Over the past few years, SGX introduced several rule changes which are related to the appointment and cessation of CFOs. Not only must companies immediately disclose their appointment and cessation, detailed reasons for cessation must also be provided. The CFO must inform SGX in writing if he is aware of any irregularities in the issuer which would have a material impact on the group, including financial reporting.
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THE report “Investors less trustful of financial statements: survey” (BT, June 13) mentions that investors continue to see external assurance as the main counterbalance to declining trust in financial statements. This is not surprising because there is simply no other viable alternative at the moment. Unfortunately, there is little doubt that trust in external assurance is being eroded.
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THE recent announcements by First Ship Lease Trust (FSLT) regarding the resignation and appointment of directors of its trustee-manager, First Ship Lease Trust Management Pte Ltd (FSLTM), and the correction of the earlier disclosure regarding an extension of loan covenant terms (“Four directors leave FSLT Management”, The Business Times, July 5, 2013) raise three major issues.
Read MoreThe review of town councils is welcomed. However, merely tweaking the Town Councils Act and Town Councils Financial Rules, or adding rules to handle specific issues which have arisen, may only address the symptoms of the problems with town councils.
Read MoreSOME years ago, I was participating in a panel discussion overseas on remuneration and someone argued that disclosure of executive remuneration in annual reports poses a security risk because it makes executives the targets of kidnappers.
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