Virtus Assure is pleased to announce a strategic collaboration with Covent Impact, a specialist advisory practice that works with multigenerational families, foundations, nonprofits, and institutions across Asia and the UK.

Covent Impact is recognised for its expertise in family governance, succession planning, philanthropy strategy, and institutional design. Through its work, the firm helps families and organisations navigate complex governance challenges, supporting effective decision-making, leadership continuity, and long-term organisational success.

Through this collaboration, Virtus Assure and Covent Impact will bring complementary capabilities to clients seeking strong governance and sustainable organisational outcomes. While Covent Impact advises on governance structures, family decision-making, philanthropy, and institutional strategy, Virtus Assure provides independent governance, risk, and assurance expertise to help organisations strengthen accountability, oversight, and control frameworks.

As governance challenges become increasingly complex, organisations benefit from both well-designed frameworks and effective implementation. The partnership enables clients to access a broader range of expertise across governance, risk management, organisational effectiveness, and assurance, supporting stronger resilience and sustainable long-term outcomes.

Together, Virtus Assure and Covent Impact will support families, foundations, nonprofits, and institutions in building governance frameworks that are aligned with their objectives, responsive to evolving needs, and effective in practice.

Our client, listed on the SGX Mainboard, has obtained shareholders’ mandate and implemented procedures to manage Interested Person Transactions (“IPTs”) in compliance with SGX Rules Chapter 9 IPTs.

Virtus Assure conducted a thorough review of their IPT management processes, including both the mandated and non-mandated IPTs and procedures. Our review focused on the following key areas:

• Identification of Interested Persons (“IP”)
• Updating and Maintaining the IP List
• Approval Process for IPTs
• Disclosure of IPTs
• IPT Register and Documentation

We assessed the adequacy and effectiveness of these IPT procedures, with particular attention to the potential risks to both the subsidiary and the holding company involved in the IPTs. Our review identified areas where enhancements were necessary to ensure compliance with Listing Rules and the IPT mandate, and to safeguard against conflicts of interest.

Based on our review results, we recommended several key improvements to strengthen the IPT procedures. Our client accepted and implemented these recommendations, which included updating and maintaining the IP list, refining the approval process, enhancing record-keeping practices, and improving the training and awareness of key personnel involved in managing IPTs.

With these enhancements, our Client has aligned more effectively with SGX Rules Chapter 9 and the IPT mandate, reducing potential risks to both the subsidiary and the holding company.

For more information, please contact us at:

Phone: +65 6332 4649

Email: services@virtusassure.com

Virtus Assure examined one of Singapore’s prominent Charity’s financial and operational activities, including reviewing its risk management and governance practices. Virtus Assure recommended updating internal checks and policies to strengthen the system of internal controls and enhance the Charity’s governance culture.

The Charity’s Executive Committee and Management concurred with Virtus Assure’s recommendations and is currently in the process of implementing the necessary internal controls. A copy of our report is used by the Charity as a prerequisite to secure funding.

About Virtus Assure
Virtus Assure Pte. Ltd. is an independent assurance services consultancy that is at the forefront of providing Enterprise Risk, Control and Governance Assessments to exchange listed companies and non-profit organizations. Our professionals have a depth of technical experience and commitment to providing highly customized and responsive services. Virtus Assure’s core proposition is to offer value added services in response to our client’s needs.

For more information, please contact:

Joshua Siow, Managing Director
Virtus Assure Pte. Ltd.
1 North Bridge Road,
#02-07 High Street Centre
Singapore 179094

Phone +65 6332 4649
Email  services@virtusassure.com

Virtus Assure has appointed the Hon. David Butcher as a Senior Advisor to the firm. As Senior Advisor, he will provide strategic guidance and act as a thoughtful sounding board, to help the firm remain true to its mission. The firm’s directors and management take seriously their commitment to operationalise the experience brought to our company by David.

David was a minister in New Zealand’s Government responsible for all aspects of Agriculture, Lands and Forests (1984-1987) and played a crucial role in New Zealand’s abolition of subsidies to its land based industries, bringing producers closer to their markets. From 1987, he was a full Cabinet Minister in Portfolios including Energy, Trade and Industry, Commerce and Finance.

Since democratic retirement from politics he has undertaken more than 70 assignments in about 35 different countries, for institutions such as the World Bank, Asian Development Bank and the United Nations. He has carved out a career in public sector reform, including commercialisation, corporatisation and privatisation, applying in African, Asian and Middle Eastern Countries the lessons from a reforming government. He has increasingly realised that private sector governance issues are similar.

Sustainability Reporting – In 2016 David was invited to present a paper on strategic accounting at the 4^th Annual strategic Management Accounting Forum. Sustainability reporting is a more specialised comprehensive version of integrated accounting where all aspects of the business are highlighted in the annual report, requiring the board and management to assess all the strategic factors affecting the business.

Corporate Governance – David’s SOE reform work is strongly related to improving corporate governance and strategy. He helped refine a strategic business planning methodology, based on the conversion of ministry business operations into registered companies where the shares are held by the government. The new methodology was initially used in the NZ Coal Corporation and subsequently in several successful assignments in governments, NGOs and the private sector. There were significant productivity gains, improved commercial performance, greater profitability with profits and tax paid to the government in place of capital injections.

Regulation of business –Throughout history, competition has been the main regulator of business. In David’s experience, in competition investigations, draft regulations designed to confer business certainty or address market failures, the question should be asked “would more competition do a better job that yet another regulation inviting regulatory failure?” Nine times out of 10 the answer is “Yes!”. In David’s role as Minister of Trade and Industry and Commerce he saw examples where regulations could be replaced with competition and achieve a better outcome.

Risk Management – In 2016 David was employed by the United Nation’s ESCAP (Economic Commission for Asia and the Pacific) ICT for Disaster Risk Reduction Division to prepare an evaluation of their major project focused on ICT for Disaster Risk Reduction. He highlighted that 63% of all disaster related deaths and 43% of all major disasters are in the Asia Pacific Region and account for 50% of economic costs. The Private sector share of rehabilitation is between 70 and 85% so risk reduction by the private sector is vital.

David is a Certified Management Consultant (CMC) and is available to help you develop strategies for dealing with issues similar to those above.

If you’d like to contact him, he can be reached via email here: David.Butcher@virtusassure.com