Monetary Authority of Singapore Annual Report 2010/2011
Board Committees

The MAS Act provides that the Board of Directors shall be responsible for the policy and general administration of the affairs and business of MAS. The Board is assisted by the following committees:

CHAIRMAN’S MEETING

  The Chairman’s Meeting approves major changes to MAS’ supervisory policies and regulatory framework. It also approves major changes to policies and strategies relating to financial centre development and international and regional relations. The Chairman’s Meeting comprises Tharman Shanmugaratnam (Chairman), Lim Hng Kiang, Teo Ming Kian and Ravi Menon.

MONETARY AND INVESTMENT POLICY MEETING

  The Monetary and Investment Policy Meeting deliberates and decides on issues relating to the formulation and implementation of monetary policy with the objective of maintaining price stability for sustainable economic growth. The Meeting also oversees the investment of MAS’ reserves. The Monetary and Investment Policy Meeting comprises Tharman Shanmugaratnam (Chairman), Lim Hng Kiang, Teo Ming Kian and Ravi Menon.

AUDIT COMMITTEE

  The Audit Committee provides an independent assessment of MAS’ internal controls and financial reporting process. The Committee also reviews the efforts of MAS’ internal and external auditors. The Audit Committee comprises Teo Ming Kian (Chairman), Lucien Wong and Peter Ong.

RISK COMMITTEE

  The Risk Committee provides oversight and guidance on the management of risks faced by MAS. The Committee oversees the MAS-wide risk management framework, and reviews MAS’ risk management policies and the processes for reporting of risks. The Risk Committee comprises Lim Chee Onn (Chairman), Sundaresh Menon and Ravi Menon.
*   As at 1 June 2011