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CORPORATE GOVERNANCE EXECUTIVE

The CGE aims to disseminate findings from research on key corporate governance issues to:

directors,

executives,

policy makers,

regulators and

other professionals.

Every quarter, the CGE summarises the major research findings on a selected topical issue in a concise manner that is easily accessible to the busy practitioner, and which largely emphasises the practical implications.

Please note that we have discontinued the publication of the CGE. For ordering of earlier issues/printed copies, please contact us at . A nominal fee of SGD25.00 (excluding 5% GST) will be charged per issue for printed copies.

CGE ISSUES

Vol. 3, Issue 1 (January 2005)

Vol. 2, Issue 4 (October 2004)

Vol. 2, Issue 3 (July 2004)

Vol. 2, Issue 2 (April 2004)

Vol. 2, Issue 1 (January 2004)

Vol. 1, Issue 4 (October 2003)

Vol. 1, Issue 3 (July 2003)

Vol. 1, Issue 2 (April 2003)

Vol. 1, Issue 1 (January 2003)

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CG NEWS

The Corporate Governance and Financial Reporting Centre (CGFRC) publishes a monthly e-newsletter "CG News". This newsletter is sponsored by Federal Insurance Company (FIC), Singapore, the largest writing company of the Chubb Group of Insurance Companies. The objective of the newsletter is to summarise major news in corporate governance and directors' and officers' liability arena to enable the readers to keep themselves updated in the least possible time.

Click to SIGN UP FOR CG NEWS

CG NEWS (PAST ISSUES)

February 2008 - To be published

January 2008

December 2007

November 2007

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BOARD OF DIRECTORS SURVEY

The Corporate Governance and Financial Reporting Centre (CGFRC) collaborates with the Singapore Institute of Directors (SID), the Singapore Exchange Limited (SGX), Egon Zehnder International and PricewaterhouseCoopers in conducting a national survey on board practices in Singapore, known as the “Singapore Board of Directors’ Survey" on an annual basis. The objective of this survey is to assess current board practices especially in relation to the recommendations of the Code of Corporate Governance. We believe that the findings will provide relevant and current information on the corporate board structures and practices in Singapore and will serve as a useful guide to the corporate community in Singapore in their decisions on issues concerning their boards.

BOD SURVEY ISSUES

2005 - completed

2003/ 2004 - completed

2002 - completed

2001 - completed

For a copy of the Board of Directors Survey report analysing current board structures and practices in Singapore, please contact:

Singapore Institute of Directors
4 Shenton Way #14-02
SGX Centre 2
Singapore 068807
E-Mail: secretariat@sid.org.sg
Telephone: (65) 6227 2838
Fax: (65) 6227 9186

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CG & D&O SURVEY

2006/2007 Survey:

File at http://www.cgfrc.nus.edu.sg/download/JLT_survey/2007/DO_Survey_2007.pdf

2005 Survey:

CORPORATE GOVERNANCE AND DIRECTORS' & OFFICERS' LIABILITY SURVEY OF LISTED
COMPANIES IN
SINGAPORE 2005

The Corporate Governance and Financial Reporting Centre (CGFRC) was commissioned by Jardine Lloyd Thompson Private Limited to conduct a study on "Corporate Governance and Directors and Officers Liability of Listed Companies in Singapore”.

The study consisted of a survey conducted with the objectives of:

1) Assessing perceptions held by senior executives of companies listed on the Singapore Exchange as to the current state of corporate governance in Singapore.

2) Assessing awareness levels i) among directors and officers about their personal liabilities and related issues ii) of the existence of D&O liability insurance to cover such risks.

Changes in awareness of these issues since the previous survey conducted in 2004 are also reported.

The results of the study have been published in a report titled "Corporate Governance and Directors and Officers Liability Survey of Listed Companies in Singapore 2005" which can be downloaded at the following link.

Click here to view the survey report

Click here to view Prof Mak's presentation file for the study

Click here to view the JLT presentation file

Click here to view the media reports

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2004 Survey

CORPORATE GOVERNANCE AND DIRECTORS' & OFFICERS' LIABILITY STUDY

The Corporate Governance and Financial Reporting Centre (CGFRC) was commissioned by Jardine Lloyd Thompson Private Limited to conduct a study on "Corporate Governance and Directors and Officers Liability of Listed Companies in Singapore”.

The study consists of two parts. Firstly, a survey was conducted with the objectives of assessing the awareness of corporate governance and directors and officers liability issues in Singapore. This was followed by an archival study of cases against directors in singapore with the objective of understanding the pattern of directors’ and officers’ liability litigation in Singapore.

The results of the study are published in two reports entitled "Corporate Governance and Directors and Officers Liability Survey of Listed Companies in Singapore" and "A Study of Cases against Directors in Singapore", which can be downloaded at the following link. Please contact us if you need a hard copy of the report.

Click here to view the survey report

Click here to view the archival study report

Click here to view the presentation file for the study

Click here to view the JLT presentation file

Click here to view the compilation of news articles

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CG Disclosure Countries Studies

CORPORATE GOVERNANCE DISCLOSURES IN THAILAND

CGFRC-S&P Joint Study Shows Corporate Governance Disclosures in Thailand Need Improvement

About the study
The Corporate Governance and Financial Reporting Centre (CGFRC) collaborated with Standard & Poor's to examine the corporate governance practices of Thailand companies. This joint study on disclosures by Thai SET50 Index companies regarding corporate governance practices shows there is much room for improvement.

The study involves using the corporate governance disclosure scorecard developed by Standard & Poor’s to score disclosures of the corporate governance practices of the Thailand companies. The analysis is based primarily on the disclosures made in the latest annual report.

The results of the study are published in a report entitled "Corporate Governance Disclosures in Thailand: A Study of SET50 Companies", which can be downloaded at the following link. Please contact us if you need a hard copy of the report.

Click here to download the report

Click here to view the score card

Click here to view the article from The Bangkok Post

Click here to view the article from The Nation

Click here to view the article from The Business Day

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CORPORATE GOVERNANCE DISCLOSURES IN MALAYSIA

CGFRC-S&P Joint Study Shows Corporate Governance Disclosures in Malaysia Need Improvement

About the study
The Corporate Governance and Financial Reporting Centre (CGFRC) collaborated with Standard & Poor's to examine the corporate governance practices of Malaysian companies. This joint study on disclosures by KLCI companies regarding corporate governance practices shows there is much room for improvement.

The study involves using the corporate governance disclosure scorecard developed by Standard & Poor’s to score disclosures of the corporate governance practices of the Malaysian companies. The analysis is based primarily on the disclosures made in the latest annual report.

The results of the study are published in a report entitled "Corporate Governance Disclosures in Malaysia", which can be downloaded at the following link. Please contact us if you need a hard copy of the report.

Click here to download the report

Click here to view the score card

Click here to view the compilation of news articles

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CORPORATE GOVERNANCE DISCLOSURES IN SINGAPORE

CGFRC-S&P Joint Study Shows High Corporate Governance Disclosure Standards In Singapore

About the study
The Corporate Governance and Financial Reporting Centre (CGFRC) collaborated with Standard & Poor's to examine the corporate governance practices of Singaporean companies. This joint study on disclosures by STI companies regarding corporate governance practices shows that most Singapore companies have high disclosure standards.

The study involves using the corporate governance disclosure scorecard developed by Standard & Poor’s to score disclosures of the corporate governance practices of the Singaporean companies. The analysis is based primarily on the disclosures made in the latest annual report.

The results of the study are published in a report entitled "Corporate Governance Disclosures in Singapore", which can be downloaded at the following link. Please contact us if you need a hard copy of the report.

Click here to download the report

Click here to view the score card

Click here to view the press coverage

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CORPORATE GOVERNANCE DISCLOSURES IN INDONESIA

CGFRC-S&P Joint Study Shows Corporate Governance Disclosures in Indonesia Need Improvement

About the study
The Corporate Governance and Financial Reporting Centre (CGFRC) collaborated with Standard & Poor's to examine the corporate governance practices of Indonesia companies. This joint study on disclosures by Indonesian LQ45 Index companies regarding corporate governance practices shows there is much room for improvement.

The study involves using the corporate governance disclosure scorecard developed by Standard & Poor’s to score disclosures of the corporate governance practices of the Indonesian companies. The analysis is based primarily on the disclosures made in the latest annual report.

The results of the study are published in a report entitled "Corporate Governance Disclosures in Indonesia: A Study of LQ45 Companies", which can be downloaded at the following link. Please contact us if you need a hard copy of the report.

Click here to download the report

Click here to view the score card

Click here to view the media reports

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CORPORATE GOVERNANCE DISCLOSURES IN HONG KONG

CGFRC-S&P Joint Study Shows Corporate Governance Disclosures in Hong Kong Need Improvement

About the study
The Corporate Governance and Financial Reporting Centre (CGFRC) collaborated with Standard & Poor's to examine the corporate governance practices of Hong Kong companies. This joint study on disclosures by Hong Kong Hang Seng Index (HSI) companies regarding corporate governance practices shows there is much room for improvement.

The study involves using the corporate governance disclosure scorecard developed by Standard & Poor’s to score disclosures of the corporate governance practices of the Hong Kong companies. The analysis is based primarily on the disclosures made in the latest annual report.

The results of the study are published in a report entitled "Corporate Governance Disclosures in Hong Kong: A Study of HSI Companies", which can be downloaded at the following link. Please contact us if you need a hard copy of the report.

Click here to download the report

Click here to view the score card

Click here to view the media reports

CGFRC-S&P Joint Study Shows Corporate Governance Disclosures in Hong Kong Need Improvement

INVESTOR RELATIONS SURVEY

The Corporate Governance and Financial Reporting Centre undertook a study on 'Investor Relations Practices' amongst the mainboard listed companies in Singapore, led by A/P Mak Yuen Teen in January 2003. The study consisted two sections with the first part in the form of a survey questionnaire based on responses from 61 companies. The second part involved an independent evaluation of the investor relations practices. Using a sample of 289 companies, an analysis of the investor relations practices adopted by the companies was conducted through means such as website survey and telephone enquiries.

IR SURVEY ISSUES

The study has been featured in the Business Times and Straits Times which can be downloaded from the link provided below
.
For a copy of the detailed report analysing the investor relations practices of mainboard listed companies in Singapore, please send a S$50 cheque/draft made payable to the National University of Singapore with your particulars to the following mailing address:

Corporate Governance & Financial Reporting Centre
Department of Finance and Accounting
NUS Business School
1 Business Link
Singapore 117592

Click here to download the Business Times article

Click here to download the Straits Times article

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SOUTH AND SOUTHEASE ASIAN CORPORATE REVIEW: FINANCIAL STRENGTH THROUGH THE ANALYTICAL LENS

Accounting Publication "South and Southeast Asian Corporate Review: Financial Strength Through the Analytical Lens" Jointly Conducted By S&P and CGFRC

About the study

The accounting publication "South and Southeast Asian Corporate Review: Financial Strength Through the Analytical Lens" was jointly conducted by the Corporate Governance and Financial Reporting Centre and Standard & Poor's. Through a review of the accounting practices and treatment of 63 companies in the South and Southeast Asian region, the publication aims to help investors to focus on the pertinent issues in evaluating the economic and financial health of these companies.
This publication also identifies areas that require analytical adjustments so as to allow meaningful comparison amongst companies in different industry sectors, with particular reference to companies in the power, telecommunications, and oil and gas sectors. Further, the publication presents discussions on the recent trends and developments in financial reporting in the South and Southeast Asian region, focusing specifically on the move from local accounting standards to International Financial Reporting Standards (IFRS).

Click here to download the report

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CORPORATE GOVERNANCE SURVEY OF INSTITUTIONAL INVESTORS 2005

Corporate Governance Survey of Institutional Investors 2005

About the study
The Corporate Governance & Financial Reporting Centre collaborated with PricewaterhouseCoopers and Investment Management Association of Singapore to examine the views of institutional investors in relation to corporate governance, in light of recent developments in corporate governance in Singapore, and to the changes in the assessment of the current local corporate governance framework from the investors' perspective since the first survey was carried out in 1999.

The study, which was conducted during the period from December 2004 to January 2005, was also intended as a means of gathering the views of institutional investors on the proposed revisions to the Singapore Code of Corporate Governance being considered by the Council on Corporate Disclosure and Governance.

The results of the study have been published in a report titled "Corporate Governance Survey of Institutional Investors 2005" which can be downloaded at the following link.

Click here to download the report

Click here to view the press coverage

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PAST NEWS

IMPROVING THE IMPLEMENTATION OF CORPORATE GOVERNANCE PRACTICES IN SINGAPORE

The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) had commissioned Associate Professor Mak Yuen Teen, Director of the Corporate Governance & Financial Reporting Centre (CGFRC) at NUS Business School to conduct a study on the current state of corporate governance of SGX-listed companies in Singapore.

In conducting the study, Prof Mak had reviewed the annual reports of 659 mainboard and SESDAQ-listed companies to assess how well they disclosed and implemented the best practice guidelines as set out in the Code. Discussions were also held with a number of independent directors and other market participants. The report contains eight key recommendations to strengthen corporate governance practices of SGX-listed companies.

In his speech at the OECD Asian Corporate Governance Roundtable held on 27 June 2007, Mr Tharman Shanmugaratnam, Minister for Education and Second Minister for Finance, highlighted two areas recommended in the study, which are:

Professional development and training of directors and

Developing practical guides for listed companies and directors

To view the full speech, click here

To view the joint press release by MAS and SGX and to download the report, click here

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PAST EVENTS

CPA Australia-CGFRC Survey Shows Support for Accounting Standards for SMEs

Date: August 16, 2007

Time: 1:00 pm to 2:30 pm

Venue: Swissotel the Stamford, Singapore

About the survey
The Centre was commissioned by CPA Australia to conduct a survey to assess the views of CPA Australia members on the proposed IFRS for small and medium entities by the International Accounting Standards Board (IASB). The survey, titled “CPA Australia-CGFRC Survey on Accounting for Small and Medium Entities” was conducted from June to July of 2007. 465 CPA Australia members in Australia, Hong Kong, Malaysia and Singapore participated in the survey. Their responses will be used by CPA Australia in its submission to the IASB.

The results of the survey were released at a press conference organised by CPA Australia, which was held on 16 August 2007 at Swissotel the Stamford, Singapore. The event comprised of a presentation of the survey findings by A/P Ho Yew Kee, Vice-Dean (Finance & Administration), NUS Business School. This was followed by a panel discussion. The panelists included A/P Ho Yew Kee; A/P Mak Yuen Teen, Director of CGFRC; Mr Paul Meiklejohn, National President, CPA Australia Ltd; and Dr Mark Shying, Senior Policy Adviser, Financial Reporting and Governance, CPA Australia Ltd.

To download consolidated report, click here

To download Australia report, click here

To download Hong Kong report, click here

To download Malaysia report, click here

To download Singapore report, click here

To download a copy of the media release, click here.

To download media reports, click here.

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