ABOUT THE AWARDS
The objectives of the Singapore Corporate Awards (SCA) are:
- To recognise and honour SGX-listed companies as well as individuals who, through their corporate practices, have helped to raise Singapore’s corporate disclosure standards and corporate governance.
- To showcase SGX-listed companies and key decision makers who effectively implement and promote corporate disclosure standards and corporate governance in their companies.
- To create a prestigious corporate event for SGX-listed companies’ Chief Executive Officers, Chief Financial Officers, Directors and substantial shareholders to network, socialise and share ideas and views on good corporate governance.
The SCA was launched on 19 September 2005 as the umbrella awards for exemplary corporate governance practices for listed companies in Singapore.
For the first eight years of the SCA, the event was organized by The Business Times (BT) and supported by Singapore Exchange (SGX) with several partners including:
- Institute of Singapore Chartered Accountants (ISCA)
- Singapore Institute of Directors (SID)
- Citigate Dewe Rogerson, i.MAGE
- NUS Business School
- Aon Hewitt
- Egon Zehnder International
- Investment Management Association of Singapore (IMAS)
- Securities Investor Association Singapore (SIAS)
In 2014, ISCA and SID joined BT as co-organisers, and the Accounting and Corporate Regulatory Authority (ACRA) joined SGX to actively support the event.
The current award partners are:
- Heidrick & Struggles Inc,
- KPMG, and
Nomination is open to all listed companies in Singapore, and the Chief Executive Officer and Chief Financial Officer of such companies.
The biggest reward is the recognition and honour accorded to companies and individuals for their exemplary achievements in corporate disclosure and corporate governance, endorsed by the SGX and ACRA, and all the relevant professional bodies and institutions associated with the capital market.
Through the years, the Singapore Corporate Awards has grown to be the one of the most prestigious awards in Singapore’s corporate calendar that recognises and celebrates the best in corporate governance.
For winning CEOs and CFOs, they may stand for nomination again two years after their first win.
For the Best Annual Report Award, Best Investor Relations Award, and Best Managed Board Award, the Gold winners will step down for two years (in the respective categories), after which they will be reconsidered for the award. If, however, a company is upgraded from Catalist to the Main Board, it will be subjected to a new time limit.
There is no intention at this time to include companies which are not primarily listed on the Singapore Exchange.
Each Award has a separate independent judging panel, comprising business leaders, professionals and academics.
Participation is free of charge for all categories.
The gala dinner is organised to announce and honor the winners of the various awards for that year.
The gala dinner is a black tie (tuxedo for men) affair and the evening proceedings are usually conducted “Oscar-style” where corporate leaders take turns to host the various awards and event, and even provide entertainment.
Winners will be invited to attend the gala dinner to receive their awards. The organisers will usually invite recent past winners and other guests to the event.
Companies, whether they win or not, are encouraged to buy tables to partake in the evening celebrations and fun.
It certainly is not.
First, the time and cost of the award nominations, judging and selection process are provided pro bono by the organisers and their award partners.
The cost is primarily in the conduct of the gala evening which is a grand but costly affair with the staging and setting befitting the occasion. The cost of the gala dinner is partially covered by a sponsor (Bank Julius Baer) with corporations paying for their own tables. The organisers seek to just breakeven each year.
In addition, the three co-organisers (ISCA, SID, BT) have signed an agreement where each undertakes that there will be no financial benefit accruing to any of the individual organisations from organising the event. Instead, any surplus in any year will be ploughed back into the next year’s gala dinner. However, when the surplus becomes significant, the organisers have agreed to spend it on an event related to the awards. Thus, in 2014, after nine years and a reasonable carried forward surplus, the organisers held a seminar, “Driving Excellence in Corporate Governance” for listed companies in Singapore.
For each award year, typically the nominations are open in January and February.
The selection and judging process which involves several stages will take place from late March to about June.
The SCA gala dinner is usually held in July depending upon the availability of the guest of honour and venue.