Accountancy bodies ICPAS (Institute of Certified Public Accountant of Singapore) and ICAEW (Institute of Chartered Accountants in England and Wales) have signed a Memorandum of Understanding (MoU) to increase awareness of the role of Non-Executive Directors and improve their skills.
ICPAS and ICAEW will work together to increase transparency and enhance corporate governance. The partnership willl include the development of a bespoke training programme for Non-Executive Directors in Singapore. The training aims to equip existing and aspiring Non-Executive Directors with the latest international best practices and regulatory requirements specific to Singapore.
"Good corporate governance is crucial to the stability of our financial markets and Singapore's reputation as a leading global financial centre. By offering the programme for aspiring and existing Non-Executive Directors, ICPAS and ICAEW are addressing a vital market need," Dr Ernest Kan, ICPAS President.
Mark Billington FCA, Regional Director, ICAEW South East Asia, says that non-executive directors have an important role to play in contributing to Singapore's success as a global financial market. Having the right skills is critical to fulfil that task.
"Many of our members are in commerce, making their stride in various industries. By offering this programme, we aim to help our members widen their skills sets and equip them with the technical resources to help them succeed. The programme tackles corporate governance from international and local perspectives, a value proposition that is extremely relevant in today's globalised business world," adds ICPAS Head of Member Services, Evan Law.
ICPAS and ICAEW will adapt the programme material for the local market, with ICPAS administering the programme. The programme provides key learning points from international developments and global best practices, as well as the regulatory requirements in the local context. It will be highly interactive, with scenario-based discussions. It will have two tiers. Tier One is for aspiring Non-Executive Directors, giving an overview of the roles and responsibilities of directorship. Tier Two is for existing Non-Executive Directors, detailing local regulations, governance, strategy, board procedures and functions of the board's various committees. Chris Pierce, an international governance expert who has conducted corporate governance training for the World Bank, will be one of the programme's trainers.
ICPAS and ICAEW will also look for opportunities to promote practices that lead to greater transparency, disclosure as well as increased corporate governance, and possibly conduct research on these areas.
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