GCs are more confident about their future influence and seek opportunities to grow beyond current role.
In the first joint Singapore general counsel report, the Singapore Corporate Counsel Association revealed that 18 per cent of general counsel claim their current work is adding great strategic value to the business and believe their influence among senior leaders is 'very strong' with a further 60 per cent of GCs describing it as 'strong.' This is up from five years ago, when only 34 per cent of GCs in Singapore felt their influence was strong and only 5 per cent in the 'very strong' camp.
More influence sought
Looking to the future, about 52 per cent expect to be doing work of the highest level of strategic influence in the next five years. Most GCs want to be even more involved in company strategy, with nearly 20 per cent of GCs surveyed expressing a wish to become chief executive officer or chief operating officer at some point. Only about two-thirds of GCs plan to spend their whole career in the general counsel role. Over 26 per cent of GCs believe they are ready to embrace innovation, while 23 per cent do not regard themselves as innovative or forward thinking. Over three-quarters of GCs expect to be affected by the general increase in regulatory investigations in Singapore.
Taur-Jiun Wong, President of the Singapore Corporate Counsel Association, said the Report, which was sponsored by CMS 'provides valuable insight as to where things are and where things should be. One of the tasks of SCCA is to help our most senior members go beyond the general counsel role in their organisations. We are curating learning opportunities to help them do ‘work that is of the greatest strategic value to the organisation’. These initiatives will be announced later this year.'