The general practices of companies in Singapore do support and encourage feedback and suggestions from the staff and general public, which are actually some of the effective ways of whistle-blowing in its primitive form, to improve on corporate performance, including fraud discovery. In addition, press reporting and comments as well as views expressed by the general public in the press are also effective, as in the case of NKF. The role of corporate governance, however, should lie entirely in the hands of the board of directors because they serve as head and brain of the corporation. Appointment of a small committee comprising an independent board member and other two members from the corporation, to look after and handle the feedback and suggestions, probably could improve practice, and be more effective and fair.
Tan Kok Leong
Principal
TKL Consulting
December 12, 2005