Corporate Governance

The HDB Board derives its strength from the diverse yet complementary backgrounds and qualifications of its members. 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.

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.

The Audit Committee assists the Board in maintaining 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 which, in its opinion, should be brought to the Board’s attention and has explicitauthority to investigate any matter within its terms of reference. The Audit Committee consists of members from the HDB Board.

HDB has a Fraud and Wrongful Practices Reporting Channel to reinforceHDB’s commitment to a culture of integrity and transparency withinthe 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 Committee of the Board, who would oversee incidents reported and investigated.

HDB’s Internal Audit Group advises all levels of management on the qualityof HDB and its Subsidiary’s operations with particular emphasis on systemsof internal control. Reporting directly to the Audit 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 annualfinancial audit are reported to theAudit Committee, the Board, and the Ministry of National Development (MND). The annual financial statements are endorsed by the Audit Committee for the Board’s approval.

HDB staff are obliged to complywith practices that reflect thehighest standards of behaviourand professionalism. These include safeguarding official information under the Official Secrets Act (Cap 213), and abiding by the HDB Code of Conduct, and Conduct and Discipline Rules.

To complement HDB’s existing risk management practices and align our internal control measures with market practice, HDB staff who undertake job functions that are prone to fraud are subject to Mandatory Block Leave (MBL) policy of five consecutive working days per calendar year.

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.


HDB, the leading property developer and owner in Singapore, is committed to be the leader in environmental management. In line with our shared value to care for the environment, we shall:

Complywith all applicable environmental laws, regulations and other relevant requirements

Committo prevent pollution by

  • Promoting conservation of energy and efficient use of resources in policy formulation, planning, development, management and maintenance of public housing, commercial and industrial buildings
  • Considering environmental requirements in land use and procurement of goods and services and
  • Reducing, re-using and recycling materials and wastes

Continuallyimprove our environmental performance by setting and reviewing environmental objectives and targets

Communicatewith and educate all persons working for or on behalf of HDB, business partners, customers and the public to achieve our environmental goals



HDB has the honour of hosting distinguished visitors from various countries and territories who are interested in our successful public housing programme. From April 2014 to March 2015, HDB welcomed 4,503 visitors in 209 visits.

Visitors to HDB From April 2014 to March 2015



A total of $193 million was spent in FY 2014 on major infrastructure works for public housing development programmes. There were 64 infrastructure and road-related facilities projects implemented in 18 towns to serve BTO developments. The major area of works is in the towns of Tampines North, Punggol North and Bidadari.


Ongoing reclamation projects included works at Pulau Tekong and Changi East Finger with HDB as an agent to MND.


The solar capability building programme for public housing involved a wide-scale solar photovoltaic (PV) test-bedding in new and existing precincts. The test-bed will enable HDB to achieve various developmental objectives such as, conduct study on the performance of solar PV system based on different block configurations, geographical settings and technologies in a tropical setting; gather and learn from its design and development; help the industry build technical expertiseand capability; and develop more cost-effective solar PV systems.

HDB is currently the largest stakeholder in the installation ofthe solar PV system in Singapore,and has progressively rolled out the test-bedding in both new and existing HDB precincts.


The solar leasing model is an enhancement of HDB’s solar capability building programme, and a continuation of HDB’s ongoing efforts to test-bed solar energy to promote sustainable development.

The solar leasing model has also been extended to include implementationin other projects, such as theHDB Greenprint project at Yuhua. Larger-scale deployment of solar PV panels in Singapore is in progresswith a 38MWp solar leasing PV tender awarded in October 2014, spanning across 686 HDB blocks and making it the largest solar PV tender in Singapore to date.

The solar leasing model is also used in the whole-of-government solar PV rollout under the SolarNOVA initiative, which aims to implement 350MWp ofsolar PV capacity across Singapore by 2020.


EM Services was formed in 1988to offer estate management, engineering, contracts administration and project management services to Town Councils. HDB holds a 75% stake in the subsidiary, while Keppel Land Ltd holds the remaining 25% stake.

During the year, EM Services maintained its position as the largest managing agent for public housingin Singapore. It managed more than 500,000 units of residential and commercial properties on behalfof Town Councils. The company provided essential maintenance and lift maintenance services to Town Councils, property management services to both private and Government agencies, and also housing agency services. In addition, it installed and upgraded lifts in various HDB housing estates under the Lift Upgrading Programme.

The total revenue and management fees of the company for FY 2014/ 2015 was $108 million.