THAILAND
SINGAPORE BRUNEI BURMA CAMBODIA INDONESIA LAOS MALAYSIA PHILIPPINES THAILAND
PHILIPPINES
Corrupt Practices Investigation Bureau 2 Lengkok Bahru, Singapore 159047 +65 6270 0141 CPIB_Website_Email@cpib.gov.sg
MALAYSIA VIETNAM
Image courtesy of the U.S. Commercial Service Singapore
Resources to Report Corruption Contact at government agency responsible for comabing correuption:
LAOS
POLITICAL VIOLENCE Singapore’s political environment is stable and there is no history of incidents involving politically motivated damage to foreign investments in Singapore. The ruling People’s Action Party (PAP) has dominated Singapore’s parliamentary government since 1959, and currently controls 83 of the 89 regularly contested parliamentary seats. Singapore opposition parties, which currently hold six regularly contested parliamentary seats and three additional seats reserved to the opposition by the constitution, do not usually espouse views that are radically different from the mainstream of Singapore political opinion.
CORRUPTION Singapore actively enforces its strong anticorruption laws and corruption is not cited as a concern for foreign investors. Transparency International’s 2016 Corruption Perception index ranks Singapore 7th of 176 countries globally, the highest ranking for an Asian country. The Prevention of Corruption Act (PCA), and the Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act provide the legal basis for government action by the Corrupt Practices Investigation Bureau (CPIB), which is the only agency authorized under the PCA to investigate corruption offences and other related offences. These laws cover acts of corruption both within Singapore as well as those committed by Singaporeans abroad. When cases of corruption are uncovered, whether in the public or private sector, the government deals with them firmly, swiftly, and publicly. The anti-corruption laws extend to family members of officials, and to political parties. The CPIB is effective and non-discriminatory, and Singapore is generally perceived to be one of the least corrupt countries in Asia and the world, and corruption is not identified as an obstacle to FDI in Singapore. Singapore is a signatory to the UN Anticorruption Convention, but not the OECD Anti-Bribery Convention.
INDONESIA
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and give explanations for deviations from the Code in their annual reports. http://www. singaporelaw.sg/sglaw/laws-of-singapore/ commercial-law/chapter-16 There are independent NGOs promoting and monitoring RBC. Those monitoring or advocating around RBC are generally able to do their work freely within most areas of RBC. However, labor unions are tightly controlled and legal rights to strike are granted with restrictions under the Trade Disputes Act. Singapore has no oil, gas, or mineral resources and is not a member of the Extractive Industries Transparency Initiative (EITI). A small sector processes and rare minerals, and complies with responsible supply chains and conflict mineral principles. Under the new AML/CFT framework introduced in 2014, it is a requirement for Corporate Service Providers to develop and implement internal policies, procedures and controls to comply with Financial Action Task Force (FATF) recommendations on combating of money laundering and terrorism financing.
CAMBODIA
in particular (due to the latter’s exemption from the Employment Act which stipulates the rights of workers), remains an area of advocacy by civil society groups. The government has taken incremental steps to improve the channels of redress and enforcement of workers’ rights; however, key concerns about legislative protections remain unaddressed for domestic migrant workers. The government generally encourages businesses to comply with international standards. However, there are no specific mentions of the host government encouraging adherence to the OECD Due Diligence Guidance, or supply chain due diligence measures. Companies in Singapore are principally governed by the Companies Act. Key areas of corporate governance covered under the act include separation of ownership from management, fiduciary duties of directors, shareholder remedies, and capital maintenance rules. Limited liability partnerships are governed by the Limited Liability Partnership Act. Certain provisions in other statutes such as the Securities and Futures Act are also relevant to companies. Singapore has a private sector-led Council on Corporate Disclosure and Governance to implement the country’s Code of Corporate Governance. Compliance with the Code is not mandatory but listed companies are required under the Singapore Exchange Listing Rules to disclose their corporate governance practices
BURMA
conservation, and anti-corruption. GCNS facilitates exchanges, conducts research, and provides training in Singapore to build capacity in areas including sustainability reporting, supply chain management, ISO 26000, measuring and reporting carbon emissions. The SGX implemented a requirement in June 2011 that listed companies report on their sustainable business practices. The Singapore Environmental Council (SEC) developed a green labeling scheme which endorses environmentally-friendly products, numbering over 3,000 from 27 countries. The Association of Banks in Singapore (ABS) issued guidelines to banks in Singapore in October 2015 encouraging them to adopt sustainable lending practices, including the integration of environmental, social and governance (ESG) principles into their lending and business practices. While voluntary, the move marks the first time Singapore’s financial sector has been asked to play a significant role in sustainable development. Singapore has not developed a National Action Plan on business and human rights, but supports and promotes responsible business practices and encourages foreign and local enterprises to follow generally accepted CSR principles. The government does not explicitly factor responsible business conduct (RBC) policies into its procurement decisions. The host government effectively and fairly enforces domestic laws with regard to human rights, labor rights, consumer protection, environmental protections, and other laws/ regulations intended to protect individuals from adverse business impacts. The private sector’s impact on migrant workers and their rights, and domestic migrant workers
BRUNEI
VIETNAM
SINGAPORE
SINGAPORE
INVESTMENT CLIMATE STATEMENT
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