Heng Swee Keat: Corporate governance developments in Singapore Keynote address by Mr Heng Swee Keat, Managing Director of the Monetary Authority of Singapore, at the 2009 Asian Investors' Corporate Governance Conference, Singapore, 19 November 2009. *  *  *  Mr. Tan Chok Kian, Chairman, Securities Investors Association (Singapore) Mr. David Gerald, President & CEO, Securities Investors Association (Singapore) Distinguished guests Ladies and gentlemen Introduction Good morning. I am very happy to join you today at this inaugural Asian Investors' Corporate Governance Conference. Thank you for inviting me to speak at this event. I congratulate SIAS and your partners on bringing together such a wide range of investors and corporate governance practitioners from across Asia. I applaud your commitment to hold this event annually, as it is necessary for practitioners to stay abreast of the latest corporate governance developments and to reflect on how we can do better. Corporate governance as an on-going concern Good corporate governance is a key pillar underpinning Singapore's reputation as a trusted financial and business hub. Over the years, we have sought to continually improve corporate governance in Singapore. This includes a review of the Code of Corporate Governance in 2005 by the former Council for Corporate Disclosure and Governance ["CCDG"], chaired by Mr. JY Pillay. In the last two years, following the transfer of oversight of corporate governance of listed companies to MAS and the Singapore Exchange, we have focused on strengthening the practices of corporate governance in Singapore.
The National University of Singapore Corporate Governance and Financial Reporting Centre, as well as the Singapore Management University Sim Kee Boon Institute for Financial Economics both publish useful indices that assess the standards of corporate governance in Singapore. Professional associations such as ICPAS, IIA, SAICSA and SID have also been playing their roles in this area. Conclusion In closing, let me reiterate the point that good corporate governance pays – if not in immediate share prices, at least in the resilience of the firm in a crisis. Indeed, one key conclusion from the study by the Senior Supervisors Group3[3] is that financial firms that best rode out the recent crisis were ones with good corporate governance standards, demonstrating "a comprehensive approach to viewing firm-wide exposures and risk, sharing  3  William Rutledge et al. (March 2008), "Observations on Risk Management Practices during the Recent Market Turbulence", Senior Supervisors Group. 4  BIS Review 147/2009  quantitative and qualitative information more effectively across the firm and engaging in more effective dialogue across the management team." Better governance per se does not guarantee that there will never be a crisis, but it can minimise its probability and its impact if it does occur. Singapore has made good progress over the years in our corporate governance practices, but we must press on with continual improvements. As regulators, professional bodies, investors, academics and the media, we each have a role – let us work closely together in this journey.