SMEs should start corporate governance process early: SGX chairman

by May Wong, for Channel New Asia, March 19, 2010.

SINGAPORE: Small and medium-sized enterprises (SMEs) should start their corporate governance process early and the business chambers should help them, according to Singapore Exchange chairman J Y Pillay.

Mr Pillay was speaking at an event organised by the Singapore Chinese Chamber of Commerce and Industry.

SMEs often lack resources for a comprehensive corporate governance system. But Mr Pillay said if they have good governance in place, they can adapt and evolve best practices for their business needs.

He said: “Sound governance should not be perceived as an undesirable accompaniment of corporatisation and globalisation, a chore to be fulfilled for form’s sake. It is a pre-requisite to continued growth and successful integration into a globalised world.”

Participants at the event agreed that business chambers can help SMEs with sound governance.

Seow Choke Meng, chairman, Research & Publications Committee, Singapore Chinese Chamber of Commerce & Industry said: “It is good always to start this early. When you really list it, or establish a big company, it is all in place and it can take you on to much further heights.

“Chamber is in full agreement and Chamber will look at how we can help our SME members to acquire these practices.”

Lui Seng Fatt, lead, independent director, Ying Li International Real Estate said: “As an SME, if you have an aspiration to grow into a larger company, (if) you want to go beyond Singapore, (if) you want to go into the market to raise funds, I think you have to start very early on the corporate governance…(continue reading)

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