Hello again,

The Steering Committee for Review of the Companies Act was appointed by the Ministry for Finance in October 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.

This Steering Committee was chaired by the Attorney-General, Professor Walter Woon and comprises 11 members from varied backgrounds, including accountancy, corporate law, corporate governance, academia and the government.

The scope of review — The present Companies Act (“CA”)was enacted in 1967 and there had been several amendments over the years. Some of the amendments were to update the CA in specific areas, while others were a result of reform efforts.

A number of other jurisdictions had since undertaken a complete review of their own company law framework, e.g. Australia and UK. Hong Kong is also in the midst of its Companies Ordinance rewrite.

The Steering Committee is tasked to do a comprehensive review, to look at what changes to the CA are needed to ensure that our laws are internationally competitive and can cater to the business environment of the future.

The aim is to provide a conducive, effective and efficient regulatory framework for setting up and doing business here, to keep pace with relevant international legal developments and technological advances, to provide flexibility and clarity to directors and management of enterprises in the operation of corporate entities, but without compromising the interests of stakeholders and the public, as well as maintain an appropriate balance in the use of statutory provisions in regulating corporate behaviour, and promoting greater accountability and transparency while keeping the costs of compliance low and manageable.

The discussions are still out there …. Do keep tab of this website and our blog for latest updates.

Sincerely
Valerie