KPMG in Singapore has released the second episode of its vodcast series, “Singapore Budget 2025 Insights,” focusing on the transformation required to modernise Singapore’s boardrooms. Featuring insights from Pauline Koh, Partner, Tax Governance and IGH & Manufacturing, Tax, and Tea Wei Li, Partner, Risk, Advisory, the episode discusses strategies to enhance corporate governance and agility in an evolving business landscape.
The vodcast highlights the need for strengthened governance to maintain competitiveness. As boardroom discussions increasingly encompass geopolitics, sustainability, and technologies like artificial intelligence, boards must adapt their strategies accordingly. Succession planning is also emphasised due to Singapore’s ageing board leadership and the necessity for innovation.
Government backing and regulatory changes are deemed crucial. Financial incentives could promote transparency and best-in-class governance practices, while programmes like the Directorship Accreditation Programme can empower directors to navigate environmental, social, and governance (ESG) complexities. These resources should be accessible not only to Singapore Exchange (SGX)-listed companies but also to family businesses, startups, and subsidiaries.
The vodcast also addresses the importance of integrating tax governance into board agendas. Companies often overlook tax governance, viewing it merely as a compliance requirement. Aligning with frameworks like the Tax Governance Framework (TGF) and Corporate Tax Risk Management (CTRM) ensures board-level oversight of tax strategies and proactive risk management.
Additionally, the introduction of board shadowing and apprenticeship programmes is suggested to integrate younger professionals into boardrooms, fostering knowledge transfer and equipping boards with expertise in emerging areas such as AI.
This episode of KPMG’s vodcast series underscores the need for comprehensive transformation in Singapore’s boardrooms to ensure they remain agile and competitive in a rapidly changing environment.
