SINGAPORE 1000 2017 AWARDS CRITERIA
The Singapore 1000, Singapore SME 1000 and Singapore International 100 awards are annual corporate accolades based on the financial performance of Singapore incorporated companies and small & medium enterprises (SMEs).
The Singapore 1000 recognition is annually conferred to deserving recipients who demonstrate exemplary financial performance in their field and among their peers. Awardees will also need to exhibit qualities which define them as outstanding corporate citizens.
The initial shortlist of award candidates is prequalified through their financial performance in the respective categories. Candidates must be profit-making over the ranked period. Corporations who experience gross negative growth will not be considered for an award. In addition to their financial achievement, this shortlist is then further judged on a set of criteria which demonstrates the company’s commendable corporate citizenry standards.
In particular, the Steering Committee will also examine factors, including but not exclusive, of the following:-
- The profile of the shareholdership and the ultimate shareholders;
- The nature of the company’s core business in relation to their financial performance;
- Any recent/currently reported information that affects the standing of the company; &
- Adherence to corporate governance standards, detailed as follows:-
- Apart from financial indicators such as Sales/Turnover, Net Profit After Tax and Return on Equity, regulatory compliance is a key evaluation criterion in the awards nomination process for the Singapore 1000 Family of Awards (since 2011). Transparency and accountability are critical components of good corporate governance. The criterion for regulatory compliance takes reference from the rating of companies under the Accounting and Corporate Regulatory Authority’s (ACRA) colour coded compliance rating. The criterion encompasses three important statutory requirements under the Companies’ Act: the timely holding of the Annual General Meeting or AGM (section 175); laying of up-to-date financial statements at the AGM (section 201); and the timely filing of the Annual Returns (section 197). The corporate governance criterion adds an important dimension to the awards as good corporate governance ensures that the business environment is fair and transparent and leads to sustainable business performance.
Companies that have received the award in the same category for 3 consecutive years will not be considered for the subsequent 2 awarding years. Instead, such companies will be conferred with the Honorary award for the first year.
The screening process is undertaken by the Awards Steering Committee consisting of representatives from DP Information Group, EY, ACRA, IMDA Singapore, IE Singapore, SPRING Singapore and Singapore Business Federation.
The steering committee must concur, by majority, on the most deserving candidates for the particular recognition of the Singapore 1000, Singapore SME 1000 or Singapore International 100 award.