The firms face increasing fraud risks if they don't enact sound corporate governance
IN MAY this year, the Singapore Corporate Awards were given to a few outstanding companies in recognition of their effective governance practices. Given the mounting cases of corporate fraud in the last few years, such recognition could not have come at a better time.
Diagnostic tool: SMEs need to ask themselves whether a board has been set up with independent directors consisting of at least one-third of its members, whether roles, authorities and responsibilities of the board, management and employees are clearly defined and communicated, and whether a governance code of conduct is available.
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