Commenting on many Singapore-listed companies still falling short of best practices in corporate governance, SMU Associate Professor of Accounting and Singapore Divisional President of CPA Australia Themin Suwardy noted that additional requirements related to directors’ independence for companies where the chairman and the chief executive officer is the same person will require boards to identify new potential directors or replace existing ones. He added that “Matters covered in the [Code of Corporate Governance] are hard to change on a moment’s notice; there is much to be done in terms of having the right people on board.” Associate Prof Suwardy concluded by saying that “One should not see corporate governance with a fixed destination, or with a check-list mentality. Corporate governance is a process of ensuring a business continues to operate successfully in a sustainable way for the long term while balancing the roles and responsibilities of all shareholders, the board and management.”