SINGAPORE – Media OutReach Newswire – 8 July 2024 – The Institute of Singapore Chartered Accountants (ISCA) has launched its pioneering “Do Good” initiative, which signifies ISCA’s commitment to foster a culture of social responsibility and enhance corporate governance within Trade Associations and Chambers (TACs) and charity boards.
Announced in February this year, the Board of Directors (BOD) Masterclass Programme is an all-encompassing board training programme prescribed by the Singapore Exchange Regulation for first-time directors and existing directors to stay updated on complex corporate and business developments to discharge their responsibilities effectively. ISCA and SAC Capital will subsidise 50% of the BOD Masterclass programme for TACs and charity boards to enhance their corporate governance. This will benefit more than 2,000 registered charities (around 20,000 individuals) and more than 300 TACs in Singapore (around 3,000 individuals). The 50% subsidy will amount to potential cost savings of $6,540 per organisation, and up to $15 million in total for both sectors.
ISCA Distinguished Lifetime Member and former President of the Institute Dr Gerard Ee, who is a social service advocate with extensive experience in helming charity boards including the Charity Council and Beyond Social Services and serves as one of the mentors of the BOD Masterclass programme, shared his thoughts on the initiative. Dr Ee said: “I hope that this initiative will encourage more directors of non-governmental organisations across the sector. This will ultimately benefit the communities they serve.”
The “Do Good” board package represents ISCA’s unwavering dedication to promoting ethical leadership, transparency, and accountability within Singapore’s non-profit sector. By equipping TACs and Charity Boards with the necessary knowledge and expertise to enhance corporate governance standards, ISCA aims to foster a culture of responsible stewardship and sustainable growth, ultimately benefiting the communities they serve. This will also help TACs and Charity Boards to avoid potential pitfalls in corporate governance, such as conflicts of interest, inadequate financial management, and weak internal controls.
ISCA President, Mr Teo Ser Luck, said: “We are pleased to introduce our ‘Do Good’ initiative, which reinforces our commitment to enhance corporate governance standards among TACs and charities. We hope that our subsidies on the BOD Masterclass Programme will go a long way in empowering more boards with essential skills to not only thrive, but to also serve their communities responsibly.”
Commissioner of Charities, Mr Desmond Chin, said: “ISCA’s ‘Do Good’ initiative will help to uplift governance standards within Singapore’s charities sector. This initiative will help charities to access essential Board training and mentorship opportunities, which will in turn enhance their capacity to serve the community better.”
President of the Association of Small and Medium Enterprises (ASME), Mr Ang Yuit, said: “We are heartened by ISCA’s support for our TACs to enhance the corporate governance competencies and professionalism of industry veterans, professionals and volunteers who have stepped forward to serve on councils. ISCA’s BOD Masterclass Programme for ASME Executive Council members will strengthen the effectiveness of our governance practices.”
TACs and charities who are keen to find out more about the “Do Good” board package can visit https://isca.org.sg/iscaacademy/boardflix/DoGoodPackage.
