Financial crises have shown us that good governance is related to good corporate performance and the sound management of a company. The 1997 Asian financial crisis exposed a number of institutional and policy weaknesses in the region and led to multiple reforms, while the 2008 worldwide financial crisis reminded Asia of the importance of good corporate governance to establish sound economic growth and create value.
In Asia, Singapore has led the way with high corporate governance standards. A 2014 study by accountancy giant KPMG that looked at corporate governance requirements in terms of clarity and degree, ranked Singapore third in the world, with only the US and UK scoring higher.
In October 2015, the city state held the sixth Singapore Corporate Governance Week, bringing together experts from relevant fields to discuss issues on corporate stewardship and shareholder engagement. During the event, Singapore Exchange (SGX) announced that it will now review the annual reports of all listed companies to ensure their compliance with the Singapore Code of Corporate Governance, with particular focus on ‘comply or explain’ requirements.
Malaysia is making great strides in corporate governance, too, ranking top among developing countries in a recent survey by accounting and audit professionals. According to the report, Malaysia’s strengths include having guidelines for boards to include diversity (including gender) in place, a formal policy for board diversity and measures to achieve gender diversity targets.
In the Philippines, through the Securities and Exchange Commission (SEC), a number of steps have been taken to boost corporate governance in the country. Recently, the SEC mapped out a new corporate governance (CG) framework, which includes reforms, such as restricting the tenure of independent directors to nine years, implementing board diversity and adopting a ‘whistle-blowing’ policy. A new 2015 SEC rulebook also addresses regulatory gaps and regulatory structures.
Achieving good corporate governance is also high on the agenda for Australian boards – the country ranked fourth in KPMG’s 2014 survey for its corporate governance regime. Reducing red tape around corporate governance and utilising a strong principles-based approach count among Australia’s strengths, with renumeration coming under recent scrutiny.
Ethical Boardroom is proud to announce the winners of “Best Corporate Governance” in their respective industry sectors across Asia and Australasia for 2015. The awards recognise the outstanding leadership from boards of public companies who have raised the bar to ensure that strong corporate governance plays an essential part in protecting and enhancing long-term value for all stakeholders. Our awards program is a vital part of our continuing mission to elevate corporate governance standards globally.
For those who have made it to the top of the mountain for 2015, we salute you for leading the way.
|Best Corporate Governance||Telecoms||Singapore Telecommunications (Singtel)|
|Best Corporate Governance||Conglomerate||Sime Darby Berhad|
|Best Corporate Governance||Financial Services||DBS Bank Ltd|
|Best Corporate Governance||Technology||Mindtree|
|Best Corporate Governance||Utilities||Aboitiz Power Corporation|
|Best Corporate Governance||Real Estate Developer||City Developments Ltd|
|Best Corporate Governance||Insurance||Ping An Insurance Company of China (Ping An)|
|Best Corporate Governance||Transportation & Logistics||Neptune Orient Lines Ltd (NOL)|
|Best Corporate Governance||Food & Beverage||Thai Beverage PCL (ThaiBev)|
|Best Corporate Governance||Retail||SM Investments Corporation (SMIC)|
|Best Corporate Governance||Media||Media Prima Berhad|
|Best Corporate Governance||Telecoms||Telstra Corporation Ltd|
|Best Corporate Governance||Financial Services||Westpac Banking Corporation|
|Best Corporate Governance||Insurance||QBE Insurance Group Ltd|
|Best Corporate Governance||Real Estate Investment||DEXUS Property Group|
|Best Corporate Governance||Oil & Gas||Santos Ltd|
|Best Corporate Governance||Utilities||AGL Energy|
|Best Corporate Governance||Mining||BHP Billiton Ltd|
|Best Corporate Governance||Leisure & Entertainment||Crown Resorts Ltd|
|Best Corporate Governance||Food & Beverage||Coca-Cola Amatil Ltd|
|Best Corporate Governance||Industrial Services||Incitec Pivot Ltd|