Singapore, 4 February 2010...The Monetary Authority of Singapore (MAS) has announced today the composition of the newly established Corporate Governance Council.

2   The Council will be chaired by Mr Alan Chan, Chief Executive Officer, Singapore Press Holdings Limited. Members of the Council are drawn from the business community and stakeholder groups, and have been appointed for a two-year term from 1 February 2010 (see Annex for a list of the members). Representatives from MAS, the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Limited (SGX) will be appointed to the Council on an ex-officio basis. The Council may draw on the assistance of other individuals in the course of its work.

3   The Council seeks to promote a high standard of corporate governance in companies listed in Singapore, so as to maintain investors' confidence and enhance Singapore’s reputation as a leading and trusted international financial centre. The Council will also play an advisory role to MAS, ACRA and SGX on matters relating to corporate governance, such as the Code of Corporate Governance and relevant rules and regulations pertaining to companies listed in Singapore. The Council will also identify opportunities for continuing professional development of directors and the development of practical guidance for Board committees of listed companies. 

4   Mr Alan Chan said, “The establishment of a dedicated corporate governance council is timely as we can take on board the lessons learned from the 2008 financial crisis and review the adequacy of the current Code of Corporate Governance.  By promoting good corporate governance practices amongst Singapore firms and building up a pool of stakeholders who can help us do so, we can enhance investors’ confidence and Singapore’s reputation as a trusted financial and business hub.”

Annex

COMPOSITION OF THE CORPORATE GOVERNANCE COUNCIL