In corporate governance, good form is predicated on better substance

The recent fracas at CDL is both ironic and unfortunate; lessons should be learnt all round

[singapore] Many moons ago as a young executive, I was fortunate to be schooled by a titan – JY Pillay. One of the Last Fools, or Eight Immortals of the Lee Kuan Yew era of public service mandarins, he went on to make his mark at Singapore Airlines, DBS and Singapore Exchange (SGX), among others.

As a non-executive chairman, he was kind enough to host me for lunch every so often in his office, where I tried to soak in his wisdom and take instructions, typically when dessert was served.

On one memorable occasion, as I tried to convince him of grand strategies and various plans, he remarked: “Strategies or grand tactics one must have. It is expected that management will have the expertise, detailed plans for efficient and effective execution. However, do you have the right people? If you get the people right, success follows – or not, if not.”