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Thursday, 24 July 2014

Role model leaders: Keppel is Singapore’s most well-governed firm

This year’s high scores declare everyone a winner.

Keppel Corporation climbed up two notches to become Singapore’s most well-governed and transparent company, a point ahead of 2nd placer Singtel.

In a media release, NUS reveals that Keppel fared well in several corporate governance measures used for the GTI. The firm disclosed details on the process of which it appointed its new CEO, including the criteria for CEO succession, in its annual report.

SembCrop Industries clinched 3rd spot with 113 points while Singapore Exchange and SATS Limited followed closely with 112 and 108 points, respectively.

Commissioned by CPA Australia and NUS Business School’s Centre for Governance, the 2014 Governance and Transparency Index (GTI) shows the highest year-on-year increase in Governance and Transparency Index scores, indicating significant corporate governance improvements.

A total of 644 SGX-listed companies were examined for GTI 2014.
Here’s more from NUS:

“The annual trends and detailed GTI rankings over the last six years show that Singapore-listed companies are making positive strides in reinforcing the values of good corporate governance, risk management and transparency, which are at the core of financial infrastructure and foundation. While there is room for improvement among listed companies in the broader market, it is clear that well-governed entities create sustainable value for organisations and are trusted by investors big and small,” said Associate Professor Themin Suwardy, Singapore Divisional President at CPA Australia, which has sponsored the comprehensive study since its inception in 2009.

The GTI 2014 study, released at the CPA Forum organised by CPA Australia, found that the majority of SGX-listed companies have embraced the new Code of Corporate Governance, which came into effect in November 2012. For instance, more companies were found to have disclosed the exact remuneration of both executive and non-executive directors. In addition, more companies now have whistle blowing policies in place and are implementing voting by poll during annual general meetings.

The mean score of the index increased from 38.0 in 2013 to 42.1 this year, marking the highest year-on-year improvement since the index’s inception in 2008. The median score also hit a record of 40, up from 35 last year, indicating the progress in companies’ governance practices.

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