SINGAPORE – The recent haze crisis has put the spotlight on corporate governance and accountability, with Minister for National Development Chee Hong Tat warning that listed companies involved in illegal activities that cause transboundary haze may face legal and financial ramifications.
“These consequences, these penalties, do not just affect the companys’ directors and management. They also affect the value and interests of shareholders,” he said at the SIAS Investors’ Choice Awards on Oct 21.
“Hence, it is very legitimate for SIAS to complement the actions of regulators, SGX and banks to speak out on behalf of investors and to seek answers from the companies concerned.”
Speaking at the event, SIAS founder, president and chief executive David Gerald said all investors should “think carefully about where they put their money”, urging them to “absolutely avoid companies with poor environmental records”.
This applies especially to those linked to the haze, he said, noting that the massive destruction of forests and green spaces and causes harm to public health.
“Investors who fund such companies, even indirectly, share some responsibility for these outcomes.”
He said SIAS will continue to raise awareness among investors about environmental, social and governance risks, and encourage them to check a company’s sustainability practices before investing.
“By choosing responsible companies, retail investors can protect their own returns while supporting a cleaner, healthier region,” he said.
Chee, who is also deputy chairman of the Monetary Authority of Singapore (MAS), also announced that MAS will support SIAS in enhancing investor education through the development of initial public offering (IPO) guides.
These guides will distil key information from public offer documents when a company wants to list and help investors identify the issues that are most relevant to them, while highlighting matters that they should consider.
Chee said: “They will not recommend whether an IPO is a good or bad investment. They will complement, not replace, investors’ own assessment of the risks and the research available to them. The objective is to help investors ask the right questions and make more informed decisions.”
SGX saw 10 new listings in 2026 by the end of August, which raised about $1.4 billion.
Minister for National Development & Deputy Chairman of the Monetary Authority of Singapore Chee Hong Tat announced that MAS will support SIAS in enhancing investor education through the development of initial public offering (IPO) guides.
PHOTO: LIAHE ZAOBAO
Chee noted that there has been renewed interest from a broader range of companies considering Singapore as a listing venue, from real estate investment trusts (Reits) and real assets to growth sectors such as technology, digital infrastructure and advanced manufacturing.
He said: “The external global environment has become more challenging, but Singapore’s fundamentals remain sound. We know markets will go through cycles – what matters is that we stay focused on rebuilding broader and deeper capabilities over the long term.”
He added that turning near-term momentum into lasting investor confidence requires well-governed companies that earn trust, well-informed investors and strong bridges between the companies and investors.
“As more companies consider Singapore as a listing venue, our IPO ecosystem must inspire confidence among both issuers and investors,” Chee said. This is where the IPO guides and increased research coverage of listed companies come in.
MAS has supported SIAS over the years by collaborating in investor education, promoting good corporate governance and raising awareness of investment scams, and this partnership is set to deepen as the market evolves, he added.
The Investors’ Choice awards recognised 45 award recipients across seven categories for excellence in corporate governance, sustainability, transparency and shareholder communications.
They included the chief executives of Thakral, the Singapore Exchange (SGX) and Keppel, who were recognised for being outstanding CEOs.
The Business Times senior correspondent Jude Chan was named Financial Journalist Of The Year, while BT journalist Young Zhan Heng won Most Promising Journalist Of The Year.
Jardine Matheson Southeast Asia and SATs won the Singapore Corporate Governance Award for big caps, while Keppel and SGX won for diversity.
