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Singapore tightens market listing rules

Singapore Exchange Ltd, which runs the city's securities and derivatives market, said it plans to enhance its listing rules to raise corporate-governance standards and promote good regulatory practices.

The exchange plans to include, among other requirements, a confirmation by firms at their half-yearly earnings that nothing has come to the attention of the board of directors that may render the financial results false or misleading, it said in a statement yesterday.

The plans came after Singapore-listed companies such as China Aviation Oil (Singapore) Corp (CAO, 中國航油), Citiraya Industries Ltd and Accord Customer Care Solution Ltd said separately that they were being investigated by the government's white-collar crime unit.

The exchange yesterday said that it was seeking public feedback on proposals for the changes, underlying that such reviews were conducted annually.

"The recent spate of incidents, including CAO, have highlighted the importance of good corporate governance, hence our focus on the topic this year," the exchange said. "Good corporate governance and effective internal control will stand a company in good stead in handling any accounting irregularities that may arise."

Other proposals include procedures to assess the effectiveness of a company's internal controls and clear channels for reporting risks to the chief executive and the board of directors.
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