Culture and corporate governance
Corporate culture, like ethics, may seem like something soft and fluffy that you would hug, but it is critical for good governance.
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AS another review of the Code of Corporate Governance is in progress, it is worth reminding ourselves that while rules are important, they are only a small part of what really drives good corporate governance and sustains continuing improvement. What is arguably more important is what we can call "culture".
The Asian Corporate Governance Association (ACGA), in its CG Watch reports, considers the "CG culture" - a culture whereby companies, boards, investors, intermediaries, professional bodies, media and other market players drive corporate governance improvements - as one of the five key areas of corporate governance.
According to the 2016 and previous editions of CG Watch, CG culture is almost always the weakest corporate governance factor across different countries, compared to CG rules and practices, enforcement, political and regulatory environment, and accounting and auditing. For Singapore, CG culture scored well below the other factors.
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