Singapore Institute of Directors (SID) Directors Conference 2026 Opening Keynote Address - 2M Indranee Rajah

Mr Yeoh Oon Jin, Chair, SID,
Mr Max Loh, Vice-Chair, SID,
Ms Emily Poon, CEO, SID,
Distinguished Guests,

Introduction

1. It’s really a great pleasure to join all of you at the SID Directors Conference 2026.

2. As an Honorary Fellow of SID, I am pleased to be back among directors and corporate leaders from Singapore and across the region.

3. Over the years, SID has played an important role as the voice for directors, and a partner to regulators and industry in strengthening the standards and the capabilities of our boards.

4. This year’s theme, “New Game, New Rules: Do Boards Need a Reset?”, reflects a timely and important question that many boards will be asking themselves as they face a more demanding operating environment. Geopolitical tensions remain high. Artificial intelligence is developing rapidly, changing the way business is done. Expectations to meet sustainability commitments remain high even as economic conditions make it more difficult. These forces require companies to manage complexities in an environment of greater uncertainty.

5. In such an environment, boards must be prepared to recalibrate. But a reset does not mean discarding the fundamentals. On the contrary, when the world becomes more uncertain, getting the fundamentals right becomes even more important.

6. This morning, I would like to focus on two areas:

   1. First, how trusted companies and capable directors contribute to a stronger Singapore; and

   2. Second, how boards should respond to new risks and responsibilities.

Building Trusted Companies for a Stronger Singapore

7. Trust is not merely an abstract value to uphold. In an uncertain world, it is a competitive advantage.

8. Strong institutions and high standards of corporate governance have built the foundations for Singapore’s reputation as a trusted business hub.

9. However, national institutions alone cannot sustain this reputation. Singapore’s continued success also depends very much on trusted companies and even more so capable directors.

10. Singapore’s stability and reputation as a trusted hub with strong governance make it a compelling destination for doing business, including re-domiciliation, or a base from which foreign businesses expand across borders.

11. We expect such companies with foreign directors or foreign ownership to be familiar with and follow Singapore standards of governance, transparency and legal requirements. These companies have an important role to play in continuing to uphold our standards, so that the ecosystem and they themselves benefit.

12. To equip current and aspiring directors with the knowledge and skills needed to navigate Singapore’s governance landscape confidently, ACRA and SID have collaborated to develop the Company Director Fundamentals programme.

13. This collaboration reflects an important shared commitment. Regulators establish the frameworks and standards that safeguard confidence in our corporate sector, while SID helps directors put these principles into practice. Directors, in turn, must take ownership of their continued development and uphold Singapore’s reputation as a trusted business hub.

14. We are launching this programme today. It comprises two components.

15. The first is a free foundational module, grounded in ACRA’s stipulated director responsibilities and enriched with practical examples and case studies. It will be open to all current and aspiring directors, including foreign directors, who are seeking to familiarise themselves with Singapore’s governance requirements.

16. For directors who wish to deepen their capabilities further, a paid component will build on these foundations. It will cover areas such as directors’ duties, financial literacy, board and shareholder decision-making, corporate actions, and environmental, social and governance considerations.

17. Registrations will be open in the fourth quarter of 2026.

Responding to New Risks and Responsibilities

18. Having strong fundamentals would allow directors to be better equipped to face the new responsibilities and challenges that companies face.

19. In the past, many companies regarded climate change mainly as a corporate responsibility issue. Today, it has become a core business risk. Climate-related disruptions can affect physical assets, business operations, supply chains, access to financing and companies’ long-term business models.

20. Climate reporting should therefore not be viewed simply as another disclosure obligation. Done well, it is a strategic tool. It helps companies identify climate-related risks to develop appropriate mitigation and adaptation measures.

21. Directors set the tone from the top. Boards that recognise the strategic value of climate reporting will be better placed to steer their companies through the disruptions ahead.

22. ACRA and SGX RegCo have implemented a phased roadmap for mandatory climate reporting and assurance, while giving companies more time to build capabilities and prepare quality reports.

23. ACRA has also launched a public consultation on the draft Singapore Sustainability Disclosure Standards. The proposed standards are based on the International Sustainability Standards Board Standards, with modifications for Singapore’s context.

24. So I encourage directors to participate actively in the consultation. Your practical experience and feedback will help shape standards that support useful and comparable reporting, while remaining relevant to Singapore’s diverse business landscape.

Conclusion

25. So in conclusion, let me say.

26. The “new game” facing boards will continue to evolve. The challenges of tomorrow may not resemble those of yesterday. Boards must be prepared to adapt their strategies and strengthen their capabilities to respond to the changing environment.

27. So, do boards need a reset? I believe they do. But a reset does not mean abandoning the fundamentals of sound governance. Keep what works, and then adapt for what you need to evolve into. It means resetting how boards put these fundamentals into practice. Boards must remain alert to new risks, continue building their capabilities, and consider how their decisions affect not only business performance, but also their employees and the wider society.

28. Directors have a central role in upholding these foundations.

29. You set the tone from the top. You shape how companies respond to uncertainty and create value over the long term.

30. Strong directors build trusted and resilient companies. Trusted companies strengthen our capital markets and Singapore’s position as a leading business hub. And a stronger Singapore will be better placed to contribute to the growth and resilience of the region.

31. I thank SID for your continued partnership in strengthening director capabilities and corporate governance in Singapore.

32. I wish you a productive and insightful conference.

33. Thank you very much.