Opening Speech by Ms Rahayu Mahzam, Minister of State, Ministry of Digital Development and Information & Ministry of Health at SCCA Annual Gala Dinner and 8th Chief Legal Officer Awards

Mr Lucien Wong, Attorney-General, and Patron of the Singapore Corporate Counsel Association (SCCA)

Justice Chua Lee Ming, Honorary Member of SCCA

Ms Renita Crasta and Mr Daniel Choo, Co-Presidents of SCCA

SCCA Board of Directors

Distinguished Guests

Ladies and Gentlemen

Introduction

1.  A very good evening to everyone. I am delighted to be here at the SCCA’s Gala Dinner and Chief Legal Officer (CLO) Awards ceremony.

2.  This evening marks SCCA’s 22nd anniversary, and we are gathered here to celebrate and honour Singapore’s leading in-house counsel at the 8th CLO Awards.

3.  The CLO Awards recognise outstanding legal professionals who have made exceptional contributions to their organisations and the broader legal ecosystem.

4.  I would like to offer my congratulations to all the recipients of the CLO Awards. Your dedication, vision and leadership are a testament to the vital role that CLOs and in-house counsel play in today’s dynamic business landscape.

The rising role played by CLOs in businesses today

5.  As 2024 draws to a close, it is timely to take stock of how key events have shaped the global business climate:

(1) 2024 is the year with the highest number of countries in conflict since World War II, according to the Global Peace Index. There are currently 56 conflicts, reportedly more internationalised and complex than ever before. Conflicts introduce uncertainty for businesses, with supply chain disruptions, volatility in energy prices, and many others.

(2) By the end of 2024, almost half of the world’s population are estimated to have voted, as over two dozen economies hold their general elections. This is a historical high, and the election outcomes will generate some short-term volatility for markets. For example, US shares hit record highs on Wall Street after the election results yesterday.

(3) AI has surged to the forefront of business plans this year. In 2024, we witnessed the rapid adoption of Generative AI (Gen AI) across industries. Gen AI has quickly progressed from a novelty to an essential tool, rewriting the business playbook and revolutionising the way industries automate.

(4) For those of you involved in Environmental, Social and Governance (ESG) matters, you would know that 2024 marked a major shift towards the rapid uptake of mandatory ESG disclosures, particularly in Europe, with stricter enforcement of ESG regulations and increased scrutiny on legitimacy of ESG claims to combat greenwashing. Sustainability, once considered an aspirational goal, has become a non-negotiable business priority in 2024.

6.  Some of these shifts are anticipated, whilst others completely unexpected. Whichever the case, businesses have had to adapt to the changes, navigate the uncertainty, and pursue growth with agility.

7.  And CLOs and legal departments play an extremely important role to help companies achieve that.

(1) Like a lighthouse, you guide businesses through the often turbulent waters of today’s legal and regulatory environment, which is both complex and evolving.

(2) As the trusted advisors, you help businesses strike the balance between:

(a) Managing risk vs. pursuing innovation;

(b) Achieving legal compliance vs. maintaining business agility; and

(c) Adhering to ethical standards vs. meeting competitive pressures.

8.  It is no wonder that the role of in-house counsel has become increasingly important over time.

(1) More CLOs and general counsels are becoming integral members of the executive leadership team.

(2) There has also been a marked increase in number of in-house counsel – both globally and in Singapore.

The future of CLO leadership

9.  As we look ahead, the demands on CLOs will only continue to grow.

(1) You will be asked to do more, think broader, and adapt faster, with possibly less resources.

(2) But this is also an exciting challenge as in-house counsel become more central to the success of your organisations than ever before.

10.  From where I stand, there are some “no-regrets moves” - as we like to say in government - that I would like to leave with you as you consider how to deliver more with less:

(1) First, embrace digital transformation.

(a) I know, it’s easier said than done. However, technology is here to stay. Businesses that can successfully leverage technology aren’t just improving efficiency - they are gaining strategic advantage.

(b) The use of technology, especially Generative AI, to enhance productivity as well as deliver more value for business has become a must-have, not just a good-to-have.

(c) As CLOs, you play an increasingly important role in steering digital transformation within your organisations. Your unique perspective - one that combines legal expertise with an understanding of enterprise-wide risks and opportunities – is highly valued as companies face cybersecurity challenges, data privacy requirements, and the need for agile adaptation in a rapidly evolving digital landscape.

(d) Of course, many of you are leading the charge by being part of the change yourselves. Globally, many CLOs are adopting Generative AI. A Deloitte Legal survey reports that almost all CLOs are utilising some form of legal tech solutions to automate legal work, whilst 95% of CLOs as having engaged with various forms of GenAI in 2024.

(e) In Singapore, I believe that many of you are also trialling various legal tech and GenAI solutions.

(i) The DBS legal team, for example, has been assessing different legal GenAI tools like Harvey as well as their internal platform DBS-GPT, and is reaping double-digit efficiencies for broad, “inch-deep, mile wide” productivity gains.

(ii) Siemens’ legal team also utilizes a contract analytic tool and is currently working on building its own GenAI platform to fully align with the company’s policies.

(2) Second, champion continuous talent development for your legal teams.

(a) As technology and global disruptions reshape industries, it is talent – creative, adaptable, and skilled individuals – that will determine the success of businesses and economies.

(b) As CLOs, it is important to prioritise the continuous professional development of your teams. This is exceptionally important as the role of in-house counsel evolves to become more strategic and business oriented.

(i) The measure of success is no longer the possession of legal expertise, but a suite of skills that range from business acumen to softer skills like stakeholder management, communications etc.

(ii) To meet these demands, CLOs must foster a culture of continuous learning to ensure that your team is equipped with the necessary skills and knowledge.

(c) One such CLO has lived by example. Here, I would like to make a special shout-out to Elizabeth Kong, who is 3M’s Asia General Counsel. She understood the need to strengthen her business knowledge as General Counsel, and undertook on her own initiative the Tsinghua-INSEAD Executive MBA to build that acumen. Through the time spent at Tsinghua, she also picked up expertise in business as well as connections in the China market.

(d) I know there are many other similar stories of continuous growth, and we only have time to highlight one example this evening. But I thought it is a useful story to spotlight to encourage more people to undertake similar upgrading journeys, both for yourselves and for your teams.

(3) Lastly, reach out to the community around you.

(a) You must have all heard the saying: “If you want to go fast, go alone. If you want to go far, go together.”

(b) Leading legal departments is a tall-order, and can often be isolating especially during high-stakes situations. Having a support system in the form of fellow CLOs can help as you look to gain advice, share insights and best practices, or just to find like-minded peers for assurance.

(c) At the same time, look at outreaching to younger in-house counsel amongst you. As CLOs, you play an important role as leaders and can contribute to shaping the knowledge, skills and experiences of the next-generation of in-house counsel.

The Government will work with SCCA to support CLOs and the In-house Counsel Community

11.  Recognising the future opportunities and challenges facing CLOs and the in-house counsel community, the Government will continue to support you and the important work ahead.

12.  We remain committed to significantly strengthen SCCA as the national association for in-house counsel and will empower it to support the rising bench of legal leadership.

13.  We believe that SCCA will become a convening platform that can:

(1) Provide a safe space for the in-house counsel community to share experiences, exchange ideas and offer mutual support.

(2) Serve as a valuable vehicle for leadership and professional development, and the nurturing and mentoring of in-house counsel as you rise through the ranks; and

(3) Be an essential conduit for intellectual discourse on emerging topics, with members playing an active role in chapter meetings, workshops and events to explore cutting-edge issues such as technology, ESG and regulatory changes.

14.  This can only happen with the full support and collective contribution of the in-house counsel community. All of you are instrumental in shaping the form and substance of this association, and its full potential can only be unlocked with the support of everyone’s energy, ideas, and commitment.

Conclusion

15.  In closing, I would like to reaffirm the good work done by SCCA in fostering camaraderie amongst legal professionals in Singapore, allowing in-house counsel to connect with peers, exchange ideas, and build valuable professional relationships.

16.  Once again, I would like to offer my sincere congratulations to SCCA on your 22nd anniversary as well as all the CLO Awards Winners this evening.

17.  Finally, I wish everyone a pleasant gala dinner, and I hope all of you have a good time catching up with your friends and fellow members this evening.

18.  Thank you!

Last updated on 7 November 2024