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2021 Asia Pacific Board Director Barometer Report
Survey by Tricor & Financial Times Board Director Programme finds BCP and GRC are weighing on board directors in the US.
Associated Press
In the US, all of the directors in the survey sample said they need more training and just 64% reported are currently receiving it.
Morning Star
Business expansion specialist Tricor says only 12% of companies worldwide are prepared to adopt virtualisation post-pandemic.
HK01
Tricor survey: Only 12% of boards are prepared for full virtualization of board meetings after the pandemic.
Sing Tao Daily
Tricor survey reveals 80% of global board of directors are concerned about data security under the pandemic.
Hong Kong Economic Times
“The COVID-19 pandemic has triggered a crisis of epic proportions in APAC and beyond, impacting boards of directors from nearly every organization across all industries. Since the onset of the pandemic, Tricor has received an increasing number of inquiries from organizations looking to fortify board resiliency and adopt digital board governance in the face of ongoing business disruptions. Our expert team, equipped with a wealth of integrated, digital-enabled services and diversified corporate governance solutions, is dedicated to helping boards acclimate in the evolving business environment and thrive in the face of uncertainty.”
Lennard Yong, Tricor Group CEO
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“We are at the precipice of a new era in corporate governance, with the ramifications for non-compliance being steep and severe. As board directors and officers navigate incredible obstacles and unprecedented opportunities across all areas of operations, more than ever they need to understand the unique liabilities and challenges they face. At Tricor, our proprietary solutions, tools and expertise provide boards with clear visibility and instill confidence in decision-making, helping them to effectively mitigate risk and maximize performance.”
Wendy Wang, Tricor Group CFO & Group COO
“Corporate boards have a fiduciary responsibility to mitigate risk, carefully hedging against catastrophes and outlier events that could overwhelm an organization and threaten shareholders’ investments. But in the face of continuous COVID-19 disruptions, the 2021 Asia Pacific Board Director Barometer Report confirms that board concerns have reached critical mass in cybersecurity, digitization, GRC and BCP. By highlighting impending challenges and outlining key areas for improvement, this report can help boards take the next steps toward business continuity and resiliency.”
Sunshine Farzan, Tricor Group Head of Marketing & Communications
“Now more than ever, organizations require the expertise and strategic oversight of their boards to endure, overcome and recover in a shifting business landscape. However, according to the 2021 Asia Pacific Board Director Barometer Report, boards today still don’t have all the answers they are seeking and directors are clamoring to arm boards with more talent and skills. Most directors want to undergo further training but their organization does not offer it or they don’t know where to find a suitable programme. Financial Times Board Director Programme continues to see demand surge, with directors expanding their skills and increasing long term value for the companies whose boards they sit on.”
Chris Moon, Financial Times Board Director Programme Asia Director
Chris Moon, Financial Times Board Director Programme Asia Director
“Tricor’s end-to-end digital suite, Boardfolio, enables immediate and seamless collaboration between the Board of Directors and management, helping enterprises stay ahead of changes and achieve board excellence.”
Gary Tok, Tricor Group Chief Commercial Officer
“COVID-19 exemplifies the broad range of challenges board directors face when confronting a complex situation. In Hong Kong corporate governance decisions can be made all the more multifaceted, given mandatory environmental, social and governance (ESG) reporting requirements and parameters around the government’s Employment Support Scheme (ESS). At Tricor Hong Kong, we are committed to providing innovative solutions in BCP, GRC, cybersecurity and training that help boards raise standards of corporate governance to benefit an organization’s operations, employees, customers, communities and society at large.”
Joe Wan, Tricor Hong Kong CEO
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“The scope and depth of the pandemic’s business impacts are unprecedented, being global in nature and resulting in drastic disruptions around the world. As a hub for international business, corporate boards in Singapore in particular have had to adapt to a continuously evolving business environment and make difficult decisions that impact all facets of operations. As in any market with sophisticated regulatory compliance, there are unique, evolving challenges for boards in Singapore. At Tricor Singapore, we are helping boards stay ahead of the curve and avoid common pitfalls by implementing innovative corporate governance solutions in BCP, GRC, cybersecurity and training so organizations can better serve employees, customers, communities and society at large.”
Ho Lon Gee, Tricor Singapore Director, CEO & Managing Director
Ho Lon Gee, Tricor Singapore Director, CEO & Managing Director
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“Organizations in mainland China must bolster their corporate governance standards in order to respond to disruptive trends, such as the pandemic, evolving trade relationships, mass digitization, new regulations and large-scale regional economic development projects like the Belt and Road Initiative and the Greater Bay Area. Only through strong GRC and BCP frameworks will businesses be able to weather the storm of uncertainty and stay ahead of emerging opportunities. At Tricor China, we are dedicated to helping our clients implement transformative corporate governance solutions so they can achieve resiliency and strengthen the relationships they have with employees, customers, communities and society at large.”
Hailiang Zhang, Tricor Mainland China CEO
“The COVID-19 pandemic continues to test the resilience of boards around the globe. In Malaysia, the regulatory and compliance environment is shifting rapidly, such as new provisions in the Malaysian Anti-Corruption Commission Act. While the crisis has exposed operational vulnerabilities, it also presents critical opportunities for transformation. But boards must be agile and strong to seize opportunities in the ‘new normal.’ At Tricor Malaysia, our collaborative, tailored approach ensures that our services are personalized to every board we serve. Our focus is on fully understanding the scope of risks and challenges each client faces, so we can meet their needs efficiently, cost-effectively and sustainably.”
Yeap Kok Leong, Tricor Malaysia / Labuan CEO & Managing Director
“The GRC landscape in Malaysia, ASEAN and global markets is continuously evolving and risk-minded boards are better able to develop optimization strategies, supported by data and methodologies that reflect the many challenges ahead. Tricor Axcelasia’s professional and thorough guidance pre-emptively prioritizes the risks and challenges posed by constantly changing regulations and market conditions. In particular, our collaborative, tailored approach ensures that our services are personalized to every organization, industry and geography we serve. We strive to understand the full scope of risks and challenges each board faces so they can navigate complexities and reap maximum value from their GRC investment.”
Ranjit Singh, Tricor Axcelasia Regional Managing Director
Ranjit Singh, Tricor Axcelasia Regional Managing Director
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“Thailand has been ranked by the World Bank as a leader among Asian economies in terms of corporate governance thanks to transformative reforms in recent years, achieving high GRC standards in key areas such as disclosure, transparency and cybersecurity protections. But against the headwinds of the COVID-19 pandemic and challenging market conditions, boards in Thailand now face an uncertain landscape rife with unprecedented risks, regulatory implications and potential pitfalls. At Tricor Thailand, we’re helping corporate boards bolster their GRC and BCP frameworks so they can better serve employees, customers, shareholders, regulators and their communities at large.”
Dyland Mah, Tricor Thailand CEO
Dyland Mah, Tricor Thailand CEO
“As foreign investment pours into Vietnam from around the globe, pressures in corporate governance to match the highest of international standards have become a centerpiece for corporate boards in recent years. Against the challenging headwinds of COVID-19, it has been shown that boards with robust GRC and BCP standards have been far more resilient in virtualizing and continuing operations. At Tricor Vietnam, we’re dedicated to working with our clients to equip them with the tools, solutions and expertise they need to innovate and continue to capitalize on the country’s many growth opportunities.”
Lim Chor Ghee, Tricor Vietnam General Director
Lim Chor Ghee, Tricor Vietnam General Director
“Despite the global economic slowdown, pressures in corporate governance have remained high in Japan since the onset of COVID-19, with 2020 posting a record number of shareholder proposals filed during the country’s annual general meeting (AGM) season. The implications and increased risks associated with virtualization have only increased this pressure, with many boards struggling to adapt or operating without the necessary tools and solutions. At Tricor Japan, we’re committed to helping boards virtualize securely and efficiently, so they can assert the highest standards of corporate governance and raise the bar for operational resilience.”
Scott Sato, Tricor Japan CEO
Scott Sato, Tricor Japan CEO
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“The COVID-19 outbreak and accompanying government restrictions have raised corporate governance concerns, creating new areas of risk across Australia’s corporate governance landscape that must be carefully considered by board directors and officers. After experiencing the immediate operational risks that accelerated during the peak of the outbreak, short-medium- and long-term implications will linger for years to come. Boards must be acutely aware of their weaknesses and liabilities if they are to govern effectively. At Tricor Australia, we are devoted to helping boards fortify their GRC and BCP frameworks so they mitigate risks and continue to grow in the face of uncertainty.”
Richard Beattie, Tricor Australia / New Zealand CEO
Richard Beattie, Tricor Australia / New Zealand CEO
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“Since the onset of the COVID-19 outbreak, it has become clear that the best-performing companies are aligning all digitization activity with strong corporate governance standards. However, many boards are still lacking the proper tools, solutions and expertise needed to virtualize operations securely and efficiently. At Tricor UK, we are working with boards to help them understand their unique risk status. By fully mapping out new ways of operating, we are helping boards hedge against the most challenging of circumstances so they can sync innovation, resilience and growth.”
John Rowe, Tricor United Kingdom Managing Director
John Rowe, Tricor United Kingdom Managing Director
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