HDB is committed to good corporate governance. Various self-regulatory and monitoring mechanisms have been put in place to achieve this aim.

Board Members
The HDB Board derives its strength from the extensive and complementary background and qualifications of its members who bring with them experience in the public and corporate sectors, and are respected individuals in their fields. All Board Members are non-executive members, except for the Chief Executive Officer.

Internal Control Framework
HDB’s internal control system ensures that assets are safeguarded, proper accounting records are maintained, and that financial information is reliable. The overall control framework includes clearly defined authority and delegation limits and reporting mechanisms, appropriate terms of reference for management of core policy areas, comprehensive policies/procedures relating to operations and financial controls, and an annual budgeting and monthly financial reporting system for all operating units.

Audit Committee
The Audit Committee assists the Board to maintain a high standard of corporate governance, particularly in the areas of financial reporting and the internal control systems of HDB. The Audit Committee considers any matter it believes should be brought to the Board’s attention and has explicit authority to investigate any matter within its terms of reference. The Chairman of the Audit Committee is Mr James Koh Cher Siang, also Chairman of HDB. Other members include Board Members Mrs Quek Bin Hwee, Associate Professor Sim Loo Lee, RADM Chew Men Leong and Mr Tham Kui Seng.

Fraud Reporting Channel
A Fraud Reporting Channel (FRC) was launched on 2 June 2008 to reinforce HDB’s commitment to a culture of integrity and transparency within the organisation. The FRC would be a confidential avenue for HDB staff to report suspected fraudulent incidents directly to the Chairman of the Audit Committee of the Board, who would oversee incidents reported and investigated.

Internal Audit Function
HDB’s Internal Audit Department advises all levels of management on the quality of HDB and the Group’s operations with particular emphasis on systems of control. Reporting directly to the Audit Committee, it conducts risk-based audits and addresses its findings and recommendations to the level of management who need to know and are able to take appropriate action. It adheres to the Code of Ethics, Standards and Guidelines of The Institute of Internal Auditors.

Annual Audit
The audit findings by the External Auditor and the Auditor-General’s Office in the course of the annual audit are submitted to management and reported to the Audit Committee and Ministry of National Development. The Board is also informed of these audit findings. The Audit Committee reviews the annual financial statements with management and the External Auditor, before endorsing them for the Board’s approval.

Business and Ethical Conduct
HDB staff are obliged to comply with practices that reflect the highest standards of behaviour and professionalism. These include safeguarding official information under the Official Secrets Act (Cap 213), and abiding by HDB Conduct and Discipline Rules which include guidelines on receiving gifts and entertainment from contractors/ subcontractors, suppliers, vendors and any member of the public whom staff have contact with in the course of their official duties.

Dissemination of Public Information
HDB’s full-year financial results are reported to the Board and disseminated to the public via the HDB InfoWEB and the Singapore Exchange (SGX) website. The HDB InfoWEB also contains up-to-date corporate information such as annual reports, latest developments, and press releases.