Singapore-listed entities have been recognised for their outstanding corporate governance, with 53 entities achieving ASEAN Asset Class status in the 2024 ASEAN Corporate Governance Scorecard (ACGS). This accolade highlights Singapore’s commitment to governance excellence, representing about a fifth of the 250 top-scoring entities across ASEAN.
The ACGS, a joint initiative by the ASEAN Capital Markets Forum and the Asian Development Bank, involves six countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The Centre for Governance and Sustainability (CGS) at the National University of Singapore (NUS) Business School and the Singapore Institute of Directors (SID) have been the domestic ranking bodies since 2013.
This year’s assessment introduced new questions on sustainability and resilience, reflecting the evolving business landscape. Singapore’s top 100 SGX-listed entities, including 71 companies and 29 trusts or REITs, were evaluated. The 53 entities recognised as Tier 1 scored an average of 106.9 out of 130, showcasing strengths in shareholder rights and sustainability. In contrast, Tier 2 entities averaged 88.8 points.
John Lim, a Singapore Corporate Governance Expert, emphasised the strategic importance of strong governance amidst geopolitical changes. “The strong showing by Singapore entities affirms our continued commitment to excellence in governance,” he stated.
Professor Lawrence Loh, Director of CGS, praised the entities for their governance performance, particularly in sustainability. He expressed hope for further improvements in board effectiveness and transparency.
In the 2024 ACGS results, Oversea-Chinese Banking Corp (OCBC) led the rankings, followed by CapitaLand Investment and CapitaLand Integrated Commercial Trust.
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