Deputy Prime Minister Heng Swee Keat emphasized the significance of corporate governance and the need for continuous evolution to maintain competitiveness during his speech at the Singapore Corporate Awards 2024 on 27 August 2024.
Singapore, 27 August 2024 – Deputy Prime Minister Heng Swee Keat addressed the audience at the Singapore Corporate Awards 2024. In his speech, he congratulated the award winners and commended the organizers—Business Times, the Singapore Institute of Directors (SID), and the Institute of Singapore Chartered Accountants (ISCA)—for their foresight in establishing the awards nearly two decades ago to promote good corporate governance.
Deputy Prime Minister Heng discussed the critical importance of corporate governance, defining it as the system of people, practices, and processes by which companies are directed and controlled. He emphasized that governance is essential not just at the corporate level but also in political entities and global institutions, where it helps maintain trust and public confidence.
The Deputy Prime Minister outlined two key areas of focus for the future: ensuring that individual directors possess the right competencies and skills and that boards play both a strategic and compliance role. He highlighted the need for companies to embrace technology and adapt to rapid changes in the global business landscape, such as shifting attitudes towards globalization, advancements in AI, and evolving views on climate change. Heng also encouraged companies to invest in technology and transformation, citing Sembcorp Industries as a successful example of pivoting from a traditional fossil fuel company to a leading renewable energy company.
In conclusion, Deputy Prime Minister Heng stressed the importance of evolving corporate governance practices in line with stakeholder expectations and urged continued collaboration among companies, regulators, and industry associations to uplift corporate governance in Singapore. He congratulated the award winners and thanked the organizers for their ongoing efforts to promote good governance.
Source: PMO
