Ong Chong Tee: Fostering a strong corporate governance ecosystem Keynote speech by Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore, at the Singapore Governance and Transparency Forum, Singapore, 6 August 2018. * * * Mr Yeoh Oon Jin, Divisional President – Singapore, CPA Australia Associate Professor Lawrence Loh, Director, Centre for Governance, Institutions and Organisations, NUS Business School Mr Willie Cheng, Chairman, Singapore Institute of Directors Ladies and gentlemen, good morning. Thank you for the kind invitation to my colleagues and I to join all of you here today. It is my pleasure to offer some remarks. The timing of this forum is also apt as the MAS has just released the revised Code of Corporate Governance (“Code”) this morning. Allow me to first take the opportunity to thank members of the Corporate Governance Council (“Council”), chaired by Mr Chew Choon Seng, for their valuable contributions over the last one and a half years. I am told that deliberations had been lively and rigorous throughout. These have culminated in a balanced and thoughtful package of recommendations that took into account the views of various stakeholders. The MAS has considered the proposals and accepted all the Council’s recommendations. These are now incorporated into the revised Code. The recognition of high corporate governance (CG) standards is one of the important elements to fostering good practices.
Done well, these can also augment market discipline by promoting debates on important CG issues and in educating investors to be discerning. In sum, building a strong CG ecosystem is most effective when there is collective effort involving multiple gatekeepers – beyond the regulators and the boards of companies. To end my remarks, let me also acknowledge, as this forum demonstrates, that many companies have and do take good CG seriously. The care and vigilance put into this effort must continue. I am sure the boards and management of all the firms present here will not rest on your laurels either. And I trust that from your examples as good CG stewards, others will follow likewise. 4/4  BIS central bankers' speeches