136 Second, there may be conflicts of interest in how the boards of banks oversee executive pay, particularly when directors themselves are beneficiaries of high executive pay. Third, there may be gaps in the oversight of service quality and risk management that could lead to significant financial and reputational damage to banks.” Prof Mak also highlighted the importance of regulators in ensuring that banks adhere to best practices in corporate governance, including transparency in executive remuneration and accountability for service disruptions. He emphasized that while Singaporean banks have generally performed well, there is always room for improvement, particularly in aligning executive pay with performance and ensuring effective oversight of service quality and risk management. In conclusion, Prof Mak underscored the need for a robust corporate governance framework in Singapore’s banking sector to maintain public trust and confidence in the financial system. He called for greater transparency, accountability, and regulatory oversight to address issues related to executive remuneration and service disruptions effectively. You Might Be Interested In The Unraveling of FTX’s Reputation DuPont’s Strategic Move: A Three-Way Split Under CEO’s Playbook Texas Instruments Faces Activist Investor Push for Free Cash Flow Improvement National Bank of Canada Reports Increased Second-Quarter Profit Molina Healthcare Secures Michigan Medicaid Contract Gulfstream G700 Earns EASA Certification, Expands Global Reach
