CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY 20
 
International Financial Markets: Subprime Crisis 20
 
Asia: Resilient So Far But There Are Risks 23
 
Enhanced Surveillance and Supervision 24
 
Money Markets: Staying Vigilant 24
 
Business Continuity and Crisis Management 25
 
FATF Mutual Evaluation Exercise 2007/2008 26
 
AML/CFT Notice to SVF Holders 26
 
External Validation Performed Between Other Ministries' Internal Audit Departments and MAS 26
 
Box Story 2 - Audit Committee Guidance Committee 27
 
Risk Management Guidelines for Insurance Companies 28
 
Consumer Protection (Fair Trading) Act - Inclusion of Financial Products and Services 28
 
Corporate Governance of Listed Companies 28
 

Corporate Governance of Listed Companies

With effect from 1 September 2007, MAS and SGX took over the oversight of corporate governance of listed companies from the Council on Corporate Disclosure and Governance. With the active involvement of SGX and market participants, MAS will conduct periodic reviews of the Code of Corporate Governance to ensure that it remains relevant and useful, and is in line with global best practices.

MAS and SGX are working on two initiatives with market participants. The first involves giving practical guidance to audit committees to enhance their effectiveness. To this end, MAS, ACRA and SGX have established an industry-led Audit Committee Guidance Committee to develop practical guidance to assist audit committees in attaining a better understanding of their role and responsibilities so that they can be more effective in discharging their responsibilities. The second initiative involves the training and professional development of directors. The Singapore Institute of Directors (SID) is conducting a comprehensive review of training and professional development of directors in Singapore. SID has involved MAS, ACRA and SGX in developing the scope of the review. We will work with SID on assessing the recommendations for implementation.