The HDB Board derives its strength from its depth and diversity of expertise, in providing the necessary guidance to steer HDB towards its mission. The Board Members are respected individuals in their fields with extensive public and corporate sector experience. 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 financial information is reliable. The overall control framework includes clearly-defined authority, delegation limits, reporting mechanisms, appropriate terms of reference for management of core policy areas, comprehensive policies/ procedures relating to operations and financial controls, as well as an annual budgeting and monthly financial reporting system for all operating units.
Audit & Risk Committee
The Audit & Risk Committee assists the Board in maintaining a high standard of corporate governance, particularly in the areas of financial reporting, risk governance and the internal control systems of HDB. Consisting of members from the HDB Board, the Audit & Risk Committee considers any matter which, in its opinion, should be brought to the Board’s attention and has explicit authority to independently investigate any matter within its terms of reference.
Fraud and Wrongful Practices Reporting Channel
HDB has a Fraud and Wrongful Practices Reporting Channel to reinforce HDB's commitment to a culture of integrity and transparency within the organisation. The channel is a confidential avenue for HDB staff to report suspected fraudulent incidents and wrongful practices directly to the Chairman of the Audit & Risk Committee of the Board, who would oversee incidents reported and investigated.
Internal Audit Function
HDB’s Internal Audit Group advises all levels of management on the quality of HDB and its Subsidiary's operations with particular emphasis on systems of internal control. Reporting directly to the Audit & Risk Committee, it conducts risk-based audits and addresses its findings and recommendations to the appropriate level of management who are able to take the necessary action. It adheres to the Standards and Guidance of The Institute of Internal Auditors.
The audit findings by the External Auditor in the course of the annual financial audit, as well as by the Auditor-General’s Office in the conduct of a selective audit are reported to the Audit & Risk Committee, the Board, and the Ministry of National Development (MND). The annual financial statements are endorsed by the Audit & Risk Committee 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 the HDB Code of Conduct and Discipline Rules.
Block Leave Policy
To complement HDB’s existing risk management practices and align our internal control measures with market practice, the block leave policy of 5 consecutive working days per calendar year was implemented with effect from 1 June 2012. Staff who undertake job functions that are prone to fraud are subject to block leave policy.
Dissemination of Public Information
HDB’s audited annual financial statements are available at the HDB InfoWEB and the Singapore Exchange (SGX) website. The HDB InfoWEB also contains corporate information such as Annual Reports, latest developments, and press releases.