Corporate governance isn’t failing, but the CEO of Singapore Institute of Directors will not wait for cracks to show

Terence Quek doesn’t readily embrace the label of disruptor. If anything, he approaches his role in reshaping corporate governance in Singapore with a quiet, steadfast resolve rather than a desire for recognition. “People give me titles, and I pause for a moment, wondering, is that an over-exaggeration?” he muses.

“In my mind, I’m just someone carrying forward the work of something bigger.” However, dismissing his impact as modest would mean ignoring the subtle but seismic shifts he’s introduced at the Singapore Institute of Directors (SID), the organisation he now leads.

SID was founded in 1998, after the Asian Financial Crisis, when the need for stronger corporate governance became undeniable. Its mission is clear: to equip board directors with the skills, knowledge, and ethical foundation to lead companies responsibly. 

Unlike other professions — law, medicine, even hairdressing — there is no mandatory qualification for becoming a director in Singapore. 

“You and I could go online right now, register a company with ACRA, and just like that — we’re company directors,” the former Naval Combat officer and former CEO of Emergenetics Asia Pacific quips. SID aims to correct this by raising the standards of directorship, ensuring that those entrusted with shaping corporate destinies are adequately prepared.

For many companies, governance was once an afterthought — a checkbox to be ticked rather than a framework for creating long-term value. Therefore, SID’s role is not just to educate directors but to instil a mindset shift, ensuring that those at the highest levels of corporate leadership see governance as a continuous process rather than a static responsibility. 

“If you’re not learning, you’re already falling behind,” Quek asserts, reflecting on the rapidly shifting corporate landscape. “Directorship isn’t about status — it’s about stewardship.” 

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Making micro moves

Quek understands the power of incremental change. It’s not about launching a revolution overnight but “interrupting settled thinking.” For years, corporate governance in Singapore remained a passive obligation: Compliance was the goal, not excellence.

SID challenges this inertia, pushing directors beyond mere box-ticking. “Success brings comfort, and comfort can be dangerous.” His mission is clear: to shake directors out of complacency before a crisis forces their hand.

One of SID’s most significant interventions under Quek’s leadership is introducing an accreditation programme — the first of its kind in Singapore. Before 2024, there was no formal assessment of a director’s competency. SID’s accreditation is voluntary but rigorous. 

“You have to pass an exam with a 70 per cent overall score, and each of the eight sections requires at least 50 per cent. You can’t just scrape by on one strong section.” Those who earn accreditation must also complete 40 hours of continuous professional development every two years. “Or else, we’ll take it back.”

The programme is designed to assess directors and make a statement: directorship, the fifty-year-old asserts, is a profession, not a title.  

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“There’s no government mandate, no requirement, just a choice.” And yet, within months of its launch, 25 per cent of SID’s members had voluntarily enrolled. The strong uptake suggests an appetite for higher governance standards and a shift from passive oversight to active stewardship.

Quek’s vision extends beyond Singapore’s boardrooms. He sees governance as a social contract where companies are accountable to shareholders, employees, customers, and society at large. “At the end of the day, what’s the point of a company? A company exists to create value for society. Otherwise, what is its purpose?”

Boardroom decisions, real-world consequences

Quek argues that the weight of governance is often underestimated. Board decisions ripple far beyond the confines of a meeting room. 

“Say you and I are board directors of a company. One day, an opportunity came up for us to invest in Vietnam and open a factory. We do our evaluations, weigh the risks, and decide — yes, let’s do it. Suddenly, we’re employing 500 workers in Vietnam. That’s 500 people with jobs.” 

The effects multiply — construction workers build the factory, local businesses benefit, and families secure financial stability. But poor decisions have the same cascading power in reverse. 

“Think about why retail shareholders are upset. People invest their lifelong savings and retirement funds into these companies. And when a company isn’t well-governed, that value can disappear overnight.”

This is where the critical role of a director comes into play. For Quek, the role of a director is distinct from that of management. “Management runs the day-to-day operations. Directors, on the other hand, are ultimately responsible for ensuring the company’s value is preserved and enhanced.” 

It’s a role that demands foresight — looking at quarterly earnings and where the company will stand a decade from now. The challenge, then, is convincing directors that learning doesn’t stop at the C-suite. “You can’t say, Oh, I attended a course 10 years ago, so I’m set. Even a course from last year could already be outdated.”

The future of corporate governance

This ethos — of constant learning, adaptation, and disruption — guides SID’s push to modernise governance. It is also why Quek, despite his humility, fits squarely into the mould of a micro disruptor. He isn’t tearing down institutions or launching a wholesale reinvention of governance.

But in a field where inertia can be deadly, his small but steady interventions are shifting the landscape in ways that may only become fully visible years from now. 

“The world is moving fast. Just look at AI — how OpenAI has caused disruption, and now Deep Seek too, in just a couple of years.” The question isn’t whether governance will change but whether those in power are ready for it.

The answer, for those who have been paying attention, is already unfolding. Directors are signing up for accreditation. SID is broadening its scope, reaching out to statutory boards, charities, and even school advisory committees. 

And conversations about governance — once the domain of financial analysts and compliance officers — are entering public discourse. “There are a lot more conversations happening now. And I think social media has made communication a lot easier.”

These changes may seem minor. But small disruptions can make all the difference in corporate governance, where entrenched mindsets have long dictated the game’s rules. For Quek, the mission is clear: lift directors’ gaze beyond the present, force them to confront the uncertainties ahead and ensure they are not merely keeping up — but leading.

Building a community

Under Quek’s leadership, SID has also intensified efforts to build a community among directors. “If you’re a director, chances are you want to connect with other directors. You want to be able to pick up the phone and say,’ Hey, I’m facing this challenge—any ideas? ‘” Quek shares that SID is fostering a network where directors can share insights, anticipate challenges, and collectively shape the future of governance.

In a world where corporate missteps can spark global repercussions overnight, Quek’s approach to governance calls for vigilance, adaptation, and integrity. “It’s about shifting mindsets, and I think that is incredibly powerful.” His work may not grab headlines, but in boardrooms across Singapore, it shapes the decisions that will define industries for years.

The landscape of governance is shifting. The question is no longer whether businesses should adapt but how quickly they can do so. Quek’s work at SID represents the first step in this evolution — a necessary shift from passive oversight to proactive stewardship. The future belongs to those who embrace change before it is forced upon them.