The Company Legislation and Regulatory Framework Committee (“CLRFC”) was appointed by the Ministry of Finance, the Attorney-General’s Chambers and the Monetary Authority of Singapore in December 1999. The terms of reference were “to undertake a comprehensive and coherent review of our company law and regulatory framework and recommend a modern company law and regulatory framework for Singapore which accords with global standards and which will promote a competitive economy”.

The Committee presented its Final Report to the Government in October 2002. The Government announced its acceptance on 22 October 2002 at the Morgan Stanley Asia-Pacific Summit 2002