Future proofing the Board

Our commemoration of International Women’s Day was an event on the vital role of Nominating Committees (Nom Comms) jointly organized and delivered by the Chamber and Singapore Institute of Directors (SID). Key learnings included:-

📌 We’ve moved from a VUCA to a BANI world: brittle, anxious, non-linear and incomprehensible. That’s cheerful news!

📌 The 9 year rule governing the tenure of independent directors means lots of companies will need to appoint new directors in 2024.

📌 Nom Comms are the first line of defence for the board. Their job is to help achieve diversity of experience and perspective on the Board by choosing suitably qualified people.

📌 In future proofing the board, organizations should look at long term strategies and identify skills gap within the board.

📌 Character and integrity are the most important attributes both for those serving on Nom Comms and for prospective board directors.

📌 Gender and cognitive diversity are important too. Women tend to be more strategic in their thinking while men are often more tactical. That’s why they make a good team.

📌 Nom Comms need to cast their net wider and consider more people. Using SID’s Board listing service is one way, LinkedIn is another.

📌 Nom Comms should start the search process early both for CEOs and for board directors.

📌 The majority of the audience was in favour of a 30% quota for women directors on Singapore company boards. This is because progress towards achieving gender diversity remains far too slow.

📌 Institutional investor activism works in Malaysia: all companies going for an IPO must have women on their boards. Listed companies on Bursa must explain why they don’t have 30% women on their boards.

The Chamber thanks SID for the collaboration and looks forward to many more. Our thanks, too, go to LinkedIn for hosting us at its very attractive office as well as providing refreshments and useful data insights. A big thank you to the panel comprising SICC Chairwoman Dawn Tan Ly-Ru, SID Council Member Ooi Huey Tyng and Businesswoman and Board Director Poh Mui Hoon for sharing their experience and views and to Philip Forest for his usual expert moderation.