Corporate Governance Best Practices for Singapore Companies

Corporate governance is the key to the long-term viability and success of Singaporean firms. As firms aim to be transparent, accountable, and investor-faith, good governance arrangements are inevitable. Entrust Public Accounting Corporation, a veteran corporate secretarial service firm in Singapore for decades, is providing professional advisory and compliance services according to the specific needs of every firm. With years of expertise in supporting corporations and SMEs, Entrust helps businesses cope with the complexity of governance in an integrated way, drawing from Singapore’s regulatory needs and global best practices.

The Role of Corporate Governance

Corporate governance is the system of rules, procedures, and processes by which a company is governed and controlled. In Singapore, the Code of Corporate Governance prescribes specific requirements for listed companies, but the principles can be applied to private companies wishing to develop responsibly and attract stakeholders as well.

Good corporate governance is not only a matter of law compliance. It fosters investor confidence, minimizes operational risk, and encourages ethical decision-making. Good corporate governance through the implementation of best practices often leads to better financial performance, a more stable brand reputation, and enhanced stakeholder participation.

Key Principles of Good Corporate Governance

Entrust Public Accounting Corporation stresses the following major principles when counseling clients:

1. Accountability

Directors of the company need to be answerable to shareholders and decide on matters in the company’s best interests. Responsibility can be ensured with clarity while assigning powers, ensuring correct documentation of policies, and performance appraisal periodically.

2. Transparency

Financial and operating information must be disclosed openly and in a timely manner. Transparency enhances investors’ confidence and prevents unnecessary criticism or suspicion.

3. Integrity

Ethical conduct has to be ingrained in the company culture. This involves conflict of interest statements, anti-corruption policies, and fair treatment of employees and stakeholders.

4. Fairness

Equal treatment of shareholders—particularly minority owners is central to maintaining trust. Adequate voting mechanisms and shareholder rights are part of this structure.

5. Responsibility

Board members must understand their legal and fiduciary duties. This involves financial reporting management, compliance with the law, and sound management of business risks.

Entrust ensures that these principles are translated into practical strategies by their extensive advisory services experience Singapore businesses rely on.

Singapore Company Implementation Strategies

Entrust proposes the following practical measures to create and foster a robust governance framework:

1. Create a Competent Board of Directors

A skilled and diverse board contributes different views and enhances decision-making. Businesses ought to clearly outline roles and appoint independent directors where possible.

Entrust‘s role:

They handle appointment and resignation processes, hold statutory registers, and draft board resolutions—services all included within their corporate secretarial services.

2. Provide Internal Controls and Audit Functions

Strong internal controls safeguard against fraud and ensure financial accuracy. Internal audits provide a level of assurance that transactions have been conducted honestly and in line with established systems.

Entrust’s solution:

Through their audit and assurance solutions, Entrust enables companies to review internal control systems and facilitate correct financial reporting.

3. Ensure Statutory Compliance

On-time submission of annual returns, register updates, and AGMs are essentials to avert fines and maintain good standing with ACRA.

How Entrust facilitates this:

Their secretarial services Singapore clients rely on encompass complete compliance management, from ensuring statutory books to processing annual filings and AGM documents.

4. Engage Stakeholders

Firms that interact frequently with employees and shareholders learn more and build goodwill. This can be done through feedback and communication mechanisms.

5. Enhance Risk Management Policies

Identification, assessment, and management of risks provide business continuity. Companies must develop contingency plans and conduct regular risk reviews.

Entrust’s business advisory team works with clients to enhance internal policies and mitigate legal and operational risks, consistent with governance best practices.

The Role Entrust Public Accounting Corporation Plays

Entrust was built upon being trustworthy, responsive, and successful. Fitted with qualified professionals and the back-up of being part of international group INAA, Entrust offers local expertise with global vision. Entrust supports businesses of all sizes—starts-ups to corporations through:

• Corporate secretarial services
• Incorporation and regulatory compliance management
• Tax and audit services
• Payroll and accounting outsourcing
• Strategic business advising

By focusing on the building of long-term relationships, Entrust ensures that all clients receive personalized governance and compliance services that align with their company.

Why Governance Matters More Than Ever

With the regulatory scrutiny and stakeholder expectations continuing to grow in today’s business climate, corporate governance is no longer optional—it’s a competitive advantage. Good governance practices protect the interests of a company, build its credibility, and lay the groundwork for sustained growth.

Entrust Public Accounting Corporation is committed to guiding companies through this process. Their client-focused, hands-on approach guarantees not only that governance is achieved but sustained as well.

Conclusion

Good corporate governance is a sign of well-run, sustainable businesses. With the right principles and strategies, Singapore companies can gain trust, attract investors, and enjoy long-term success. Entrust Public Accounting Corporation is dedicated to contributing to that effort through professional corporate secretarial services and good business advice.

Learn how Entrust can help make your company’s governance structure stronger by visiting www.entrust.sg or reaching out to their team today.