Media Releases
Published Date: 17 January 2006

Changes to MAS Board of Directors

Singapore, 17 January 2006...The Monetary Authority of Singapore (MAS) announced that Mr Lee Seiu Kin and Mr Lucien Wong have been appointed to the MAS Board of Directors with effect from 1 January 2006.

2   Mr Lee is second Solicitor -General at the Attorney-General's Chambers overseeing the Criminal Justice Division and Civil Division as well as its Computer Information Systems Department. He is also a member of the Competition Commission of Singapore and the Civil Aviation Authority of Singapore. He chairs the LawNet Management Committee of the Singapore Academy of Law and is an arbitrator in the Regional Panel of the Singapore International Arbitration Centre.

3   Mr Wong is the Managing Partner of Allen & Gledhill. He has been appointed to the Appeal Advisory Panel set up under the financial and securities law of Singapore to advise on administrative decisions by MAS. He is also a member of the Council on Corporate Disclosure and Governance. Mr Wong sits on the Board of Directors of Cerebos Pacific Limited and Singapore Technologies Engineering Limited.

4   MAS also announced the re-appointment of Mr Lim Chee Onn (with effect from 1 January 2006) and Mr Lim Siong Guan (with effect from 18 January 2006) for a period of two years.

5   Two of MAS' Directors, Dr Philip Pillai and Mr Chan Seng Onn, have stepped down. Their term ended 31 Dec 05. Dr Pillai has served as a director since 1 January 2000. He was a member of the Audit Committee which provides an independent assessment of MAS' internal controls and financial reporting process. Mr Chan has served as a director since 1 January 2002. He was a member of the Audit and Risk Committees. The Risk Committee oversees the implementation of a MAS-wide risk management framework. MAS expresses its deep appreciation to Dr Pillai and Mr Chan for their excellent service
and contributions.

6   The detailed curriculum vitae of Mr Lee and Mr Wong are at Annex 1 (177.5 KB) . The members of the MAS Board of Directors are at Annex 2 (87.7 KB) .