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Corporate Governance – Time to shake up the Boardroom

 

Guest Speakers


Mr John Lim
Chairman
Singapore Institute of Directors

 




Mr Henry Tan
Managing Director, Nexia TS
Chairman, Nexia China



Global events since the 2008 financial crisis have underscored the importance of companies taking an integrated, enterprise-wide perspective of their risk exposure. There is heightened concerns and focus on risk governance, and it has become clear that companies should have a sound system of risk management and internal controls to identify, assess, manage and mitigate risk.  Strong corporate governance practices play an important role in upholding Singapore's reputation as a well-established capital market in Asia and one of the world’s leading and trusted international financial centre.

With effect from 29 September 2011, under Rule 719(1) of the SGX-ST Listing Manual, an issuer is required to have a robust and effective system of internal controls, addressing financial, operational and compliance risks.  Also, the Board is now required to give an opinion, with the concurrence of the audit committee on the adequacy of the internal controls, addressing financial, operational and compliance risks. Will Singapore Directors go over board or under estimate its responsibilities? How can Boards handle the new requirements?

In order to further raise the standard of corporate governance, the Corporate Governance Council, a panel appointed by the Monetary Authority of Singapore, has recommended that independent directors should make up at least 50% of the board of a listed company under various circumstances when the Chairman is not independent. Additionally, the definition of ‘independence’ has been widened to include independence from a 10% shareholder. The independence of any independent director who has served 9 years on the board from the date of appointment will be subject to particularly rigorous review. How many board seats is one too many? How independent should independent directors be?

Mr John Lim,  Chairman of the Singapore Institute of Directors, will review the key provisions of the Code as well as share with us the implications the new Code will have for Boards.  Following that, we will have Mr Henry Tan, Managing Director of Nexia TS and Chairman of Nexia China, who will examine the responsibilities that Board of Directors and Management have in ensuring a robust and effective internal control and an effective audit function.  He will also delve into the recent case involving China Sky and review the lessons to be learnt.


The Speakers

John Lim
Mr Lim is the Chairman of Gas Supply Pte Ltd, Singapore's largest piped natural gas importer, and Vice-Chairman of the Singapore Institute of Management. He was Deputy Chairman of NTUC FairPrice Co-operative until the end of September this year and Executive Deputy Chairman of LMA International NV, a global medical device company until the end of 2010. He is also the immediate past Chairman of Building & Construction Authority and of Senoko Power Limited and was a former Deputy Chairman of the Agri-foods and Veterinary Authority of Singapore. He was previously Group Managing Director of Pan-United Corporation Limited, MPH Ltd and Chief Executive Officer of Cold Storage Holdings Ltd. He now sits on the Boards, Audit, Remuneration and Nominating Committees of several listed and non-listed companies. He is a member of the Corporate Governance Council, Securities Industry Council, Company's Act Review Steering Committee, Management Committee of Singapore Compact for Corporate Social Responsibility, Senate Member of the Marketing Institute of Singapore, a former director/Council Member of both the Singapore International Chamber of Commerce and the Singapore Confederation of Industries, a member of the Audit Committee Guidance Committee and the Disclosure and Accounting Standards Committee. He is a past President of Sentosa Golf Club.


Henry Tan
Henry Tan, Managing Director of Nexia TS and Chairman of Nexia China, has been serving clients in the areas of mergers and acquisition, accounting and taxation advisory in Singapore and the region. He is also the Asia Pacific Chairman and International Board member of Nexia International.

Henry assisted companies especially entrepreneurs since 1993 to grow their business in Asia. He has also more than 15 years of experiences in China market.


Programme Outline

Time Programme
12:00pm

Registration

12:30pm

Welcome Address

12:35pm

Lunch is served

12:40pm

Presentation by
John Lim

1:10pm Presentation by
Henry Tan
1:45pm Panel discussion – Q&A
2:00pm Event Concludes

Event Details

Date:
16 July 2012, Monday
Time:
12:00pm to 2:00pm
(Registration begins at 11.45 am)
Venue:
UBS AG
One Raffles Quay
Level 49, North Tower
Singapore 048583
Contact Information:
Ms. Serene Chng
Nexia TS
(65) 6734 5700 ext. 803
serenechng@nexiats.com.sg
This event is strictly by invitation.