Singapore plans augmented corporate governance measures

Singapore is looking to make improvements to its corporate governance regulations in the coming months, as it seeks to enhance transparency in local business practices.

A panel set up by the Monetary Authority of Singapore has suggested changes to central bank rules in areas such as director independence, executive remuneration and risk management, reports the Wall Street Journal.

The objective of these reforms would be to further improve the image of the nation as being a safe harbour for investors, building on a reputation for governance standards that is already among the best in Asia.

It is thought that these initiatives could be in response to recent scandals and financial fraud cases involving certain S-chip companies that are based in China but are listed in Singapore.

Alan Chan, chairman of the local Corporate Governance Council, said: "The council believes that the proposed set of recommendations is a balanced package that will help enhance Singapore's corporate governance standards and is pragmatic and workable in practice."

Last month, BoardAgender and the NUS Business School produced a report suggesting that Singaporean firms are still falling down in the area of boardroom diversity, with women accounting for only seven per cent of board roles in locally-listed firms.