New Chairman For The Accounting And Corporate Regulatory Authority (ACRA)

      The Minister for Finance has appointed Ms Chan Lai Fung as Chairman of the Board of the Accounting and Corporate Regulatory Authority (ACRA). The appointment will take effect from 1 September 2010. Ms Chan takes over from Mr Peter Ong Boon Kwee, also the Permanent Secretary (Finance), who has been appointed Head of Civil Service with effect from 1 September 2010.

2.    During his tenure, Mr Ong steered ACRA to further promote a business-friendly environment in Singapore by ensuring that its policies are responsive, sound and effective. These included the Enhancement of the Practice Monitoring Programme (a programme to maintain professional standards of auditors), the implementation of the Committee to Develop the Accountancy Sector (CDAS) recommendations and the review of the Accountants Act and the Business Registration Act.

3.    Under Mr Ong's stewardship, ACRA also continued to leverage on information technology in its effort to provide innovative services to meet the changing needs of their stakeholders. In January this year, ACRA launched the Open Analytics, a financial analytical information service which gives businesses and investors easy access to dynamic and comparative financial information through the use of extensible Business Reporting Language (XBRL). This enhances the level of transparency and disclosure in the market place, as well as improves Singapore's competitive standing as a place to do business. With Mr Ong's keen interest in enhancing stakeholders' engagement, ACRA set up a private-public sector Business Facilitation Advisory Committee to better understand and meet the needs of businesses so as to improve the business operating environment.

4.    The Ministry of Finance and the Accounting and Corporate Regulatory Authority welcome Ms Chan Lai Fung to the Board and express their appreciation to the outgoing Chairman, Mr Peter Ong Boon Kwee for his contributions to the Board.

5.    A brief write-up on the new Chairman and outgoing Chairman is attached at Annex A (86 KB). 6.    The Board of the Accounting and Corporate Regulatory Authority comprises 16 members, including the Chairman. The current list of members is at Annex B (101 KB).

MINISTRY OF FINANCE
30 August 2010