Council On Corporate Disclosure And Governance Launched

1. The Deputy Prime Minister and Minister for Finance has appointed Mr. J Y Pillay to chair the Council on Corporate Disclosure and Governance ("CCDG"). The CCDG has 15 members, drawn from business, the professions, academia and government. It will prescribe accounting standards for companies in Singapore, and review corporate governance and disclosure practices on a continuing basis. (See Appendix 1 for some photographs of the CCDG and a list of the members).

2. Speaking at the launch of the CCDG this afternoon, DPM Lee Hsien Loong described the CCDG as an important step forward in strengthening the corporate governance and regulatory framework, to advance Singapore's standing as a premier financial and business hub. (See Appendix 2 for DPM's Lee speech at the launch of the CCDG.)

Terms of Reference of the CCDG

3. The CCDG has the following terms of reference:
(a) To prescribe accounting standards in Singapore;
(b) To strengthen the existing framework of disclosure practices and reporting standards, taking into account trends in corporate regulatory issues and international best practices; and
(c) To review and enhance the existing framework on corporate governance and promote good corporate governance in Singapore, taking into account international best practices.

4. More information can be found on the CCDG website at http://www.ccdg.gov.sg. For media queries, please contact:

Mr. Chee Hong Tat
CCDG Secretariat
Tel: 6332 7373
Email: chee_hong_tat@mof.gov.sg

Appendix 1: Composition and photographs of the CCDG

Appendix 2: DPM's speech at the launch of the CCDG

MINISTRY OF FINANCE