Six local firms recognised in Deloitte's inaugural Singapore's Best Managed Companies awards

SIX local enterprises were recognised as Singapore's Best Managed Companies in the first local edition of Deloitte's global Best Managed Companies awards programme.

In a ceremony at the Singapore Marriott Tang Plaza Hotel on Thursday, Cityneon Holdings, KinderWorld International Group, Lian Beng Group, LUXASIA, Nanofilm Technologies International and OSIM International were presented with the awards for their organisational success and contribution to their industries and the economy.

The Singapore's Best Managed Companies awards programme was launched in December 2019 and evaluates top privately-owned Singapore companies with annual revenues of US$25 million, building on 25 years of observed practice from Deloitte's global awards programme that has been rolled out in 37 countries.

While some of the companies recognised are publicly listed, they were eligible for the programme as Deloitte assessed their majority shareholding to still be privately held, either directly or indirectly.

The programmes use a proven evaluation process to assess the businesses' quality of management in areas including strategy, capabilities and innovation, culture and commitment, as well as governance and financials.

Eligible firms' business strategy and operations are analysed and benchmarked against an evaluation framework applied to the 1,000-strong community of best managed private companies across the world.

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"After an incredibly challenging year for many businesses, it is more important than ever to support and recognise the great leadership and tenacity that Singapore-based companies are applying," said Cheung Pui Yuen, chief executive officer of Deloitte Singapore.

"The winning companies have clearly defined organisational purpose and demonstrated tenacity to remain competitive," he added, noting that these values are central in the Best Managed Companies programme.

Richard Loi, Deloitte private leader for South-east Asia and Singapore, said Deloitte has seen private companies evaluating their business models in areas ranging from customer engagement and delivery methods to talent attraction and their digital journeys.

"The winning companies have shown great resilience in their respective fields, proving that longevity is about sound management even when faced with adversity," he said.

The companies were judged by a panel of business and academia representatives. This year, the jury members were Victor Mills, chief executive of the Singapore International Chamber of Commerce; Daniel Simonovich, professor of strategy at INSEAD; and Ng Jiak See, financial advisory leader at Deloitte Asia Pacific.