The Singapore Corporate Governance Code 2012 Briefing shed new light on the role of directors and members of the board. Traditionally perceived as the audit committee’s responsibility, the new Code includes a formal statement on the board’s responsibility to manage risk.
The half-day briefing, jointly organised by RHTLaw Taylor Wessing LLP, Singapore Institute of Directors (SID) and KPMG Advisory LLP, was well attended by over 90 members of SID, who comprise key management and board members of listed companies in Singapore. Speaker Mr Tan Chong Huat, Managing Partner and Head of the Corporate and Securities Practice of RHTLaw Taylor Wessing, shared on the key changes to the Code as well as recent case studies.
Also speaking at the event was Mr Irving Low, Head of Governance, Risk & Compliance Services at KPMG Advisory, who shared on the challenges firms might face in putting into place a proper risk management system. In particular, he cautioned that of all the internal risk controls laid out by the new code, operational risk was likely to present the most problems due to its broad scope.
The two speakers were joined by Mr Arthur Lang, Group Financial Officer for CapitaLand Limited, and Mr Danny Teoh, Board Member, DBS Group Holdings Ltd. in a panel which discussed the impact of these changes on companies in Singapore.
Issue 2 of RHT Group of Companies’ Client Updates newsletter summarises the key amendments to the Code of Corporate Governance, which was issued by the Monetary Authority of Singapore (MAS) on 2 May 2012.
The newsletter is available in both English and Chinese.
Please click the links below to view:
Key Amendments to the Code of Corporate Governance (English)
Key Amendments to the Code of Corporate Governance (Chinese)
RHT Group of Companies comprises RHT Corporate Advisory Pte. Ltd. and RHT Capital Pte. Ltd.
RHT Corporate Advisory provides compliance advisory services and corporate secretarial and business services. The Team has experience advising both local and international public listed companies, multinational companies, business trusts, charities and institutions of public character as well as offshore companies from a wide spectrum of industries.
RHT Capital is an approved Continuing Sponsor on Catalist, the sponsor-supervised board of the Singapore Exchange Securities Trading Limited. The team is well equipped to supervise, advise and provide guidance and assistance to Catalist companies in their continuing listing obligations, compliance with the laws and regulations including the Catalist Rules, and on corporate governance.
RHTLaw Taylor Wessing’s Managing Partner Mr Tan Chong Huat spoke on China business law at the inaugural Future China Advanced Leaders Programme, held on 7 May 2012.
Organised by Business China and Nanyang Technological University's Nanyang Business School, the three-week programme aimed to help participants become China-savvy and China-ready through lectures and networking opportunities with China’s industry leaders and officials. The programme was attended mainly by top executives and second generation owners of Singapore’s prominent businesses.
Partners Ms Ch'ng Li Ling and Mr Lin Song also spoke to participants of this programme and shared their experiences of doing business in China.
RHTLaw Taylor Wessing has extended its international reach to six new jurisdictions in Central and Eastern Europe (CEE) via Taylor Wessing’s merger with leading Austrian firm e|n|w|c.
The merger was announced today by Taylor Wessing, which for the past eighteen months has been implementing an ambitious international strategy for expansion into the world's growth economies, with one of the Firm's target regions being the CEE. With offices across Central and Eastern Europe, including in Budapest, Prague, Brno, Bratislava, Warsaw, Kiev, Klagenfurt and Vienna, Taylor Wessing's merger with e|n|w|c has allowed the Firm to realise that goal.
e|n|w|c was founded in 1986 and today has 24 partners and more than 70 lawyers operating across its eight offices, advising major international companies in the commercial, industrial, service, banking and insurance sectors.
e|n|w|c will formally become part of Taylor Wessing as 'Taylor Wessing e|n|w|c Attorneys at Law' today, 4 May 2012. The move takes Taylor Wessing's fee earning headcount to almost 900 across 22 offices in Europe, the Middle East and Asia.
Tim Eyles, Managing Partner of Taylor Wessing UK, comments:
"Our merger with e|n|w|c is part of our wider strategy to service the demands of our international client base operating in the industries and economies of tomorrow. Ensuring a depth of coverage in CEE and SEE is a key element of that strategy, in tandem with our expansion plans for Asia and the Middle East. e|n|w|c's embedded legal and industry knowledge will give us a strong foothold in CEE and SEE and, as such, the capability to help our clients achieve their ambitions with a comprehensive service tailored to local legal environments, cultures and market conditions."
Tan Chong Huat, Managing Partner of RHTLaw Taylor Wessing, comments:
"With the merger of e|n|w|c to Taylor Wessing, we are excited at the opportunities in this region and how our clients may now have access to a reputable firm in CEE to assist them in their business and investment activities."
Dr. Raimund Cancola, Managing Partner of Taylor Wessing e|n|w|c Attorneys at Law, comments:
“The ability to deliver top quality service to our clients across practice areas and jurisdictions has always been our aspiration. As our clients become increasingly international in their outlook and requirements, the decision to become part of an international law firm is the logical corollary of our corporate philosophy, allowing us to grow with them in this fast changing and increasingly competitive environment.”