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Singapore Retains Global Top Position In Corporate Governance

Singapore has demonstrated its exemplary governance once again, as it retains the top spot in the latest Chandler Good Government Index (CGGI) for the second consecutive year. The pole position puts Singapore ahead of Denmark (second place), Finland (third), Switzerland (fourth), and Norway (fifth). As the only non-European country in the top 10 list, Singapore’s achievement underscores its continued excellence in government capabilities and effectiveness, reflecting its robust policies, financial stewardship, and long-term planning. The city-state’s performance is a testament to the high standards it has set in governance not only in Southeast Asia, but also on the global stage.

Source: Chandler Good Government Index 2024

The CGGI 2024 report takes a forward-looking approach and focuses on the theme of “Governing for the Future”. While last year’s report zeroed in on the huge, multifaceted complex challenges of the early 2020s, this year’s publication pivots to the future, exploring how public sector leaders can develop the national capabilities required for effective 21st-century government. In so doing, the report focuses on how to best invest in the next generation of public servants. Additionally, the report examines the systems and processes needed to survive and thrive in the face of potential future turbulence and uncertainties. It also looks at the societal outcomes that are key to national wellbeing, going forward.

SINGAPORE’S DOMINANCE IN GOVERNANCE

The CGGI report highlights Singapore’s consistency in maintaining its top-tier position, a feat achieved through a strong emphasis on ethical leadership, regulatory governance, cross-government coordination, and future-forward governance. The country’s top score of 0.865 on the CGGI is indicative of the city-state’s commitment to upholding high standards in public administration, and the quality of its bureaucracy. Broadly, these include efficient public services, a stable business environment, and a forward-looking approach to national challenges such as climate change and technological advancement. Singapore ranks highly across CGGI’s pillars, particularly in “Leadership & Foresight”, “Strong Institutions”, “Financial Stewardship”, “Attractive Marketplace”, and “Helping People Rise”.

Source: Chandler Good Government Index 2024

Key to Singapore’s success is its strategic focus on long-term planning and the continuous development of its public sector capabilities. As indicated in the report, nations with good governance are better equipped to handle crises, attract talent, and innovate. Singapore’s leadership in these areas positions it as a model for other nations, particularly within Southeast Asia, where governance standards vary widely.

SOUTHEAST ASIA’S MIXED PERFORMANCE

While Singapore shines in the CGGI, the broader Southeast Asian region presents a more varied picture as countries are at different stages of governance development.

Good governments tend to produce better outcomes, highlights the report. Good public outcomes create more opportunities for people, and pave the way for a higher quality of life. In this regard, Southeast Asian countries have made strong progress across a number of outcome-related indicators. Looking at the specific indicators in the “Helping People Rise” pillar, the research reflects a broad sense of progress from 2021 to 2024, with the region recording some of the biggest jumps in this pillar’s rankings. These include Thailand, Philippines and Malaysia in the “Health” indicator; Vietnam and Philippines in “Income Distribution”; Cambodia in “Gender Gap”; Indonesia in “Personal Safety”; and Singapore in “Social Mobility”.

Source: Chandler Good Government Index 2024

In assessing how governments are “Helping People Rise”, the CGGI includes a panel of nine equally weighted indicators for outcomes over which governments have considerable influence, one of which is the “Satisfaction with Public Services” indicator. Of the 16 highest-scoring countries in this indicator, six are from Southeast Asia, making the region the best performing worldwide. Interestingly, many Southeast Asian countries score high on this indicator relative to their overall ranking in the “Helping People Rise” pillar – a proxy for the overall quality of a nation’s outcomes – and their overall scores in the CGGI, says the report.

The performance of Southeast Asia in the CGGI has significant implications for the region’s future. As the report suggests, good governance is closely linked to a nation’s ability to achieve long-term stability, progress and prosperity. Southeast Asian countries may need to prioritise improvements in government effectiveness, particularly in areas like financial management, legal frameworks, and public sector capabilities.

Singapore’s leadership in the CGGI can serve as both an inspiration and a benchmark for other Southeast Asian nations. By adopting similar approaches to governance, such as focusing on ethical leadership, cross-government coordination, and investing in future-ready policies, other countries in the region can aspire to close the governance gap and foster more sustainable development.

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