Media Release by The Company Legislation and Regulatory Framework Committee (''CLRFC'')

FEEDBACK FROM THE CLRFC'S PUBLIC CONSULTATION

The Company Legislation and Regulatory Framework Committee ("CLRFC") has published the feedback from its May 2002 public consultation on the Internet. It lists all the major comments and suggestions from the 102 respondents who participated in the open public consultation. The CLRFC is currently finalising its recommendations, taking into account the feedback.

2. The CLRFC is one of the three private-sector-led committees appointed by the Minister for Finance in December 1999 to undertake a thorough review of corporate governance and regulation in Singapore. Its terms of reference are: "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". 3. The CLRFC's consultation paper comprises the following five chapters:

(a) Chapter 1: Business Vehicles and Small Business
(b) Chapter 2: Capital Raising, Capital Maintenance and Company Charges
(c) Chapter 3: Corporate Governance
(d) Chapter 4: Corporate Insolvency
(e) Chapter 5: Boundaries and Concluding Recommendations

4. Please refer to the CLRFC's website at http://www.mof.gov.sg/cor/clrfc.html for the CLRFC consultation paper and the feedback received.

MINISTRY OF FINANCE