Firms should go beyond legal compliance to raise corporate governance bar: SIAS - Channel NewsAsia Mere legal compliance is not enough if corporate governance standards in the country are to be raised, said the Securities Investors Association of Singapore (SIAS) on Monday (Oct 27). Speaking at the Singapore Corporate Governance Weeks opening, SIAS Chairman Lim Hwee Hua noted an Asian Development Bank report that highlighted areas local firms can do better in. For one, it pointed out that Singapore companies can further improve the level of disclosure in Annual General Meeting materials. This applied to more comprehensive documentation of proceedings to better communicate with shareholders as well. Mrs Lim said more firms can give detailed explanation of their dividend policy and include a basic profile of directors seeking election. Many firms, however, do not publish detailed minutes of Annual General Meetings, she noted. Beyond what the law requires, Mrs Lim said companies can provide accessible channels for stakeholders to voice concerns and report violations of rights. One way could be the gathering and publishing a list of questions for discussion at Annual General Meetings. She added the SIAS will continue engaging shareholders and listed firms to raise corporate governance standards.
Posted on: Mon, 27 Oct 2014 08:30:00 +0000
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