Remisier kings
The cousins who have taken over Peter Lim’s throne View PDF
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Companies should have a robust system of internal controls to address financial, operational and compliance risks.
They must disclose any loan agreements that make reference to the shareholding interests of any controlling shareholder. The firms must inform the public if these shareholders enter any share pledging arrangements.
Companies seeking to mount IPOs must declare in the prospectus the identity of their legal representatives and their powers. After listing, they must make announcements when they appoint or change the representatives.
Companies must disclose whether any of their independent directors has been appointed to the board of principal subsidiaries based outside Singapore.
Unless approved by the SGX, no transfer of securities in a company will be allowed during a trading suspension.
When a firm is under an investigation of wrongdoing, SGX's approval may be required for the appointments of directors, CEOs and chief financial officers (CFOs).
Audit committees need to issue a negative confirmation on the character and integrity of the companies' CFOs - that is, they must state there is nothing negative of which they are aware.
Audit firms of companies must be registered with Acra, the accounting industry regulator, or an independent audit oversight body. Companies will be given a year to comply, from Sept 29.
Business trusts and Reits should provide profit estimates and forecasts in their IPO prospectus, if historical accounts are not available.