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The Singapore Code of Corporate Governance, or any other country code, has far reaching implications for listed companies in a disclosure-based regime. Lack of compliance with the code can turn into overnight negative publicity and a marked drop in interest from investors in your company.
A new Code of Corporate Governance (announced July 14th 2005) has been introduced, necessitating implementation and disclosure at Annual General Meetings on or after January 1st 2007. The implication of this is that companies listed on the Singapore Exchange must be actively seeking to comply with the new Code throughout 2006 in order to report compliance at those general meetings.
Under rule 710 of the Listing Rules of the SGX, issuers are required to describe their corporate governance practices and make required disclosures with reference to the Principles and Guidelines of the Code. In addition to this, companies are required to disclose and explain any deviations to the Code requirements. Companies are also encouraged to issue a full and positive statement confirming that they have adhered to the Principles and Guidelines of the Code, or specify each area of non-compliance.
However, companies face a number of difficulties in implementing this new Code, not least understanding the issues involved and the requirements of the Code.
HIM Governance is developing an exclusive application toolkit for the Singapore Code of Corporate Governance. By making use of this toolkit, we are able to advise, train, and consult on the implementation of the Code.
The application toolkit:
- Provides an understanding and overview of underlying principles and philosophies;
- Discusses ways in which listed companies need to comply with principles and guidelines;
- Advises on ways in which listed companies can achieve best practise; and
- Sets out how listed companies can disclose and report their governance practises in order to best communicate with shareholders.
The introduction of the Singapore Code of Corporate Governance 2005 means that firms should be implementing changes for announcement at AGMs from January 1st 2007.
HIM Governance can undertake a health check of your organisation's compliance with the latest version of the Singapore Code of Corporate Governance, and identify gaps in compliance.
Click here for more about the services that we offer to both corporate and non-profit organisations.
Please contact us if you wish to find out more, or arrange a preliminary discussion.
55 Genting Lane
Parpia House Level 4
Singapore 349563
T: 65-6287-1919 F: 65-6280-4835