Corporate Governance Council appointed in Singapore

9 February 2010

The Monetary Authority of Singapore (MAS) has enlisted leading members of the business community and stakeholder groups to create a new Corporate Governance Council.

Chaired by the chief executive of Singapore Press Holdings Alan Chan, the council will advise the MAS, the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Limited (SGX) on matters of governance.

Representatives of the MAS, ACRA and SGX will also be appointed to the body on an ex-officio basis.

Mr Chan explained that the council will aim to "take on board the lessons learned from the 2008 financial crisis and review the adequacy of the current code of corporate governance".

He also said that promoting high standards of governance in Singapore will both enhance the confidence of foreign investors and safeguard the city-state's global reputation as a "trusted financial and business hub".

Founded in 1971, the MAS is Singapore's central bank and its board members are appointed by the president.