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Business Times
02-06-2025
- Business
- Business Times
Singapore companies must go global despite ongoing trade turbulence: SBF returning chairman SS Teo
[SINGAPORE] In his second tenure as Singapore Business Federation (SBF) chairman, Teo Siong Seng is prioritising efforts to push businesses to venture into new markets. In the face of global uncertainties and trade tensions, he stressed that companies can no longer rely exclusively on a few established major markets, such as the United States, for growth. 'While the environment is so complicated and fast changing, we have to be confident that Singapore companies do have a good reputation in terms of their quality of services and goods,' he said. He urged businesses to 'break out of their comfort zone' and actively pursue new opportunities in emerging markets, particularly in South-east Asia, Africa and the Middle East. This was one of the key priorities Teo shared in his first media interview since he was reappointed as chairman on May 20. He succeeded Lim Ming Yan, who stepped down early from his third consecutive two-year term to focus on his new role as chairman of Changi Airport Group. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The appointment marks Teo's second stint as SBF chairman, having previously held the position from 2014 to 2020. The 70-year-old shipping veteran, known among industry peers as SS Teo, is the first person in SBF's history to return to the role. Predecessor to successor Though Teo stepped down from his post five years ago, he told The Business Times that he has remained active in the organisation. Past council members are often consulted and engaged on matters, even after they step down from their posts, he noted. In 2024, Teo was appointed chair of SBF's Internationalisation Action Committee, which supports local companies to scale up their business overseas. He was chosen due to his experience as executive chairman of Pacific International Lines, a home-grown shipping company with operations in South-east Asia, the Middle East, Africa, and Latin America. Teo's experience in internationalisation is also a key reason SBF saw him as a strong fit to return as chairman, as it aligns with the chamber's 2030 plan to promote overseas expansion. Asked if he will serve as an interim chairman until another successor is found, Teo replied: 'We will always be looking out for a successor, and you will know in due course.' He noted, however, that while previous SBF chairmen typically completed three two-year terms, the rapidly changing external environment means this may no longer be the case. Going global Though only five years have passed since he was last chairman, Teo noted that outside factors have transformed significantly. 'I would say that in my first six years of SBF chairmanship, the majority of the time, (Singapore's) economy was growing and there was free trade,' he said. At the time, the chamber's main priorities were growing its membership and leading business delegations. However, since the Covid-19 pandemic, global crises have become shorter yet more frequent. Teo, who stepped down during the pandemic, is back at the helm amid a wave of trade tensions, triggered by US President Donald Trump's 'Liberation Day' tariffs. In light of these challenges, businesses in the Republic must seek out like-minded partners and pursue overseas opportunities. 'If they do nothing, they will be marginalised,' he warned. To support this push, SBF will intensify its efforts to organise more trade missions, helping local companies explore promising international markets. These missions typically bring together Singapore firms that have successfully expanded abroad to share their experience, as well as provide networking opportunities with local businesses in the target markets. This year, SBF plans to lead trade missions to Dubai, Saudi Arabia, Africa, and Latin America. According to Teo, interest in these missions has grown in recent years, thanks to the advocacy efforts of business chambers such as SBF in making companies more open to overseas expansion. SBF also plans to launch two new Singapore Enterprise Centres (SECs) this year – one in Bengaluru, India, set to open in the third quarter; and another in Dubai, scheduled for the fourth quarter. These international centres support businesses to expand overseas through providing advice on the market, business matching, and networking opportunities, under the chamber's GlobalConnect programme. The SECs in Vietnam, Indonesia and Thailand have successfully helped companies in the city-state to expand to these markets, said Teo. When it comes to sectors that can seize opportunities in these emerging markets, Teo highlighted education, lifestyle, food manufacturing, and accommodation. The new Johor-Singapore Special Economic Zone is another opportunity for firms. For instance, food-manufacturing companies can consider opening facilities in Johor to scale up production, he said. Trump's tariffs Another priority for Teo is to help Singapore firms navigate the uncertainties caused by the US tariffs. According to a survey by SBF in May, over a third of local businesses are already feeling the impact of the global tariff war, with nearly 90 per cent expecting to experience its effects within the next six months. Many companies have also communicated to the chamber their need for larger and longer-term financing to weather these trade challenges, as they are uncertain if they can sell their inventory during this period of uncertainty. Teo, who is now a member of the Singapore Economic Resilience Taskforce chaired by Deputy Prime Minister Gan Kim Yong, plans to raise these concerns with the taskforce. In addition, SBF intends to enhance educational efforts to improve businesses' understanding of how tariffs are applied and the role of free trade agreements – areas Teo noted many companies remain unfamiliar with. In May, the chamber's Centre for the Future of Trade and Investment launched a digital playbook aimed at helping businesses understand, respond to, and plan for the impact of the US tariffs. In addition, SBF offers tailored advice to companies facing specific challenges and is working on launching a mentorship programme. This initiative will connect experienced business leaders with younger companies, including startups, to provide hands-on guidance. In particular, it has been actively supporting the trading sector, which has been particularly affected by the ongoing tariff situation. Beyond these immediate-term priorities, Teo will continue with efforts to help businesses transform, in areas of sustainability and digitalisation. For instance, the chamber has a committee which advises small and medium-sized enterprises on how to adopt sustainability measures more meaningfully. As for digitalisation, SBF is looking at how to help companies adopt artificial intelligence without breaking the bank.
Business Times
29-05-2025
- Business
- Business Times
Proportion of female directors at top 100 SGX companies surpasses 25% target in 2024
[SINGAPORE] The proportion of female directors in the largest 100 Singapore-listed companies hit 25.1 per cent last year, up from 23.7 per cent in 2023, the latest edition of the Singapore Board Diversity Review reported. The study, released on Friday (May 30), analysed the top 100 companies by market capitalisation with a primary listing on the Singapore Exchange (SGX), as well as the overall market. Not only did the result surpass the 25 per cent target set by the Council for Board Diversity (CBD), the target was achieved a year ahead of its end-2025 deadline. The CBD, which authored the study, noted in the report on the findings: 'The growing participation of women directors across corporate boards has been encouraging and reflective of the evolving business landscape, efforts by the director ecosystem, and the introduction of regulatory enhancements.' Among all 615 Singapore-listed companies, the proportion of female directors improved to 18.1 per cent last year – up from 16.1 per cent in 2023 and 8.1 per cent in 2013. That said, 188 Singapore-listed companies, or 31 per cent, still had all-male boards. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up More female leaders Women held 13 per cent of all board leadership roles in Singapore-listed companies last year, up from 11 per cent in 2023. These roles included chairmanship of the board or on nominating committees (NCs) and audit and remuneration committees. However, the proportion of female board chairs stood at just 8 per cent last year. This mirrors the 8.4 per cent global average, highlighting that 'disproportionately few' women advance to this position, the CBD said. Separately, the study observed that the gender mix of the board tends to improve when women serve as NC chair or member. Among Singapore-listed companies in which NCs had at least one woman, 33 per cent of board appointees between 2020 and 2024 were female. The rate stood at just 11 per cent for companies with all-male NCs. 'The findings support observations that women leaders are more likely to tap expanded networks for a more inclusive nomination process, and to ensure qualified women are included in candidate shortlists,' the CBD said. 'Women in key board roles is itself a strong indicator of board culture and can serve to attract additional female board talent', as well as candidates who value board diversity, it added. In the report, Teo Siong Seng, chairman of the Singapore Business Federation (SBF), noted that the improvement in diversity happened without gender quotas being imposed on boards. This made the change 'more sustainable', he said. First-time directors The study found that Singapore-listed companies appointed 310 first-time directors last year – the largest cohort since at least 2015. This points to 'greater value being placed on the skills, expertise and potential of a new board talent, over prior directorship experience', the CBD noted. The most sought-after skill set for new directors was finance and investment expertise, followed by strategy and management. There was a better balance between new and long-serving directors. Among the top 100 companies, the average tenure of a director fell to 6.4 years, from 6.8 years in 2020. Four in 10 independent directors started their appointment under three years ago. Among all Singapore-listed companies, 55 per cent of directors were independent last year, up from 49 per cent in 2016. The improvement comes after the regulatory arm of the SGX capped independent directors' tenure at nine years in 2023. As Teo of the SBF noted: 'We're seeing organisations recognise that board diversity is part of corporate governance, and that it makes their boards and businesses more resilient.'
CNA
27-05-2025
- Business
- CNA
Jeffrey Siow to join task force on US tariffs, Desmond Lee to step off after Cabinet changes
SINGAPORE: The Singapore Economic Resilience Taskforce (SERT) announced changes to its line-up on Tuesday (May 27). Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow will join the taskforce, while Minister for Education Desmond Lee will leave SERT. Newly-elected Singapore Business Federation (SBF) chairman Teo Siong Seng will also replace former chairman Lim Ming Yan as the SBF representative. The changes will take effect immediately, said the SBF, the Ministry of Trade and Industry, the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) in a joint media release. All other members of SERT will remain the same. The task force was formed in April to help businesses and workers tide through tariffs imposed by the United States. Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the task force comprises seven other members: The task force's composition was adjusted following the recent Cabinet and SBF council appointments, Mr Gan said. 'SERT's mandate remains unchanged. We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade,' he added.
