Directors need training, says Singapore trade minister

Lim Hng Kiang, Singapore's minister for trade and industry, has stressed the importance of adequate training for company executives.

Speaking at this week's Singapore Institute of Directors (SID) conference, he said many companies in the region have taken steps to improve the knowledge and skills of their directors in recent years.

He pointed to a survey conducted by the SID and the Singapore Exchange, which indicated that the proportion of companies providing relevant training to non-executives increased from 25 per cent to 41 per cent between 2005 and 2008.

However, Mr Lim said expectations of directors are increasing in line with the renewed focus on global standards of corporate governance.

He claimed that training is the best way to ensure executives are equipped to meet these demands.

"Companies will come to place a premium on well-trained, ethical directors who look out for the interests of all stakeholders," he commented.

In September, vice-chairman of the SID Adrian Chan said changes to Singapore's corporate governance landscape are "looming on the horizon" in light of recent developments in the UK and Australia.