- Joined
- Aug 7, 2008
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This bastard knows the consequence of his own works and he fears.
http://business.asiaone.com/Business/News/Story/A1Story20100511-215432.html
Singapore must never end up with soverign debt: SM Goh
Tue, May 11, 2010
my paper
By Low Wei Xiang
STRONG corporate governance is as critical as good political leadership in keeping Singapore from falling into a sovereign-debt crisis like that afflicting Greece, Senior Minister Goh Chok Tong said yesterday.
He warned: 'Singapore must never end up with any sovereign debt. There will be no European Union to bail us out...and long before we call in the International Monetary Fund, investors would have taken fright and capital taken flight.'
He identified three ways that companies can build on the favourable business environment - with political stability, integrity and the rule of law, among other things - established by the Government.
First, the board of directors and the senior management of a company need to go beyond gathering information on the company's level of risk just to comply with reporting rules, and use the information to exercise prudent risk management in the company, he said.
Second, directors need to 'devote sufficient time' to update their skills so that they can exercise expert judgment on managing risks, he added.
Institutions that did not have such expert input generally faced more problems during the crisis, he noted.
Third, the board of directors has to instil a company culture that strikes 'the right balance between incentivising profit-maximisation and discouraging excessive risk taking' to protect the interests of the company and its shareholders, he said.
SM Goh was speaking yesterday at the Singapore Corporate Awards 2010, which recognises excellence in corporate governance and shareholder communication.
The event is organised by Singapore Press Holdings' (SPH) The Business Times.
Keppel Corporation emerged the night's biggest winner, bagging three awards for listed companies with a market capitalisation of $1 billion and above.
It won the gold award for the Best Managed Board Award jointly with SingTel and the gold award for the Best Annual Report Award. The Chief Executive Officer of the Year Award went to its CEO, Mr Choo Chiau Beng.
In the annual event, which was started in 2005, two other accolades - Chief Financial Officer of the Year Award and Best Investor Relations Award - were given.
SPH won a bronze in the latter category, the first time it has won in the event.
Its chief financial officer, Mr Tony Mallek, credited this to SPH meeting more investors and holding more roadshows to allay concerns of how it was affected by the recession.
In all, 24 companies and seven individuals received awards. SM Goh said that 'for Singapore to continue thriving as an international financial and business centre, it is incumbent on all corporate leaders to take ownership' of improving corporate governance.
[email protected]
http://business.asiaone.com/Business/News/Story/A1Story20100511-215432.html
Singapore must never end up with soverign debt: SM Goh
Tue, May 11, 2010
my paper
By Low Wei Xiang
STRONG corporate governance is as critical as good political leadership in keeping Singapore from falling into a sovereign-debt crisis like that afflicting Greece, Senior Minister Goh Chok Tong said yesterday.
He warned: 'Singapore must never end up with any sovereign debt. There will be no European Union to bail us out...and long before we call in the International Monetary Fund, investors would have taken fright and capital taken flight.'
He identified three ways that companies can build on the favourable business environment - with political stability, integrity and the rule of law, among other things - established by the Government.
First, the board of directors and the senior management of a company need to go beyond gathering information on the company's level of risk just to comply with reporting rules, and use the information to exercise prudent risk management in the company, he said.
Second, directors need to 'devote sufficient time' to update their skills so that they can exercise expert judgment on managing risks, he added.
Institutions that did not have such expert input generally faced more problems during the crisis, he noted.
Third, the board of directors has to instil a company culture that strikes 'the right balance between incentivising profit-maximisation and discouraging excessive risk taking' to protect the interests of the company and its shareholders, he said.
SM Goh was speaking yesterday at the Singapore Corporate Awards 2010, which recognises excellence in corporate governance and shareholder communication.
The event is organised by Singapore Press Holdings' (SPH) The Business Times.
Keppel Corporation emerged the night's biggest winner, bagging three awards for listed companies with a market capitalisation of $1 billion and above.
It won the gold award for the Best Managed Board Award jointly with SingTel and the gold award for the Best Annual Report Award. The Chief Executive Officer of the Year Award went to its CEO, Mr Choo Chiau Beng.
In the annual event, which was started in 2005, two other accolades - Chief Financial Officer of the Year Award and Best Investor Relations Award - were given.
SPH won a bronze in the latter category, the first time it has won in the event.
Its chief financial officer, Mr Tony Mallek, credited this to SPH meeting more investors and holding more roadshows to allay concerns of how it was affected by the recession.
In all, 24 companies and seven individuals received awards. SM Goh said that 'for Singapore to continue thriving as an international financial and business centre, it is incumbent on all corporate leaders to take ownership' of improving corporate governance.
[email protected]
) in Temasick's 'investments' ?
