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2018 Singapore Spencer Stuart Board Index

The 2018 Singapore Board Index looks at board composition, structure and governance practices among the 30 constituent companies in the Straits Times Index (STI), a benchmark index for the Singapore Exchange.

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Among the highlights from this year’s Singapore Board Index:

  • More women on boards. The percentage of women on Singapore boards has risen by two percentage points every two years since 2014, leading to 12% female representation on STI30 boards in 2018. Sixty-seven percent have at least one female director.
  • Director retainer fees on the rise. Retainer fees for chairs and members across board and board committees (audit, remuneration and nominating) have been rising steadily since 2014. Compensation for directors serving on remuneration committees grew the most.
  • Nearly all boards conduct an annual assessment. Ninety percent of the STI30 companies have some form of board assessment; 20% engaged a third party to carry out their board assessment.
  • Fewer independent directors. Fifty-seven percent of directors on the STI30 boards are independent, down from 63% in 2016 and 65% in 2014.

This issue also includes a discussion of changes to the Singapore Code of Corporate Governance, summaries of governance trends in the UK and US, and a comparison of board composition and governance data from 19 countries around the world.