Corporate governance
The Tote Board Group, which includes Tote Board, Singapore Pools and Singapore Turf Club (STC), upholds the highest standards of corporate governance.
Last updated 29 December 2025
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Board and Committees
The Board of Tote Board
The Board is the organisation’s highest decision-making body. In addition to carrying out its statutory responsibilities, the Board sets strategic directions and policies to fulfil Tote Board’s mission. The Chairman and Members of the Board are individuals from both public and private sectors with broad and diverse expertise and experience, appointed by the Minister for Finance.
Audit and Risk Committee
The Audit and Risk Committee (ARC) reviews the adequacy and effectiveness of Tote Board's internal controls and risk management framework and process, specifically over financial reporting, operations, compliance and technology.
The ARC has the authority to conduct or authorise investigations into any matters within its scope, with full access to and cooperation from Management. The ARC engages directly with the Group Internal Audit function and external auditors for matters relevant to its mandate.
The ARC also meets privately with the external and internal auditors at least once annually, or more frequently as deemed necessary.
Grant Approval Committee
The Grant Approval Committee (GC) evaluates and approves non-structured grant proposals exceeding $2 million, and up to and including $10 million. The GC may also identify opportunities to enhance cross-sector collaboration and funding and present them to the Board for consideration.
Investment Committee
The Investment Committee establishes and reviews policies related to the investment of Tote Board’s surplus funds. It evaluates investment returns, monitors the performance of fund managers, and makes decisions regarding the appointment or termination of fund managers, investment consultants and other service providers.
Accountability, Internal Controls and Risk Management
Enterprise Risk Management
The Board, through the Audit and Risk Committee (ARC), exercises overall risk governance and oversight of the Tote Board Group's Enterprise Risk Management (ERM) framework. This framework, which draws reference from ISO 31000 and COSO standards, ensures consistent risk management across the Group. Aligned with the Group's mission and strategies, it guides a risk-intelligent culture where employees make appropriate risk-informed decisions.
Internal Audit
Tote Board’s Internal Audit (IA) is an independent function reporting functionally to the ARC Chairman and administratively to the Chief Executive.
Based on the annual internal audit plan approved by the ARC, it conducts risk-based audits to evaluate the adequacy and effectiveness of internal controls within the Tote Board Group.
To ensure the independence of the IA function, IA auditors have unrestricted direct access to the ARC and to documents, records, properties and personnel within the Group to carry out its duties effectively.
Group IA adheres to the International Standards for the Professional Practice of Internal Auditing set by the Institute of Internal Auditors. Quality Assurance reviews are conducted periodically to ensure compliance with these standards.
External Audit
During the annual financial statements audit, external auditors review the internal controls aligned with the audit purpose and scope. Any material non-compliance or control weaknesses are communicated to the ARC, with recommendations from the external auditors.
The ARC reviews non-audit services provided by the auditors and the associated fees to maintain their independence. The ARC confirms that the provision of non-audit services does not impair the independence of the Tote Board Group’s external auditors, who also provide confirmation of their independence to the ARC.
Oversight of Singapore Pools and STC
Tote Board provides oversight for its subsidiaries, Singapore Pools and STC. This includes appointing the Board of Directors for Singapore Pools, the Management Committee for STC, the Chief Executive Officer of Singapore Pools, and the President and Chief Executive of STC.
Tote Board exercises financial oversight of its subsidiaries through regular budget reviews and monitoring. This ensures robust financial governance, prudent resource management, and alignment with strategic objectives across the group. Tote Board also carries out internal audit functions for its subsidiaries.
Whistleblowing Policy
Our Whistleblowing Policy provides a platform for partners, suppliers and members of public to report on observed improprieties that involve Tote Board staff and/or our partner(s)/supplier(s). Tote Board treats all feedback/complaints seriously and will investigate when there is a need to do so. The Tote Board Audit and Risk Committee will review all investigation reports and take necessary action.
Types of impropriety
Failure to observe a legal obligation
Miscarriage of justice
Concerns about the Board's accounting, internal controls or auditing matters
Breach of or failure to implement or comply with Tote Board's policies or the Instruction Manuals
Corruption, malpractice, acts of fraud, theft and mismanagement or misuse of Tote Board's properties, assets or resources
Conduct which is improper, unethical or in breach of the law
Abuse of power or authority
Serious conflict of interest without disclosure
Participation in or condoning a reputable wrongdoing through wilful suppression or concealment of any information relating to a wrongdoing
Confidentiality
Whistleblowers are strongly encouraged to provide their names and contact numbers to facilitate investigations. Further clarifications are often needed and helpful in investigations into the feedback/complaints. The ability to investigate depends on the quality and adequacy of the information provided by the Whistleblower. Subject to applicable laws and regulations, Tote Board will protect the confidentiality of the Whistleblower.
Protection of whistleblowers
Except for malicious whistleblowing, a Whistleblower who makes a feedback/complaint shall be protected by Tote Board against any reprisal.
If the results of an investigation show that the Whistleblower acted maliciously, did not act in good faith or submitted a feedback/complaint which he/she knew to be false, or without a reasonable belief in the truth and accuracy of the information, Tote Board shall consider taking appropriate action against the Whistleblower.
Reporting channels
Quality Service Manager
1800 767 0493
Senior Director, Corporate
Senior Director, Group Internal Audit
Chief Executive
Chairman, Audit and Risk Committee
Tote Board Office (mail)
Chief Executive, Tote Board
210 Middle Road, #06-01, Singapore 188994
How and what to report
The submission of complete information is important and helps in investigations. Please provide the following, where possible:
Name(s) of person(s)/company(ies) involved
Date, time and location of incident
Frequency of occurrence of the incident
Value of any money or assets involved
Physical evidence
Any other information that may substantiate the feedback/complaint