National University of Singapore (NUS) accounting professor and corporate governance advocate Mak Yuen Teen says he’s launching GDInstitute (GDI), an independent, non-profit focused on raising board and corporate governance standards in Singapore and Asia.
“In today’s interconnected environment, governance must go beyond compliance. GDI supports directors in exercising independence, accountability and sound judgement, while engaging meaningfully with shareholders and stakeholders,” says Mak, who was present at the launch event held at Four Seasons Singapore on Jan 26.
Mak is the chair of GDI’s board of directors, which comprises former Bursa Malaysia chair Shireen Muhiudeen, former deputy commissioner at Indonesia’s Financial Services Authority Etty Retno Wulandari, First Resources independent director Mary Yeo and Zafar Momin, an independent director at PETRONAS Chemicals Group and an adjunct professor at NUS Business School. Former Economic Development Board (EDB) chair Philip Yeo is an honorary advisor to GDI.
Muhiudeen believes GDI’s value proposition lies in how it can help companies “build depth in value and resilience” by strengthening board accountability and encouraging constructive stakeholder engagement. “Strong governance is fundamental to investor confidence.”
GDI says it does not want to just train directors or governance professionals to just comply with existing governance standards via classroom instruction. Instead, the body hopes to provide participants with applied learning opportunities based on real challenges in the boardroom. This will help strengthen their professional judgment and allow to provide effective oversight, it adds.
Notably, Mak first talked about setting up GDI on the social media platform LinkedIn in August 2025. In his comment, Mak said then that “directors, aspiring directors and governance professionals who are sick of double standards and not walking the talk” to be a part of the new body he was setting up.
Mak has been an avowed critic of the Singapore Institute of Directors (SID). The national association champions high corporate governance standards and runs training programmes for both aspiring and experienced company directors. Mak was on the governing council of SID from 2000 to 2005 but resigned both his council and fellow membership.
On March 18, 2025, Mak wrote a blog post titled “Is it time for Singapore to have a new organisation for company directors?” In his post, Mak referenced the hasty appointment of two new directors to the board of City Developments Limited (CDL) in February 2025. One of the appointees, Wong Su Yen, is an SID fellow and was SID’s chair from 2020 to 2023. Wong continues to serve on CDL’s board.
CDL’s executive chairman Kwek Leng Beng called the appointments an “attempted coup.” Yeo, GDI’s honorary advisor, was a member of CDL’s board and took Kwek’s side in the dispute. He stepped down in July 2025 after 16 years on CDL’s board. According to Mak, the new appointments did not comply with the best practices recommended in the SID’s Nominating Committee guide thus putting the SID in a “poor light.”
“Perhaps SID needs its own ‘board coup’ to overhaul its council – or members can push for more significant changes in the council and governance,” writes Mak. “But maybe we need to start all over again.”
