City Developments Limited (CDL) and Hong Leong Asia (HLA) were among 36 companies and six business leaders lauded for their accomplishments in corporate governance at the 19h edition of the Singapore Corporate Awards (SCA), 27 August 2024. The awards ceremony was held at The Ritz-Carlton, Millenia Singapore, with Deputy Prime Minister (DPM) Mr Heng Swee Keat as the Guest-of-Honour.

CDL won two accolades under the large cap category for ‘Best Risk Management (Bronze)’ and ‘Distinction in Sustainability Reporting’, a new award introduced this year for exemplary sustainability reporting.

HLA also clinched double wins in the mid-cap category for ‘Best Managed Board (Gold)’ and ‘Best Annual Report (Silver)’.

When asked how boards find the right balance for the company’s broader business strategy, HLA CEO Mr Stephen Ho said, “Boards must balance sustainability initiatives with business strategies which means having a clear understanding of the company’s defined corporate purpose to ensure business resilience and long-term success.  For HLA, we are guided by a shared vision to develop and deliver sustainable and innovative urban solutions for cities of the future. This has helped us to strengthen alignment across the organisation and integrate our core values and principles across our operations.”

In his speech, DPM Heng said boards “play a broader and more strategic role in the coming years” as changes across the global business landscape continue to take place and make greater impact. He also said more can be done to help companies strengthen corporate governance, particularly smaller companies with less resources.

The SCA is jointly organised by the Institute of Singapore Chartered Accountants (ISCA), Singapore Institute of Directors (SID) and The Business Times (BT), and supported by Accounting and Corporate Regulatory Authority of Singapore (ACRA) and Singapore Exchange (SGX).