SINGAPORE - Corporate governance is becoming a major driver in Singapore's economic competitiveness, according to finance minister Richard Hu.
Speaking at a corporate governance forum on Monday, Hu said that countries must observe norms of corporate governance if they want to attract investors and investments from around the world. “These norms give comfort and transparency to those not totally familiar with the local business milieu,” he said.
The forum follows the publication of a code of corporate governance by the Corporate Governance Committee in April this year. The Singapore Exchange has endorsed the code, which serves as the benchmark of corporate governance best practices for all public listed companies. While companies may deviate from specific aspects of the code, they have to disclose and explain deviations from the code in their annual reports.
Hu said that while changes are being contemplated, Singapore has to align its corporate disclosure and governance framework to the changing needs of the global market.
“Our drive for higher standards of corporate governance and sound regulatory frameworks will only succeed with the Government and the private sector working hand in hand,” he said.
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