Corporate Governance

Accountability and Transparency

KDF is in full compliance with the ‘Governance Evaluation Checklist’ listed on the Charity Portal of the Ministry of Culture, Community and Youth (MCCY). The Foundation’s annual report and financial statements are available for scrutiny on the portal and on the KDF website. In recognition of its exemplary disclosure practices, KDF was awarded the Charity Transparency Award by the Charity Council in 2016, 2017 and 2018.

Board of Management and Renewal

The KDF board of directors convened once through a virtual meeting in the recently concluded financial year. The meeting’s attendance record is as reflected below:

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Board meeting attendance for FY21/22

Of the current board, five members have served on the KDF board for more than ten consecutive years. They include Mr Cheng Wai Keung and Mr Stephen Lee, who are the founding members of the Foundation. Reappointment of the four long-serving directors was based on their subject expertise and experience managing the Foundation, as well as their understanding of the charity sector and its related legislation in Singapore. As part of succession planning, the board discussed the need for a strategic retreat which will reaffirm the Foundation’s vision, mission, and purpose, and thereafter reconstitute the board accordingly.

Internal Controls And Audits

An independent third party commissioned by the board conducts annual internal audits to ensure that the operations of the Foundation are in compliance with established guidelines and regulations set by the Commissioner of Charities, Sector Administrator and relevant government bodies. They also ensure that the Foundation adopts best practices recommended for the charity sector.

For FY21/22, Shared Services for Charities Limited was appointed as KDF’s independent internal auditor. Over the course of the year, they reviewed the following areas:

• Cash and Investment Management; and Human Resource Payroll

• Receipts and Collections

• Fundraising

• Procurement and Payments

• Fixed Asset Management

• Personal Data Protection Act (PDPA)

Conflict of Interest Policy

KDF has policies in place to prevent and address actual and perceived conflicts of interest that will affect the integrity, fairness, and accountability of the Foundation. These policies are clearly stated in the Foundation’s Code of Governance and Conduct and are adopted by the Foundation, board members and staff.

In situations where a potential conflict of interest should arise, the board will evaluate the situation and the affected party will abstain from voting on the transaction. For this financial year, the Chairman, board members and staff have declared that they do not have any personal interest in the business transactions or contracts that KDF has entered.

Whistleblowing Policy

KDF has in place a whistleblowing policy that is made known to all staff of the Foundation. The policy ensures that there are proper avenues for employees to raise concerns about actual or suspected improprieties and that all reports are taken seriously and investigated accordingly.

KDF maintains a zero-tolerance policy towards fraud. This policy applies to members of the board, committee members, staff, volunteers and to the Foundation’s vendors, suppliers and partners, to the extent that the Foundation’s resources or reputation may be involved or affected.