SGX RegCo's proposals aimed at healing trust deficit

TODAY, we launched our public consultation on a series of proposals aimed at enhancing our oversight of the quality of work of auditors and property valuers in respect of their dealings with listed companies.

As I mentioned in my speech last year, these proposals are to deal with the trust deficit, which exists not just within the Singapore context, but also globally, particularly in respect of audits. We have chosen to address this trust deficit through proposed measures that, while drawing on some ideas from overseas, have their own flavour to suit our local market.

To recap, for the benefit of everyone, SGX RegCo is proposing that we can appoint an additional auditor, a second auditor, in certain circumstances. We also want all listed companies to have a Singapore-based auditor. Some may question why we would propose the appointment of an additional auditor, instead of just directing the appointment of a special auditor. These tools serve different purposes.