Keynote Address by Minister for Law and Second Minster for Home Affairs Mr Edwin Tong SC at the Singapore Corporate Awards 2025

01 SEP 2025

Co-organisers of the Singapore Corporate Awards 2025 – The Business Times, Institute of Singapore Chartered Accountants (ISCA), and the Singapore Institute of Directors (SID)

Sponsor – Standard Chartered

Singapore Corporate Awards Judges

Distinguished Guests

Ladies and Gentlemen

Introduction

  1. Good evening.
  1. It is a real honour to be able to join you on this occasion, and in particular, this evening, as it is a significant milestone – the 20th anniversary of the Singapore Corporate Awards.
  1. When the Awards were first launched in 2005, they began with a very focused mission: to raise the standards of corporate disclosure amongst listed companies in Singapore. At that time, that was a critical step to build transparency, to improve investor confidence, and to foster accountability. I think by all accounts, we have done that and done that well.
  1. But over the last two decades, I believe that this mission has evolved. It has evolved into something deeper, and far more consequential.
  1. Today, the Singapore Corporate Awards are widely regarded as the benchmark for excellence in corporate governance. The Awards have also grown in reach, reflecting the diversity of the growing Singapore corporate ecosystem. They now recognise not just large-cap firms but also small- and mid-cap ones, which are vital engines of innovation, entrepreneurship, and job creation in our economy, recognising that transparency and governance are not just for the big companies, but also for every company that wants to set up to do business and have relations with its stakeholders.
  1. At the same time, beyond trophies and accolades, these Awards are also about reaffirming something that is a lot more fundamental, and that is Singapore’s collective commitment to the values that underpin a high-trust economy - the values of transparency, accountability, integrity.
  1. These are not abstract ideals. They are real enablers. They give us a real competitive advantage, and I believe that they lie at the heart of Singapore’s success.

Importance of Corporate Governance

  1. In my time at the Ministry of Culture, Community and Youth (MCCY), I regularly attended and spoke at the Charity Governance Conference. My key message every year was almost inevitably this: that good governance builds trust – trust with the public, trust with stakeholders, and trust, in particular, within the organisation itself. And this trust is the foundation upon which sustainable relationships are built.
  1. For charities, this trust enables donors, volunteers, and partners to contribute their time, money, and resources with confidence. When people believe that their contributions are used effectively, reasonably, ethically and in a manner which is transparently accounted for, they are inclined to give more, support more. I believe the same principles holds true also for corporates.
  1. For corporates, that trust enables investors, employees, and customers to choose your business — and stay with you.
  1. In Singapore, governance is not just good practice. I believe it is an economic imperative. It is what drives us, it is what gives us our branding, and it is what sets us apart, particularly in today’s fractured world.
  1. We are a small nation of just over six million people. Yet, we continue to punch above our weight, continue to attract capital, investment, and talent from all over the world. Why is that so? It is because we offer something that is far more valuable, and increasingly scarce in the world: clarity, consistency of application, and credibility.
  1. Investors and partners come to Singapore because they know that our rules are clear and they are also consistently, evenly applied. The rule of law governs everything that we do. Contracts will be honoured, and if there are disputes, they will be resolved fairly, efficiently and transparently.
  1. But at the same time, it takes everyone to come together to build this trusted system. It is not built by the government alone. It is not built by corporates alone. It is built day by day, bit by bit, every day by the conduct of everyone in the corporate sector. It is built by all of you. Every time a company in Singapore acts with integrity, honours its commitments, treats its stakeholders fairly, and makes its disclosures transparently and on time, it continues to reinforce the credibility of the Singapore brand.
  1. That is why governance should never be seen as a regulatory burden or a checkbox. It is not a cost. It is a strategic asset to be used because it signals long-term thinking. It builds investor confidence, and it allows us to attract strategic partnerships, enhancing our reputation globally.
  1. This is not just theory. If you just go on the internet, ChatGPT, Google, whatever your search engine is, and you look it up, you will see that there is a direct correlation between outcomes, productivity and strong trust levels, high governance levels and strong transparency standards.

(1) Take the MSCI study of listed U.S. companies from 2015 to 2023, it found that governance leaders in the sector delivered 2.7% higher annualised returns on average compared to governance laggards, amounting to a cumulative 26.3% outperformance over this 8-year period.

(2) Many studies have found that strong corporate governance was positively correlated with earnings quality, leading to better investor confidence and market valuations.

(3) Here in Singapore, companies recognised by the Singapore Corporate Awards delivered cumulative returns of 110% between 2008 and 2022, compared to 59% for the Straits Times Index.

  1. I believe that the governance, the sense of transparency, reliability and accountability to stakeholders, plays a big part in that. With all these data points, I don’t think it is a coincidence; I think this is governance at work.
  1. Strong corporate governance strengthens Singapore’s position as a trusted business and financial hub, where integrity and performance go hand in hand.

Government’s Support for Businesses

  1. At the same time, we recognise that good governance will take time. It has got to be intentional, we have got to focus on it, and it takes investment as well.
  1. That is why the Government is committed to supporting our businesses. We know that it is not easy in challenging environments to deal with business needs, focus on growing the business locally, globally and at the same time, also have mindshare and space to focus on what governance is all about. We want to support our businesses, so they will have the confidence, space, and capacity, to grow responsibly and sustainably.
  1. Take Budget 2025 for example, we announced a range of targeted measures, from corporate income tax rebates, to financing, grants, and wage support.
  1. But we are not just looking at short-term reliefs. These measures help get corporates on their feet, give them a boost, incentivise them, but we want to look also at long-term solutions to make our economy more competitive.

(1) Last April, we set up the Inter-Ministerial Committee for Pro-Enterprise Rules Review. It is chaired by DPM Gan. What is it for? We realised that there was a regulatory compliance burden that we could rationalise, we could streamline, we could find ways in which we could reduce the cost of having to comply. So, we came together, look at regulatory efficiency and reduce compliance burden, especially for the SMEs.

(2) Earlier this year in April, Prime Minister announced the Singapore Economic Resilience Taskforce (SERT), also chaired by DPM Gan, to help businesses and workers navigate the immediate uncertainties arising from the US tariffs and related global developments. It will help us strengthen our resilience, position Singapore to thrive in the new economic landscape.

(3) Earlier this month, DPM Gan launched the Economic Strategy Review (ESR). Its purpose is to take a fresh look, as far as possible from the outside in, to look at Singapore’s strategies, to look at what works for us, what has worked for us, look at the principles that have brought us where we are today, package them, work on them, and find a path to address new challenges and seek out opportunities in the global economic landscape. I am sure you know that the ESR has five committees focusing on what we regard as the five pillars or focus areas that will become key drivers of the economy of the future.

(4) Each of these committees will engage stakeholders to gather feedback, and propose recommendations. I encourage all of you – I am sure many in this room will at some stage be approached by the committees – to please step forward, share your views and suggestions to them. You have the practical experience. You deal with day-to-day issues on the ground. You understand what it is like to transact cross border. You know what works, and what doesn’t. Your voices will shape the next chapter of Singapore’s economic story.

Honouring This Year’s Winners

  1. Finally turning to the 20th Awards this evening, we honour those who have led the way in this space.
  1. For 20 years now, the Singapore Corporate Awards has recognised those who set the gold standard — for board leadership, for financial transparency, risk management, and also investor engagement.
  1. To this year’s winners, which we will see later on – my warmest congratulations.
  1. You represent the best of what Singapore’s corporate sector stands for. In upholding high standards, you inspire others to follow. Your work strengthens the trust that makes Singapore exceptional – not just as a place to do business, but as a trusted partner that the world believes in.
  1. As we look ahead, I encourage all of you — whether you are CEOs, CFOs, CROs, CIROs, board members — to ask yourself this question as we look at the future of economic resilience and look at the future of doing business:

(1) How can we make governance not just stronger, but more forward-looking in today’s context?

(2) How do we embed sustainability, resilience, and ethical leadership more deeply into our corporate DNA? The stronger you have a purpose in your corporate, the more likely it is that you will have customers come back time and again to the same corporate, and the more likely it is you will have employees not just sign up to work for the corporate, but to be invested, and vested in the outcomes.

(3) I would also like to encourage you to think about how we bring diverse voices, people with different views, different perspectives, independent thinking, and long-term perspective, into every boardroom.

  1. These are not easy questions. If you drill down, they require us to think about diversity, corporate leadership and governance and transparency, in a slightly different way. But I think these are questions that will define the next 20 years of corporate leadership or more.
  1. But even as we do this, I hope that the leaders in this room will remember to pay it forward. In today’s context, mentorship is particularly important. So, I hope that those of us who are able to, will mentor the next generation of corporate leaders. Show them your experience. Share your experience generously. Show them the ropes. Blaze a trail and help them to move on the same trail. Share these standards and experiences with smaller firms just starting on their own governance journey. Champion the values that have brought us here — even when no one is watching.

Conclusion

  1. Lastly, I want to add congratulations once again to ISCA, to SID, and to BT on reaching this remarkable milestone. You believe in these awards from the beginning. You thought about what it would take to raise awareness and to raise standards. It is almost unbelievable that we have now reached the 20th anniversary of the Singapore Corporate Awards. The vision and dedication, single mindedly using these Awards to drive change and drive innovation, have shaped the standards of corporate excellence in Singapore.
  1. To all our winners tonight, your leadership, your commitment, and integrity set the benchmark for the entire corporate community.
  1. I want to thank you for leading by example, raising the bar for governance and transparency. As we celebrate your achievements, I hope that your successes will deeply inspire others to uphold these values, so that together, we continue to build a resilient and trusted corporate ecosystem that bears the badge of trust around the world.
  1. I wish everyone a very meaningful and engaging evening ahead, and I look forward to speaking with some of you later this evening.
  1. Thank you very much.

Last updated on 1 September 2025