ISCA and CBD commit to enhance board diversity and governance

Training programmes will be held for company directors.

The Institute of Singapore Chartered Accountants (ISCA) and the Council for Board Diversity (CBD) have signed a memorandum of understanding to promote diversity and good administration among organisations.

In a statement, ISCA said this will be achieved through “a multifaceted approach, including events for first-time directors, women directors, and aspiring directors, and on joint articles and publications.”

CBD data shows that nearly half of board appointments at the 100 largest SGX-listed companies in 2022 were directors without prior experience at listed institutions. Whilst women's participation on boards of these firms has increased to 22.7% as of June 2023 from 15.2% in 2018, the council said much still needs to be done to achieve gender balance.

“As part of the mentoring pillar of ISCA’s new Board of Directors (BOD) masterclass programme, ISCA will leverage industry leaders’ experiences and insights to benefit the programme’s participants,” ISCA said.

The highlight of the BOD masterclass programme is the new mentoring programme, led by Boon Swan Foo, ISCA distinguished lifetime member and fellow chartered accountant of Singapore. 

Boon will be joined by ISCA Distinguished Lifetime members Fang Ai Lian, who is chair of the Singapore Business Federation Board of Trustees, Euleen Goh who is chairman of SATS Ltd., Goh Swee Chen, who is chairman of Nanyang Technological University Board of Trustees, and Neo Boon Siong, a non-executive director at Chip Eng Seng Corporation Ltd.

There will also be training programmes recognised by the Singapore Exchange Regulation to update directors of industry trends, regulatory changes, and best practices through online courses and facilitated in-person learning. 

Participants will also be able to leverage ISCA’s board appointment services by matching them with the board appointment opportunities based on their profile, expertise, and track record.

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“This partnership signifies a pivotal step forward towards raising awareness of the importance of board diversity and increasing the representation of women on boards. Embracing diverse perspectives fosters enriched discussions and ultimately leads to better board decisions,” ISCA President Teo Ser Luck said.

“We hope our commitment to empowering the growing pool of directors for the demands of good corporate governance paves the way for a more inclusive and resilient business landscape that benefits all stakeholders,” CBD co-chair Mildred Tan said.