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Charity Council seeks public feedback on proposed changes to code of governance
THE Charity Council is seeking public feedback on the proposed changes to the code of governance, which is expected to be launched in early 2017.
Among the key features of the refinements include the introduction of a maximum term limit of 10 years for at least two-thirds of the charity's governing board members, as well as promotion of disclosure and transparency on information of board members such as their attendance at meetings and remuneration.
Another proposed change is the emphasis on the importance of risk management as part of internal controls to ensure that there is a process to identify, monitor and review a charity's key risks.
The code of governance for charities and institutions of public character (IPCs) was introduced in November 2007 and first refined in 2010, said the council on Monday.
In August 2015, the council embarked on a second refinement of the code as it sought to enhance relevance and clarity.
From May to June this year, the council had organised four dialogue sessions to seek feedback from some stakeholders.
The public can send their feedback to the Charity Council via e-mail to firstname.lastname@example.org between Sept 20 and Oct 18.
Charities and IPCs will have to apply the code's new reporting requirements for financial years starting on or after Jan 1, 2018.
The consultation paper is available on www.charities.gov.sg and www.reach.gov.sg