Monetary Authority of Singapore (MAS) has established a Corporate Governance Advisory Committee (CGAC) to advocate good corporate governance practices among listed companies in Singapore. The permanent, industry-led body, will be chaired by Bobby Chin, director, Singapore Telecommunications.

The CGAC is advisory in nature, and does not carry any regulatory or enforcement powers. It will not provide specific opinion, advice or guidance to listed entities on ongoing cases and investigations.

Thus, the CGAC will conduct the following duties:

  • Assess the current, emerging and potential risks to the quality of corporate governance
  • Provide opinions on such practices, including highlighting areas for improvement
  • Issue or revise Practice Guidance, to clarify the provisions of the Code of Corporate Governance
  • Monitor international trends and recommend changes to the CG Code
  • Consult stakeholders, including listed entities, on proposed changes to the CG Code
  • Act as a resource to regulators (SGX RegCo, MAS and ACRA), including advising them on issues
  • It may publish an annual report based on its observation of such practices in Singapore

The CGAC comprises 18 members with diverse experience in corporate governance matters. They are:

  • Bobby Chin, (Chairman) Director, Singapore Telecommunications
  • Prudence Ann Bennett, Corporate Governance Consultant, Former Head of Investment Stewardship, BlackRock, APAC
  • Timothy Chia, Director, The Straits Trading Company
  • Philip Eng, Director, Frasers Property
  • David Gerald, President, Securities Investors Association (Singapore)
  • Hsieh Fu Hua, Former CEO, Singapore Exchange
  • Dr Mak Yuen Teen, Associate Professor of Accounting, National University of Singapore
  • Ng Kee Choe, Chairman, CapitaLand
  • Ng Tat Pun, Chairman, Sing Investments & Finance
  • Christina Ong, Co-Chairman and Senior Partner, Allen & Gledhill LLP
  • Bahren Shaari, CEO, Bank of Singapore
  • Dr David Smith, Head of Corporate Governance, Asia Pacific, Aberdeen Standard Investments
  • Bob Tan, Chairman, Jurong Engineering
  • Tan Hwee Bin, Director, Wing Tai Holdings
  • Tham Kui Seng Director, Sembcorp Industries
  • Tham Sai Choy Chairman, Singapore Institute of Directors
  • Wong Wei Kong, Editor, The Business Times
  • Yeoh Oon Jin, Executive Chairman, PwC Singapore

Bobby Chin, CGAC Chairman said: "The effectiveness of the CG Code will require sustained commitment in both substance and form by companies and stakeholders. The CGAC, as an independent, standing industry-led body, is dedicated to supporting these efforts."

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