Governance Briefing — April 4, 2023
Singapore introduced a refreshed Code of Governance for Charities and IPCs, strengthening board composition, term limits, and risk management expectations across the nonprofit sector.
Executive briefing: On 4 April 2023 the Commissioner of Charities launched the updated Code of Governance for Charities and Institutions of a Public Character. The 2023 Code raises expectations for board renewal, diversity, risk management, and transparency for Singapore charities.
Key governance signals
- Board renewal and diversity. Charities should set maximum board terms of 10 years, rotate treasurers after four years, and plan for gender and skills diversity.
- Risk and internal controls. Boards must institute risk registers, fraud controls, and technology governance, reporting oversight activities to stakeholders.
- Transparency. Enhanced disclosure guidance covers remuneration, conflict management, and fundraising costs, promoting consistent accountability.
Action checklist
- Establish board succession plans, term-limit policies, and competency matrices to align with the refreshed Code.
- Update risk management frameworks to include cyber security, fraud prevention, and safeguarding, with board monitoring dashboards.
- Review annual report templates to disclose remuneration bands, conflict registers, and programme outcomes as recommended.
Sources
- Singapore press release on the new Code of Governance for Charities
- Code of Governance for Charities and IPCs 2023
Zeph Tech helps Singapore charities strengthen board renewal plans, risk registers, and transparency reporting to meet the 2023 Code expectations.