LEADERSHIP-IN-ACTION CONVERSATIONS
October 28, 2024
In a world of shifting geopolitics, conflicts, trade wars, climate risks, new technologies and cyber threats, true leadership means not reacting to change but taking smart risks and shaping the future proactively.
Themed “Navigating Change, Creating Opportunities”, breakfast forum Leadership-in-Action brought together some 120 board directors representing more than 150 of Singapore’s largest organisations (Top 150 SGX-listed firms, private companies, large institutions of a public character, and statutory boards).
Organised by CBD and supporting organisation the Singapore Business Federation, discussions centred on the board of director’s role in setting strategic direction, particularly in dynamic times.
Welcome
Loh Boon Chye and Mildred Tan
Co-Chairs, Council for Board Diversity
CBD Co-Chairs shared that board diversity adoption continues to gain momentum, with the growth in board gender diversity as a tangible indicator. They added that data shows the group of Top 100 SGX-listed companies poised to achieve their 25% by 2025 target for women’s participation on boards a year ahead of time.
They also observed that board diversity “must be fit for strategy, and not diversity for its own sake”. A board of directors is more than the sum of its members, they added. “An effective board is well-informed and strengthens organisational purpose. It guides and steers strategy and ambitions, and ensures long-term resilience and sustainability.”
Keynote Address
Mr Gan Kim Yong
Deputy Prime Minister and Minister for Trade and Industry
It was a privilege for us to hear from Deputy Prime Minister and Minister for Trade and Industry Mr Gan Kim Yong, whose keynote address touched on geo-economic shifts, the need for regional, digital and green skills, and integrating a multi-generational workforce. He also encouraged broader diversity and called for companies’ diversity targets to be strengthened and disclosed.
“As leaders in your respective organisations, you have the authority and responsibility to navigate your companies through these challenges in order to thrive and succeed. And as the age-old adage goes, leadership starts at the top – so it is imperative that we set the tone right from the top. In particular, we should reflect the diversity we want to see in the organisation at the highest level.
“Here in Singapore, I am glad that we have made some progress towards greater gender diversity on our boards… Besides gender diversity, we should pay attention to other forms of diversity. Indeed, research has shown that companies with diverse boards not only perform better financially, but also innovate more, and are better equipped to handle risks,” he said.
PANEL DISCUSSION
– Caecilia Chu
Co-founder & CEO, YouTrip; Board Member, iFast Corp
– Euleen Goh
Chairman, Singapore Institute of Management; Member, Public Service Commission
– Dr Jeffrey Jaensubhakij
Group Chief Investment Officer, GIC; Board Member, Makena Capital
– Suhaimi Zainul-Abidin (Moderator)
CEO, Quantedge Capital; Board Member, NVPC
In a world characterised by change and uncertainty, the test of leadership lies not in merely reacting to it but in proactively shaping the future. Drawing on their board and corporate leadership experiences, panellists were generous and authentic in sharing their experiences as corporate stewards.
Meeting risks and opportunities with agility
- Dr Jeffrey Jaensubhakij highlighted the heightened uncertainty in the business landscape, including geopolitical tensions, inflation, and technological changes. He emphasised the importance of being prepared for volatility in financial markets and the need for companies to adapt to changing conditions. A company’s ability to anticipate and react to change, he added, is a key consideration to the long-term investor.
- Veteran board leader Euleen Goh added that the speed and complexity of risks have increased, making it crucial for boards to focus on strong leadership, a clear strategic direction, and a broad external view for boards.
- Caecilia Chu shared her experience as a startup founder, stressing the importance of maintaining a long-term vision while addressing short-term challenges. She recounted how YouTrip pivoted during Covid-19 by identifying new business opportunities, such as creating multi-currency expense management platform YouBiz to serve SMEs, which became a significant growth driver in the post-Covid era.
- Former SATS Ltd Chair Euleen Goh also shared the firm’s strategic moves during Covid-19, including manpower (all Singapore staff were kept on, and those from Malaysia were provided a stipend), securing financial reserves, digitalising operations, and acquiring Worldwide Flight Services, which positioned the company for post-pandemic growth.
Effective board leadership
- The panel was unanimous in observing board diversity should not be for diversity’s sake, advocating for board members who bring different experiences and viewpoints, and a board culture that values constructive dissent – necessary for broadening insights and preparing for various scenarios.
- Dr Jeffrey Jaensubhakij noted that achieving greater diversity on boards involves addressing both issues of demand and supply. To meet the demand for experienced directors and qualified candidates, he stressed the importance of companies nurturing talent and supporting their senior executives in taking on a breadth of leadership roles.
- Caecilia Chu observed that diverse views and opinions at board level was crucial, particularly for navigating the uncertainties of a startup environment. She also shared her board experience with iFAST Corp, an appointment she took on as she felt able to bring value to as a fintech entrepreneur.
- Euleen Goh underscored the board chair’s role in nurturing members, encouraging open discussion, and bridging the gap between the board and management. A board chair, she observed, plays a vital role in imbuing a culture that respects and values all questions and contributions. She also emphasised the importance of first-time directors and the need for boards to look beyond traditional criteria to include fresh perspectives.
Speakers
Caecilia Chu is the Co-Founder and CEO of YouTrip, a regional financial technology company dedicated to creating a next-generation digital banking experience in Southeast Asia. She also serves on the board of directors of SGX-listed iFAST Corporate Ltd, the management board of Institute of Systems Science from NUS and the board of governors of Cyber Youth Singapore, a new non-profit organisation set up to help young people leverage technology to help themselves and society thrive.
A trailblazer for women in corporate leadership, Euleen Goh is Chairperson of the Singapore Institute of Management, and a member of the Council for Board Diversity, Public Service Commission and Future Economy Advisory Panel. She was the first Asian to sit on the board of Shell plc, where she was Deputy Chairman, and until July 2024 was Chairman of SATS Ltd. She is also a former board director of Singapore Airlines and DBS Group.
Dr Jeffrey Jaensubhakij is the Group Chief Investment Officer of GIC. He also serves on the Board of Directors of Makena Capital Management, Board of Trustees of Singapore Management University, the Management Board of East Asia Institute, the Advisory Board of Sim Kee Boon Institute for Financial Economics, and is the Chairman of Investment Committee of MOH Holdings.
Suhaimi Zainul-Abidin is the CEO of Quantedge Capital and a member of the Council for Board Diversity. To gain insights into broader issues and to give back to the community, he also serves on the boards of several non-profit organisations, including National Volunteer and Philanthropy Agency, The Esplanade, NS Square, Tri Sector Charity Consultants, and Access Singapore.
Organisers
The Council for Board Diversity (CBD) believes that board diversity catalyses robust governance and responsible stewardship, and is a valuable driver for growth.
Having diversity in the board brings together the diversity of judgement to chart the best course through uncertainty, challenge, opportunities and risks – applicable to both for-profit and non-profit organisations. The mix of knowledge, skills, experience, gender, age and other relevant features is harnessed to devise strategy and manage its execution. Against this backdrop we believe that including women on boards, in particular, adds a powerful lead-in to the other forms of diversity that bring value to the board’s role in the company.
CBD, established by the Ministry of Social and Family Development, endeavours to promote a sustained increase in the number of women on boards of listed companies, statutory boards and non-profit organisations as a stepping stone to broader diversity.
![SBF logo [colour clear background]](https://www.councilforboarddiversity.sg/wp-content/uploads/2024/11/SBF-logo-colour_clear-background-300x191.webp){kind=logo}
As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore in trade, investment and industrial relations. Nationally, SBF acts as the bridge between the government and businesses in Singapore to create a conducive business environment. Internationally, SBF represents the business community in bilateral, regional and multilateral fora for the purpose of trade expansion and business networking. For more information, visit: www.sbf.org.sg
