As part of the Board Nexus series organised by ISCA, DBS Group CFO Mrs Chng Sok Hui, FCA (Singapore), was invited to a fireside chat on May 19.
The session examined what it meant to be a board director and C-suite leader in a climate of heightened uncertainty and disruption. Mrs Chng brought a unique dual perspective – as both an executive leader and a seasoned board director. Drawing from decades of experience navigating both sides of the boardroom table, she shared how effective directors can lead with clarity and judgement in times of uncertainty.
Mrs Chng revealed two defining experiences from when she assumed the CFO role in the midst of the Great Financial Crisis (GFC). One was engaging with the Board to establish a new stewardship-focused Corporate Treasury function with a clear mandate; the other was the courage not to proceed with the implementation of incurred loss provisioning methodology that the Finance team had worked on over two years prior to the GFC. These experiences shaped her leadership philosophy, which is anchored on three Cs – clarity of purpose, conviction of heart, and courage to act.
As a C-suite leader, she advocated for a proactive relationship with the Board, where potential issues are communicated to the Board early, to maintain an open relationship built on trust and no surprises. It is also the executive’s responsibility to join the dots, helping to connect the macro landscape to internal execution outcomes, and continuously assess resiliency under multiple scenarios. On a personal level, Mrs Chng expounded the importance of both mentoring and reverse mentoring for anyone on a learning journey to grow into senior management roles.
For C-suite leaders transitioning into or serving on Boards, Mrs Chng highlighted a key principle – Management owns the solution while the Board provides effective challenge on the assumptions.
To contribute effectively to the Board, one needs diverse skills. Hence, it is important to leverage one’s deep expertise in specific domains, develop breadth of perspective, and constantly learn new disciplines. Ultimately, leadership in the boardroom requires the boldness to speak up when it matters, and recognising that the Board’s role is one of oversight, not decision-ownership.
Mrs Chng emphasised that managing for resilience is crucial in this era of disruption and uncertainty. She noted that true resilience is built on a foundation of continuous capability building and proactive stress testing, ensuring organisations are ready before a crisis hits.
More than a reflection on leadership, Mrs Chng’s insights provided a valuable roadmap for current and aspiring leaders navigating the complexities of C-suite and Board responsibilities in today's dynamic landscape.
