Singapore is a regional and global business hub, and it hums with activity with a competitive tax system. From multinationals to entrepreneurs and start-up companies, it is well known as a global financial centre with banking and finance, international trade, real estate and telecommunications as its stronghold. Singapore currently thrives in five key market segments including services, manufacturing, mining and construction, shipping trade exports and technology.
It is not resting on its traditional foundations. Singapore has a highly developed start-up eco system with a growing number of tech-based businesses establishing Singapore as its base for the region.
Its industrial parks serve different industry clusters across the small island. From Pharmaceuticals and Biotechnology to Aerospace, Chemicals and Electronics, leveraging these core capabilities and innovation is at the heart.
In 2019, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified that over 8,300 professionals sit on Advisory Boards in Singapore, accounting for 1% of the global Advisory Board market.
Advisory Boards are well utilised within the Corporate and Government sectors. They are often referred to as Advisory Boards, Panels and Committees. A common approach is the use of Advisory Boards to oversee particular strategies for international markets, including the education sector.
Such use of Corporatized Advisory Boards is demonstrated by the Ministry of Manpower issuing its Enlistment (Advisory Board) Regulations in 2004 for its own Advisory Board structure.
With targeted investment in the start-up and scale up initiatives, capability development and industry clusters, Advisory Boards thrive in these environments. Maintaining best practice in Advisory and Advisory Board activity would be in line with this growth.