As you may be aware, the Steering Committee for Review of the Singapore Companies Act was commissioned by the Ministry of Finance in Oct 2007 to REVIEW and REWRITE the Companies Act, so as to retain an efficient and transparent corporate regulatory framework that supports Singapore’s growth as a global hub for both businesses and investors.
The Steering Committee had been working hard to perform a comprehensive review of our Act, in comparison with what’s already happening in other jurisdictions like Australia, Hong Kong and UK.
Its approach is to see how we can either lessen the regulatory burdens of companies or make it easier for them to comply with the statutory requirements, whilst ensuring transparency and accountability to 3rd parties.
There had been 2 confidential discussion papers so far dealing with directors and corporate governance issues, and accounts and audit. Subsequent discussion papers will cover issues relating to shareholders’ rights and meetings, capital maintenance and shares, takeovers and amalgamation, registration of charges and general company administration.
As we all can expect quite some imminent changes to the Companies Act, hence I have started a MeetUp Group called the “Singapore Corporate Compliance Club (SCCC)” for you to join in.
The purpose of this MeetUp Group is for us to exchange, meetup, discuss, expound the Companies Act and its implications, etc! I would like all of us to be kept abreast of the forthcoming new changes, which will be unveiled when the time is right (as approved by the Ministry to be released).
In the meantime, please do click on this link to join in:
http://www.meetup.com/find/?keywords=singapore+corporate+compliance&country=sg&locationPickerRef=0&dbCo=sg&dbOutsideUsLink=&dbZip=meetup1&zip=meetup1&op=search&style=&submitButton=Search
Membership is FREE and all are welcome to join! If you know of anyone who might benefit from joining, please do request them to sign into this SCCC MeetUp.
Best regards
Valerie Lim