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- Welcome Remarks by CEO
Welcome Remarks by CEO
Ms. Lim Lai Hong
Chief Executive Officer
Welcome to our collaborative network. Members who have participated in our Distinguished Board Leadership series, exclusive dialogues and focus groups have benefitted from FIDE FORUM’s (FORUM) invaluable resources, and experienced the true sense of fellowship and aspirations in promoting corporate governance excellence in Boards of Financial Institutions (FIs).
This is driven by the FORUM’s belief to add value and contribute towards creating sustainable and successful FIs through exemplary board leadership. Our passion is to build a network of first class directors who will contribute to strong FIs, which will in turn form a strong foundation to take our nation to a developed economy status.
Our exclusive membership to directors of FIs reflects the unique role and responsibility of FIs Boards as corporate governance of FIs goes beyond the shareholders to include depositors and insurance policy holders. To be a director of an FI Board is an onerous responsibility. In the context of a regulated environment and the ever challenging and complexity of the operating environment, competencies and experiences of individual board directors and the collective board have become more important than ever. For example, given the nature of financial services, directors on FI Boards are now expected to know, understand, and deal with the complexities and risks of modern financial services. Continuous learning and development has therefore become an imperative for directors to add value to their organisations.
I am pleased to inform that the FORUM launched the Directors’ Remuneration Report in the year 2015. The Report recommends game changing practices on the framework for remuneration of Non-Executive Directors. Moving forward, we also hope to accomplish key milestones under the Directors Register project to develop a talent pipeline for FIs to select board talent from the Register. The Register will provide opportunities for potential talent who aspire to contribute their skills and experience as directors of FIs and a diversified pool of board talent to the financial services industry. These game changing initiatives will provide enlightening thought leadership in board compensation and talent management, providing solid and holistic foundations for board talent management from the perspective of managing board talent demand and supply, as well as the reward and performance system.
Further engagements with Members will be organised through director-centric Distinguished Board Leadership series, where we will invite some of the top thought leaders in the world to share views and insights with Members. Continuous networking and peer learning among Members will also take the form of focus/working group sessions and industry consultation. These engagements will seek directors’ views and insights on key areas of interests, thus creating a platform to represent the “Voice” of our Members. We will continue our highly successful dialogues with the regulators.
Leveraging on the theme of “For the Members, by the Members”, and with the continued support of our Members, I am confident that the FORUM will be able to fulfil its vision as the promoter of corporate governance excellence in boards of FIs. I look forward to working with our Members to make a difference in the corporate governance development of the financial services industry.