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Merger of RCB and PAB

30 May 2003

The Registry of Companies and Businesses (RCB) and the Public Accountants Board (PAB) will come together as a new statutory board under the Ministry of Finance (MOF) by 1 April 2004. Its Chief Executive (Designate) will be Ms Juthika Ramanathan, currently the Registrar of RCB.

2. The RCB, a department under MOF, oversees the formation of companies and businesses in Singapore, and maintains a repository of corporate records and business information. The PAB, a statutory board under MOF, registers and regulates public accountants in Singapore. Details of both agencies are at Annex A.

3. The merger brings together two agencies with regulatory oversight of businesses, one to assure compliance with the laws for companies and businesses, and the other to assure professional standards in the audit of company accounts. The recent enhancements to Singapore's corporate regulatory and governance framework means more effort to monitor the observance of business regulations, simplification of rules as much as possible to facilitate business, helping companies to comply with the code of governance, and enforcing compliance with the prescribed accounting standards. Merging the two agencies will create synergies in the oversight of businesses and greater responsiveness to their needs.

4. The new statutory board will work closely with other Government agencies such as the Attorney-General's Chambers, the Monetary Authority of Singapore and the Commercial Affairs Department, as well as professional organisations such as the Law Society, the Institute of Certified Public Accountants of Singapore and the Singapore Association of the Institute of Chartered Secretaries and Administrators, to maintain standards and help companies adopt good practices in corporate governance. It will support the Council on Corporate Disclosure and Governance.

5. The implementation details for the merger are being worked out by a team led by MOF.

Annex B: Pen Picture of Chief Executive (designate)