Joint Press Release by MAS, SGX and ACRA

Establishment of Audit Committee Guidance Committee

Singapore, 15 January, 2008...The Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (ACRA), and the Singapore Exchange Ltd (SGX) today established the Audit Committee Guidance Committee (ACGC). Tasked with developing practical guidance for audit committees, the industry-led ACGC is a key initiative announced by MAS and SGX in June 2007 (Please click here to view) to strengthen corporate governance practices of listed companies in Singapore.

2. The ACGC will be chaired by Mr Bobby Chin Yoke Choong. Members of the ACGC are drawn from the business community as well as stakeholder groups such as the Institute of Certified Public Accountants of Singapore, the Law Society of Singapore, the Singapore Association of the Institute of Chartered Secretaries and Administrators, and the Singapore Institute of Directors.  Members of the ACGC are listed in the Appendix (PDF, 64KB).

3. The ACGC will develop the practical guidance to assist audit committees of SGX-listed companies in better appreciating their responsibilities and enhancing their effectiveness.  Among other things, the guidance will:

(a)  focus on the practical aspects and considerations of the work of audit committees, including the implications of (i) the requirements of the Companies Act; and (ii) the principles and guidelines of the Code of Corporate Governance; and

(b) identify and describe best practices of effective audit committees.

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