Singapore

This chapter provides a detailed examination of corporate governance in Singapore, focusing on its evolution, regulatory landscape, and ongoing challenges. Following Singapore’s independence in 1965, the country transitioned from a developing to a developed economy, as a result of the government’s emphasis on transparency, accountability, and commitment to attracting foreign investment. This chapter traces the history of corporate governance in Singapore, beginning with the introduction of the country’s first Code of Corporate Governance in 2001, which was influenced by lessons learned from the 1997 Asian Financial Crisis. Key topics discussed include Singapore’s capital markets, corporate structures, and the legal frameworks governing publicly listed companies. Special attention is given to the prevalence of family-owned businesses and their challenges for governance, especially as corporate and family interests are blurred. This chapter also highlights the country’s efforts to enhance corporate diversity, including the 2022 mandate requiring listed companies to implement board diversity policies. The role of the Singapore Exchange (SGX) and the robust regulatory measures that have helped establish Singapore as a global financial hub are also covered. Additionally, this chapter reflects on Singapore’s economic success, highlighting its leadership in corporate governance and law enforcement against corruption. Despite its achievements, the concentration of ownership in family-run firms presents an ongoing governance challenge. Overall, this chapter showcases Singapore’s commitment to adopting international best practices in corporate governance, positioning it as a resilient and attractive investment destination.