SingTel is the star at Corporate Awards with 3 golds

by Grace Chong, Mar 8 2006Singapore Telecom clinched three gold awards and emerged overall champion at last night's inaugural Singapore Corporate Awards at Raffles City Convention Centre.

In the category for companies with big market capitalisations, SingTel won in three of the four awards - Best Investor Relations, Best Managed Board and Chief Financial Officer (CFO) of the Year. Not far behind the telecom giant was ornamental fish breeder Qian Hu with two gold awards - for Best Annual Report and Best Investor Relations for a mainboard-listed company with a market capitalisation below $500 million.

Overall, 19 companies and two CFOs were honoured last night. SingTel CFO Chua Sock Koong, who was named CFO of the Year, said her company's awards reflect the tight checks and balances that are part of its culture. "We will continue to ensure strong corporate governance and do our best to enhance shareholder value" she said. The corporate awards date back to 1974, when an Annual Report award was launched to recognise excellent corporate disclosure.

In 2005 the Best Managed Board award was added. This year, these two key awards were consolidated to become the Singapore Corporate Awards, and the range extended to include CFO of the Year and Best Investor Relations. The awards were also divided into sub-categories - for companies with a market cap of more than $500 million, those with a market cap below that level, and those listed on Sesdaq. "Many companies and executives understand the importance of good corporate governance and strive for the highest standards. We want to accord them the recognition they deserve," said Yeo Lian Sim, awards chairperson and executive vice-president of risk management and regulation at the Singapore Exchange (SGX).

The awards come at a time when corporate standards are coming under the microscope, amid fears of falling standards. "Good governance transcends all sizes of companies, and the awards provide an opportunity to benchmark against the best companies, and see how your company can improve," said John Lim, president of the Singapore Institute of Directors. Sincere Watch's Soh Gim Teik - who was named CFO of the Year for companies less than $500 million in market capitalisation - said the awards recognise the endeavours of financial teams across the corporate landscape. "For a company to succeed, the core of the organisation must be set right," he said. "There ought to be debate, and the inclusion of alternative views, especially in difficult investment decisions. The awards acknowledge the business community for their continuous efforts in this regard."

The Singapore Corporate Awards were organised by The Business Times in collaboration with UBS, supported by SGX and six partner organisations. The guest of honour at last night's ceremony was Senior Minister Goh Chok Tong.