Singapore Companies Lead Global Ethics & Compliance Metrics
A new report by LRN Corporation reveals that Singapore companies are setting new benchmarks for corporate excellence in ethics and compliance. The report, titled LRN Report: Singapore Companies Lead Global Ethics & Compliance Metrics, highlights the outstanding performance of Singapore organizations in areas such as ethical governance, employee experience enhancement, and proactive responses to global risks.
According to the report, 90% of organizations surveyed in Singapore reported making difficult decisions consistent with their values in the past year, which is 20% higher than the global and APAC averages. This demonstrates their unwavering commitment to ethics and compliance. Additionally, 72% of Singapore companies indicated that their boards have actively modified or abandoned business initiatives based on compliance factors, another 20% higher than global and APAC averages.
The report also found that Singapore organizations significantly outperform their global and APAC counterparts in implementing incentives and disincentives for ethical behavior. Singapore companies factor ethical considerations into measuring management performance (87% for Singapore; 79% globally), hiring (82% for Singapore; 72% globally), promotion (79% for Singapore; 67% globally), and bonus awards (73% for Singapore; 60% globally). In the past year, 75% of Singapore companies factored ethical behavior into promotion and bonus considerations, and 60% terminated or disciplined an executive or high-performing employee over unethical behavior. This is significantly higher than the global and APAC averages, which stand at only 40%.
The report, which marks the 10th anniversary of LRN’s landmark report, is based on a survey of more than 1,400 ethics and compliance professionals at companies and organizations in 19 different countries and 26 industries across North America, Europe, and Asia-Pacific. Out of the 112 companies surveyed in Singapore, the results demonstrated the high standards and commitment to ethics and compliance that Singapore organizations uphold.
Eric Morehead, Director of Advisory Service Solutions at LRN and lead author of the Singapore report, expressed that companies in Singapore are dedicated to maintaining high ethics and compliance standards. He emphasized that high-performing ethics and compliance programs must focus on values, adapt to change, and emphasize personal accountability as organizations continue to adapt to emerging trends and complexities.
Kevin Michielsen, CEO of LRN, highlighted that the findings of the report showcase a clear link between fostering ethical cultures and business performance. He emphasized that adaptable, well-communicated ethics and compliance programs better equip companies to face the ever-changing industry and regulatory challenges.
LRN Corporation has been at the forefront of inspiring principled performance and helping organizations build ethical cultures since 1994. With their expertise in ethics and compliance solutions, LRN continues to guide companies towards maintaining high standards and achieving corporate excellence.
Overall, the report reinforces Singapore’s position as a global leader in ethics and compliance. The exceptional performance of Singapore organizations in upholding ethical governance, enhancing employee experiences, and proactively responding to global risks serves as an inspiration for their global counterparts to strive for excellence in ethics and compliance.
References:
[1] LRN Report: Singapore Companies Lead Global Ethics & Compliance Metrics
[2] LRN Corporation Website
