Everyone must play a part

 
Who ultimately is responsible for good corporate governance?
How can we encourage the various stakeholders to play their role?

THE key stakeholders to corporate governance are the government, companies, and investors. there has been some deregulation and self-regulation in this area of late. but I’m not sure if this is the best way forward. organisations are run by human beings and it is simply not realistic to expect that there will not be instances of errors in judgement in this area. While I believe that the authorities should lay the right framework by erecting laws and guidelines to regulate corporate transparency and disclosure, it is ultimately the companies themselves that are responsible for maintaining good corporate governance within their own organisations.

Initiatives like the Singapore Corporate Governance Week are great to recognise and acknowledge business leaders and organisations that practise good corporate governance. However, we are still a long way from developing a strong culture of good corporate governance. Thus, I believe that more can be done to incentivise companies – and perhaps shareholders as well – to play a larger role in cultivating such a culture. After all, it is in Singapore’s best interests to protect its reputation as a safe place for investment, and to bolster its position as a dynamic financial hub.

 
Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd