Room to improve - SINGAPORE REPORT - Magazine | Asia Asset Management
Published: May 3, 2023
Singapore ranks as the fifth least corrupt out of 180 countries in Transparency International’s Corruption Perceptions Index for 2022. The city...
Source: asiaasset.com
Related Topics:
Transparency International Corruption Perceptions IndexTransparency InternationalCorruption Perceptions IndexSingapore Ranks As The Fifth Least Corrupt Out Of 180 Countries In Transparency International Amp Rsquos Corruption Perceptions Index For 2022 City State Was Only Asian Nation Among Top Ten Nbsp Ranking Published Late January Timing Noteworthy Just Two Weeks EarlierHe Corrupt Practices Investigation Bureau Had Issued Stern Warnings To Six Former Senior Management Of Keppel Offshore Amp Marine For Paying As Much Us 55 Million In Bribes Officials Brazilian Oil Giant Petrobas Between 2001 And 2014 Nbsp The Were Lieu Prosecution Offences Punishable Under Prevention Corruption Acta Singapore Minister Told Parliament That Not Prosecuted Because There Was Insufficient Evidence Establish Their Guilt Beyond Reasonable Doubt Some View Case Asa Blemish On Governance Track Record Ofa Nation Prides Itself Zero Tolerance Ldquo It Isa Blow Our Reputation No Matter How You ArgueMp Rdquo Says Mak Yuen TeenN Accounting Professor At The National University Of Singapore Who Specialises In Corporate Governance Amp Ldquoi Just Can Rsquot See How Anybody Looking ThisNy Reasonable PersonOuld Say That The Individuals Should Not Have Been Held Accountable Or More Done To Investigate Involved Amp Rdquo He Warns It Rsquos Very Important For Authorities Demonstrate Enforcement Actions Are ConsistentObust And Transparent Amp Ldquo It Would Be Very Damaging If We Createa Perception That Enforcement Actions Are Not Even Handed Rdquo Singapore Has Been Striving To Ensurea Sound Market Environment For Investors As Builds Itself Intoa Regional Financial Hub David SmithEnior Investment Director Of Equities At AbrdnOtes That Enforcement Has Been Stepped Up Since The Singapore Exchange Sgx Set Upa Separate Regulatory Arm In 2017 Amp Ldquo General Standards Have Improved MarketS With Many ThingsE Amp Rsquo Ve Probably Seena Continued Bifurcation Whereby The Larger Ndash And Better Resourced Companies Have To Improve In Terms Of Governance Sustainability Whereas Smaller Mid Sized Maybe Not Seen As Much MomentumMp Rdquo He Says Amp Nbsp The Sgx Emphasises That End Goal Is To Create What Effectivelya Self Governing Marketplace Where Its Presence Hardly Felt Or Necessary This Involves Raising Standards Generally Througha Community Approach By Getting Various Participants Commit Certain MinimumA Spokesperson For The Bourse Says In An Email Reply To Questions From Asia Asset Management Amp Nbsp These Include Rules Introduced 2021 Strengthen Accountability Of Auditors IssuersIe Ups With Accredited Singapore Institutions Of ValuersPpraisers And Surveyors To Improve Valuation StandardsChieve Higher Standards For Sustainability ReportingNd Placinga Cap On The Tenure Of Independent Directors Regulators Intervene In Areas Where They Have Less Experience Or Risks Are HigherUch As Those Involving New Products And SituationsNd Companies Which Are At Higher Risk Of Rule BreachesCcording To The Spokesperson Amp Nbsp Credible Deterrence Playsa Role Singapore Authorities Adopteda Speedier Disciplinary And Enforcement Regime In 2021 Where Bourse Works More Closely With Other RegulatorsNcluding The Monetary Authority Of Singapore Amp Ldquo As Marketplace MaturesHere Will Be Greater Scrutiny From Investors And Higher Expectations 
