HR News & Trends: Oct Week 1
HR News & Trends: Oct Week 1
1. Trends
One in Six New Board Directors in SGX Firms Holds SID Accreditation
The Singapore Institute of Directors (SID) introduced several initiatives at its Directors Conference 2024 to enhance board competencies amid evolving regulatory demands. These include:
- Listed Entity Director Bridging Programme: This will equip newly appointed directors of listed companies with essential skills in regulatory compliance and corporate governance. The programme, supported by the Singapore Exchange (SGX), includes five modules designed to familiarise directors with their responsibilities and the regulatory landscape.
- Singapore Governance for Outstanding Organisation Directors Programme 2.0: This programme, which focuses on governance practices for charity board members, was updated to cover new topics on anti-money laundering and counter-financing of terrorism measures.
- Cyber Resilience Guide for Boards: This will be launched in 2024 to introduce the best practices for organisations to build cyber resilience.
Concurrently, it is also noted that Singapore-listed companies are increasingly appointing directors accredited by the Singapore Institute of Directors (SID). Of the 618 newly appointed directors, 105 hold SID credentials. This accreditation, introduced in May, ensures directors meet evolving governance standards and commit to continuous professional development.
Takeaway: The programme comes amidst growing business complexity, which creates growing expectations for directors to balance governance with long-term strategic risk-taking. In a separate fireside chat, Senior Minister Teo Chee Hean also highlighted that effective succession planning is not about seeking a perfect or permanent leader but having a strong succession plan. Leaders should focus on creating a solid organisational structure during their tenure so that when the time comes to hand over leadership, their successors are well-positioned to succeed with a strong foundation.
Read the full article about Singapore’s director appointment trend.
Read the full details about SID’s programmes.
2. Markets
i. MAS Expands Leadership Programme for Financial Executives
The Monetary Authority of Singapore (MAS) is strengthening leadership development for financial executives with the launch of two new programmes in 2025: the Asian Financial Leaders Programme (AFLP) and the International Postings Programme. These initiatives are designed for senior executives at the managing director level and above, and high-potential middle-level professionals. The key highlights are as follows:
- The AFLP will comprise four modules offered by universities across different regions worldwide.
- The International Postings Programme will provide financial institutions with greater flexibility in the duration of overseas postings for Singaporean leaders, with extended funding for up to three years.
- MAS will fund 50% of the programme costs for Singaporeans through the Asian Financial Leaders Scheme.
Takeaway: These programmes are launched during increasing global uncertainty driven by geopolitics, climate change, and emerging technologies. The programme aims to equip financial leaders with the agility, strategic insight, and decisiveness needed to navigate these challenges while fostering their ability to bridge Asia and the global financial landscape.
Read the full article about MAS’s expanded leadership programmes.
ii. The NFRA Implements Differentiated Corporate Governance for Non-BanksTop of Form
Non-bank financial institutions will be subject to differentiated regulatory rules on corporate governance, in accordance with the Notice on Differentiated Application of Corporate Governance and Related Regulatory Rules for Some Non-Bank Institutions (《关于部分非银机构差异化适用公司治理等相关监管规定的通知》) released by the National Financial Regulatory Administration. The Notice makes adjustments to corporate governance, related-party transactions, and capital management tailored to the actual conditions of five types of non-bank institutions. This initiative aims to promote the construction of a differentiated regulatory system for non-bank institutions and enhance the targeted and effective nature of financial regulation.
Key points in the Notice include:
- Non-bank institutions structured as limited liability companies and wholly owned by a shareholder and its affiliates or parties acting in concert may follow the rule requiring a minimum of three board members.
- In non-bank institutions with fewer than five main shareholders, a shareholder and its affiliates may nominate more than one-third of the total board members. However, a balanced distribution of nominations among all parties should be maintained.
- For non-listed non-bank institutions where a shareholder and its affiliates hold more than 50% of the shares, the decision to appoint independent directors is at the institution’s discretion.
- Non-listed non-bank institutions are not required to appoint a board secretary.
- Non-bank institutions with adjusted consolidated assets below RMB 10 billion and no outstanding foreign debt or liabilities will be subject to the third-tier regulatory requirements under the Administrative Measures for the Capital of Commercial Banks.
Takeaway: Unlike the relatively dispersed ownership of commercial banks, non-bank institutions tend to have fewer shareholders with more concentrated ownership. In practice, it is difficult for different shareholders to nominate directors and supervisors separately. The adjustments reflect practical considerations by enabling non-bank institutions to establish a simple and effective corporate governance mechanism based on their actual situation, while fully protecting the legitimate rights of minority shareholders. Industry insiders believe that the Notice is conducive to enhancing the precision and differentiation of regulatory levels. It also helps institutions reduce the cost of corporate governance and improve operational efficiency.
Read the full Chinese article about differentiated corporate governance.
iii. UK: Employers to Take Reasonable Measures to Prevent Sexual Harassment
The Equality and Human Rights Commission (EHRC) released updated guidance on sexual harassment for employers in anticipation of new legislation taking effect on October 26, 2024. This legislation will impose a legal duty on employers to take “reasonable steps” to prevent sexual harassment in the workplace. Failure to comply can lead to increased compensation awards in employment tribunal cases.
Takeaway: The key recommendations include:
- Developing and communicating a robust anti-harassment policy that covers protections against third-party harassment.
- Conducting regular risk assessments to identify and mitigate potential harassment scenarios.
- Engaging employees through surveys and discussions to gauge workplace culture and identify areas of concern.
- Monitoring and evaluating the effectiveness of implemented measures.
The issuance of the guidance comes after a significant rise in tribunal cases related to sexual harassment. Research by Irwin Mitchell indicates that such cases have surged by 46.5% over the past four years, and this upward trend appears to be ongoing, with 116 cases reported in the first eight months of 2024.
Read the full article about EHRC’s updated guidance on sexual harassment.
3. People Moves: Al Futtaim and LinkedIn
Al Futtaim: Al-Futtaim Group appointed Peter Hogg as its new Group Head of Talent Acquisition, effective September 2024. Peter has nearly 20 years of HR leadership experience. He previously worked at Schneider Electric for over a decade, where he significantly contributed to the company’s recognition as a top employer by LinkedIn. He has also worked in talent acquisition roles across different regions and organisations, including Doosan Power Systems, Mott MacDonald, Black & Veatch, Tardis Group and Hays.
LinkedIn: Santosh D’souza was named the Director, Talent Solutions at LinkedIn. He will oversee the South Talent Solutions business and manage a team of 45. He will focus on customer acquisition and retention across South India, Sri Lanka, and the Maldives, with a strategic emphasis on expanding LinkedIn’s Corporate & Staffing verticals in both Mid-Market and Enterprise segments. Santosh has over three years of experience in various roles at LinkedIn, where he successfully enhanced customer relationships and drove growth in the Talent Solutions sector.
Read the full article about Hogg’s appointment at Al Futtaim.
Read the full article about Santosh’s appointment at LinkedIn.
Discover More Industry Trends with JC
For the latest industry trends or to explore new career opportunities, connect with our HR recruitment consultants for a chat. With executive search firms in Singapore and China, and operations in key business hubs like Hong Kong, you can count on our team for timely access to regional insights that can create synergy for your career and operations.
For employers: Beyond the HR industry, we also have dedicated desks for several sectors that enables us to meet your varied recruitment needs:
- Financial services recruitment consultants
- Life sciences recruitment
- Luxury & retail recruitment
- Legal recruitment
- Tech recruitment
Image Credits:
- SID
- MAS