Singapore, 16 January 2018 – The Association of Small & Medium Enterprises (ASME) recognises and welcomes the proposed amendments of the Corporate Governance Code. The proposed code changes on Independent Directors will bring about better governance and a more transparent environment between a company's board, it's management and shareholders. The proposed changes on Board Composition will also encourage greater diversity on company boards and will strengthen the eco-system by driving greater knowledge pool, making Singapore's corporate environment more sustainable.
ASME applauds the efforts to further concise and simplify the code to provide better clarity and ease of appreciation. Having a net reduction of 3 Principles and 30 Provisions, the proposed new code would promote a better understanding of its intent, thereby leading to better practice of Corporate Governance. This is especially helpful for budding SMEs aspiring to debut on public exchanges as it now less prescriptive and easier to appreciate.
High levels of corporate governance and transparency is important for Singapore’s business environment in enabling companies to perform better over the long-term and ensure public confidence is not undermined. ASME is positive that the proposed amendments of the Corporate Governance Code will strengthen businesses and facilitate a more conducive business environment.
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