for Best Annual Report and two bronzes in Best Managed Board and Best Investor Relations.
Another CDG subsidiary, SBS Transit, won silver for Best Investor Relations. Its chief financial officer (CFO) Chew Kum Ee was named Best CFO in the mid-cap category.
Among small-cap companies, namely those with a market cap of less than S$300 million, CSE Global picked up golds for Best Annual Report and Best Risk Management. The company’s chief executive Lim Boon Kheng was awarded Best CEO in the small-cap category.
Inaugural award
A new award, Distinction in Sustainability Reporting, was introduced in this SCA edition for “exemplary sustainability reporting”. It was given to City Developments in the large-cap category and NetLink NBN Trust in the Reits and business trusts category. City Developments also clinched a bronze in Best Risk Management.
Sembcorp Industries bagged the Special Recognition Award for Transformation, which recognises organisations that have “demonstrated outstanding and exemplary corporate governance in the affairs of their boards and organisations”. Its CEO Wong Kim Yin was named Best CEO among the large-cap companies.
Other corporate winners in the large-cap category were OCBC, Sats, SGX, Singapore Airlines, Singtel, ST Engineering and StarHub.
Other mid-cap company winners were China Aviation Oil (Singapore) Corporation, Far East Orchard, Hong Leong Asia, Mewah International, Silverlake Axis, Tuan Sing and United Overseas Insurance.
The small-cap winners were Baker Technology, Del Monte Pacific, Global Investments, Hyphens Pharma International, Micro-Mechanics, OUE Healthcare, Qian Hu Corporation, Sing Investments & Finance and Teho International.
In the Reits and business trust category, the winners were CapitaLand Integrated and Commercial Trust, CapitaLand India Trust, Frasers Logistics & Commercial Trust, IReit Global and Lendlease Global Commercial Reit.
Among the individual awards, Best CEO went to Sembcorp’s Wong, Centurion Corporation’s Kong Chee Min and CSE Global’s Lim for the large-, mid- and small-cap categories, respectively.
Best CFO went to Cedric Foo of ST Engineering in the large-cap category, SBS Transit’s Chew for mid-caps and Tan Yong Hwa of Tai Sin Electric for small caps.
The Business Times’ editor and SCA co-chair Chen Huifen said the awards celebrate companies and individuals that have “demonstrated their commitment to good corporate governance and exemplary sustainability practices”.
“With climate change ever looming, the spotlight on sustainability has never been brighter, and investors are placing renewed emphasis on sustainable business practices to create impactful change,” she said.
SCA co-chair Judy Ng, vice-president of the Institute of Singapore Chartered Accountants (ISCA), said: “As corporates strive towards business growth and profit maximisation, good corporate governance is essential in building trust with all stakeholders by demonstrating a consistent track record of responsible stewardship.”
Pauline Goh, SCA co-chair and second vice-chair of the Singapore Institute of Directors (SID), said: “To be future-ready, board directors should adapt to the evolving conditions and work with management to guide their companies to conform, perform and transform.”
SCA is co-organised by BT, ISCA and SID, and supported by the Accounting and Corporate Regulatory Authority and SGX.
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