SIAS Corporate Governance Week 2026 Opening Address - SPS Shawn Huang

Mr David Gerald, Founder, President and CEO of Securities Investors Association (Singapore),
Distinguished Guests,
Ladies and Gentlemen.

Introduction

1. Thank you, Gerald, for the warm introduction and incredible speech. It is my pleasure to join you here today for this year’s Corporate Governance Conference.

2. I would like to take a short moment to acknowledge David’s contributions to Singapore’s investment community. Since the founding of SIAS in 1999, David has played an active role in developing Singapore’s capital markets through his service on several committees, including MAS’ Corporate Governance Advisory Committee and SGX’s Listing Advisory Committee.

3. Under your leadership, SIAS has become the voice of Singapore’s retail investors and minority shareholders – championing investor education, investor rights, and good corporate governance standards. Without you, none of us would convene here this morning. Thank you, David, and thank you, SIAS, for your contributions to the investment community.

4. We meet here at a time of heightened uncertainty. Geopolitical tensions are disrupting supply chains while rapid technological change is reshaping industries that we know. For boards and senior leaders, these developments raise difficult questions about risk, capital allocation and long-term value creation.

5. Against this backdrop, I would like to make three key points on how good corporate governance can help our companies:

   1. Building trust;

   2. Driving value; and

   3. Competing effectively.

Build trust through governance

6. Let me start with trust. Trust is the foundation of strong institutions, resilient economies and well-functioning capital markets. In times of uncertainty, trust matters more than ever.

7. Singapore’s competitive advantage lies in being a trusted place to do business.

   1. Our consistent policymaking enables companies to operate with confidence and position for growth over the long term.

   2. Our strong institutions and the rule of law ensure that our regulations are fairly applied and consistently.

8. Good corporate governance is a key part of this trust infrastructure. It promotes transparency, holds boards and senior management accountable for their decisions and gives confidence to investors that risks are being managed responsibly.

9. Trust is not built by governance frameworks alone. It is achieved by the collective efforts of boards, management teams, shareholders, employees, auditors, and the public sector – each upholding high standards of conduct and accountability.

   1. The Singapore Governance and Transparency Index 2026 found that our listed companies generally perform well in disclosures relating to shareholder rights. But it also identified room for improvement in disclosures that help investors understand how companies create value. For example, only about a third of dividend-paying companies disclosed their dividend policies. And only four in ten companies disclosed the steps their boards has taken to understand shareholders’ views.

   2. A recent report by SIAS and Black Sun Global assessing Singapore’s 30 largest listed companies highlighted similar room for improvement. Namely, 57% of companies did not present a dedicated business model section in their annual reports, hence it makes it harder for investors to understand how they create value.

   3. These may appear to be matters of disclosure. But they go to the heart of trust. Investors want to understand not only the decisions a company has made, but the discipline and reasoning behind those decisions. When boards communicate this clearly, investors are better able to assess the company’s strategy, hold it accountable and commit capital with confidence.

Drive value through governance

10. Second, good corporate governance drives value by ensuring that companies pursue sustainable growth, rather than chase the next available opportunity.

11. This is especially important amid rapid technological change. Consider AI. A recent guide by the Singapore Institute of Directors noted that boards should not judge success simply by the number of AI pilots that are launched, licences purchased or employees trained. Instead, boards should ask whether these investments are improving business outcomes and creating lasting value. This is where governance becomes a key value driver. It helps companies distinguish real value from costly experimentation.

12. The same principle extends beyond individual companies. As policymakers and regulators, we want to foster an environment where new ideas can flourish, while ensuring that the necessary safeguards are in place.

13. Striking the right balance is not always straightforward. Too many guardrails can stifle innovation and deter experimentation, while too few may allow risks to accumulate unchecked.

14. This is why the Government has favoured a progressive and nuanced approach to new technologies. By leveraging pilot initiatives and regulatory sandboxes, innovations can be tested safely and responsibly before broader adoption.

15. One such example is MAS’ FinTech Regulatory Sandbox, which allows FinTech companies to safely test the viability of innovative financial products and services in a well-defined, live environment. While companies are not subject to the full suite of regulatory requirements during the sandbox period, guardrails such as types of customers and maximum value of transactions help to contain risks and preserve the overall safety and soundness of our financial system.

16. Ultimately, the goal is not innovation for its sake, but innovation that generates real economic value. With effective board oversight and the right safeguards in place, innovation becomes a powerful driver of sustainable growth.

Compete effectively through governance and enterprise transformation

17. That brings me to my third point. To secure our longer-term competitiveness, we must strengthen both corporate governance and support enterprises to innovate, transform and grow.

18. There are encouraging signs that we are on the right track. Singapore is ranked first this year in IMD’s World Competitiveness Ranking. This reflects the strength of our institutions and the resilience of our economy.

19. But we must not rest on our laurels. We must keep up the momentum of progress and continue raising corporate governance standards to remain globally competitive.

20. First, we are strengthening our regulatory frameworks in using new tools to promote greater accountability, transparency and compliance.

    1. One example is ACRA’s deployment of the Compliance Lens for Accounting IRregularities (or CLAIR). This AI-powered tool that screens large volumes of financial statements against accounting standards and highlights potential disclosure gaps for further review. Human judgment remains central to enforcement and follow-up decisions. ACRA used these insights to send advisory letters to selected companies, so that they can review the observations and assess whether their disclosures should be refined. This strengthens transparency and accountability, while reinforcing that financial reporting is a core responsibility of the board.

    2. MAS and SGX are also stepping up efforts to anchor value creation as a board imperative. Through the Value Unlock programme, listed companies can access support to strengthen business strategy and investor engagement. Complementing this, SGX has recently introduced the enhanced disclosure requirements for listed companies relating to dividend policies, investor relations, and how remuneration supports long-term value creation. These measures help investors better understand how companies plan to create long-term shareholder value, hence supporting a more trusted and vibrant capital market.

21. Second, sustaining Singapore’s competitive edge requires enterprises to innovate, transform and seize new opportunities. That is why we continue to support businesses in building capabilities and expanding into new markets.

    1. Businesses can access a wide range of Government schemes, such as the Productivity Solutions Grant and Enterprise Innovation Scheme to build these capabilities, adopt AI solutions, and invest in innovation.

    2. We also support enterprises seeking to expand overseas and capture new growth opportunities through the enhanced Market Readiness Assistance Grant and Double Tax Deduction for Internationalisation.

Conclusion

22. In closing, corporate governance builds investor’s trust, drives long-term value, and strengthens Singapore’s competitiveness. But good corporate governance goes beyond regulatory frameworks and government policies. It is a collective endeavour of all of us which requires us to play our part.

23. In the years ahead, the companies best placed to compete will be those that earn trust, manage risk with discipline, and create enduring value. Let us continue to work together to ensure Singapore remains a trusted and competitive place to do business.

24. I wish all of you a fruitful conference ahead. Thank you.