SGX-listed companies have ‘significant room for improvement’ in whistleblowing policies: NUS study

businesstimes

27 Feb

SINGAPORE-LISTED companies are not doing nearly enough when it comes to whistleblowing policies, according to a study by the Centre for Investor Protection (CIP) at NUS Business School. For example, ...

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For example, ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/sgx-listed-companies-have-significant-room-improvement-whistleblowing-policies-nus-study\">Source Link</a>\n\n</div>\n","source":"bustime_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SGX-listed companies have ‘significant room for improvement’ in whistleblowing policies: NUS study</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSGX-listed companies have ‘significant room for improvement’ in whistleblowing policies: NUS study\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-27 13:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/sgx-listed-companies-have-significant-room-improvement-whistleblowing-policies-nus-study><strong>businesstimes</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE-LISTED companies are not doing nearly enough when it comes to whistleblowing policies, according to a study by the Centre for Investor Protection (CIP) at NUS Business School. For example, ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/sgx-listed-companies-have-significant-room-improvement-whistleblowing-policies-nus-study\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4532","symbol_name":"文艺复兴科技持仓","start_time":0,"source_url":"https://www.businesstimes.com.sg/companies-markets/sgx-listed-companies-have-significant-room-improvement-whistleblowing-policies-nus-study","article_id":"2514006238","we_media_id":null,"thumbnails":[],"rights":{"source":"bustime_highlight","url":"https://www.businesstimes.com.sg/companies-markets/sgx-listed-companies-have-significant-room-improvement-whistleblowing-policies-nus-study","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2514006238","pubTimestamp":1740635774,"columns":[],"sourceInfo":{"source_id":"bustime_highlight","name":"The Business Times"},"weMediaInfo":null,"summary":"It finds that less than half of primary-listed issuers say that all whistleblowing complaints are even reviewed","collect":0,"end_time":0,"defaultTopTitle":"businesstimes.com.sg","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4532":"文艺复兴科技持仓","NUS":"如新集团","ESG":"FlexShares STOXX US ESG Select Index Fund","BK4585":"ETF&股票定投概念","BK4183":"个人用品"},"translate_title":"新加坡国立大学研究：新交所上市公司在举报政策方面有“巨大的改进空间”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ESG":1,"NUS":1},"content_text":"SINGAPORE-LISTED companies are not doing nearly enough when it comes to whistleblowing policies, according to a study by the Centre for Investor Protection (CIP) at NUS Business School. For example, less than half of primary-listed issuers said that all whistleblowing complaints are even reviewed. And most did not specify how they would safeguard whistleblowers’ identities.There is “significant room for improvement for most issuers, both on the mainboard and Catalist, regardless of size,” said Professor Mak Yuen Teen, director of CIP, at the launch of the report on Thursday (Feb 27).The CIP report, which was the first-ever in-depth study on whistleblowing policies here, reviewed disclosures from 536 SGX primary-listed issuers in annual and sustainability reports for FY2023 and FY2024 as well as corporate websites. Policies were assessed against Singapore Exchange (SGX) listing requirements and industry best practices.While all issuers complied with Singapore Exchange Regulation’s (SGX RegCo) mandate to disclose whistleblowing policies, Mak noted that details on compliance with specific requirements – such as independent investigations and whistleblower protections – were often lacking. The study identified key gaps, raising concerns about whistleblower policy effectiveness in ensuring good corporate governance. Its findings come amid governance lapses at City Developments and Singapore Post, which recently dismissed three C-suite executives over alleged negligence in the handling of a whistleblower complaint. “Many corporate scandals could have been prevented if organisations have in place robust and rigorous whistleblowing policies that foster trust among employees and other stakeholders,” said Mak.Start and end each day with the latest news stories and analyses delivered straight to your inbox.However, the study found that “a significant number of policies are poorly designed” and are “unlikely to build necessary confidence for effective whistleblowing”, he added.\rBeyond formal compliance, Mak emphasised the need for a strong corporate culture, effective board oversight, and introducing legislation to protect whistleblowers. Fellow CIP member and NUS Business School (Department of Accounting) Associate Professor Susan See Tho added that potential whistleblowers assess not just policy effectiveness but also leadership’s commitment to confidentiality and protection.“Any ineffectiveness in the policy or the leadership, even if they are perceived, would lead individuals away from the act of whistleblowing and this could mean missed opportunities for preventing corporate disasters,” she said.To assess the adoption of good whistleblowing practices, CIP developed a 20-item scorecard evaluating key policies, such as reviewing all complaints and providing whistleblowing training.\rWith a maximum possible score of 40, CIP’s findings indicated an average score of 20.6. Only 54.7 per cent of issuers scored 20 or higher, while fewer than 10 per cent exceeded 30 – highlighting significant gaps in whistleblowing policies.The lack of designated independent investigation functions emerged as a major concern, with Mak noting that disclosure levels are generally low with true independence remaining questionable, especially if the investigation function reports to the CFO or CEO.\rProtecting the confidentiality of whistleblowers was also found to be poor. While 85.1 per cent of issuers committed to safeguarding whistleblowers’ identities, most failed to specify how. Another 6.2 per cent made no mention of confidentiality.\rMak noted that some companies ensured anonymity through randomly generated IDs and password-protected reports, but needed to follow through on commitments and address whistleblowers’ common fear of retaliation. \rOversight was another weak spot. While 69 per cent of issuers stated that their audit committees oversee whistleblowing, they did not explain how this was conducted. Another 19.8 per cent only made generic references to Provision 10.1 of the Code of Corporate Governance, which outlines the duty of the audit committee to review the policy and arrangements for whistleblowing. Complaint management was similarly weak. Only 42 per cent of issuers confirmed that all complaints are reviewed – mostly by audit committees. Just 28 per cent committed to investigating all complaints, while 31 per cent only investigated some. Moreover, 80 per cent did not disclose whether they acknowledge complaints, potentially discouraging whistleblowers.“Every complaint must be reviewed, but not by the person who received it. It must be escalated to the right level at the end, with an independent committee determining whether you need to pursue an investigation,” said Mak.\rReporting on whistleblowing activity was also inconsistent. While 66.2 per cent of issuers claimed they received no complaints, 29.3 per cent failed to disclose any figures.\rAmong the Straits Times Index issuers, 20 – including Singapore’s three local banks DBS, OCBC and UOB, as well as SGX itself – did not clearly disclose the number of whistleblowing reports received. Singtel stood out as the most transparent, providing detailed disclosures on complaint numbers, nature, major markets, reporting channels, and substantiation.“The lack of complaints may indicate a lack of trust in the policy and not an absence of misconduct,” noted the study.Beyond disclosure gaps, the study also highlighted broader shortcomings in whistleblowing practices. Less than half (46.3 per cent) of issuers published their whistleblowing policy online, and only 35.4 per cent extended protections to environmental, social, and governance (ESG) issues – including breaches related to health, safety, and human rights violations.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}