The recent spate of events involving the boards of several companies has thrust the topic of corporate governance in the media spotlight. The cases of Swiber, SingPost and Noble have certainly highlighted the importance and need for companies to practise good corporate governance.
It was with this in mind that the Deloitte Singapore Centre for Corporate Governance (CCG) and the Singapore Accountancy Commission (SAC) jointly organised the first corporate governance breakfast talk for C-suite executives and board members.
The event was held at the Grand Hyatt Singapore on 1 September 2016, where participants were treated to a sumptuous Asian breakfast before the seminar got underway.
After the welcome address by Mr Evan Law, Chief Executive of SAC, and Dr Ernest Kan, Deloitte Singapore Deputy Managing Partner, Markets, and Southeast Asia Leader for CCG, the event kicked off proper with a presentation on risk governance and risk oversight by Mr Dan Konigsburg.
Mr Konigsburg, who is the Managing Director and Global Leader for the Deloitte Global CCG said: “Although the composition of boards has changed over the years, today’s boards face similar risks, including succession planning and the risk of corruption. Good board members will meet with all members of management, and will push for fewer risk priorities, as it is not possible to oversee all risks.”
The presentation was followed by a panel discussion with corporate governance and business leaders on how boards can manage their strategic risks, and turn disruptions into opportunities.
Mr Adrian Chan, Audit Committee Chairman of Ascendas REIT, said that boards need “digital directors” to keep up with technological advancements, and that innovation KPIs need to be developed, with management duly rewarded for meeting these targets.
Boards need “digital directors” to keep up with technological advancement
Mr Tan Teik Guan, Mentor-in-Residence of Infocomm Investments, added that disruption is innovation that happens on a sizeable scale. He said: “In e-commerce for example, the banks were able to anticipate and responded with internet banking, hence they were not disrupted – disruption only happens to companies that fail to adapt.”
The panel discussion capped off the morning’s activities in which participants were treated to an informative and engaging session with some of the industry’s foremost leaders in corporate governance.
The event was proudly supported by the Institute of Singapore Chartered Accountants (ISCA) and the Singapore International Chamber of Commerce (SICC), as well as the Singapore Institute of Directors (SID), which served as Strategic Partner.
Watch out for more similar events from SAC and the Deloitte Singapore Centre for Corporate Governance! #