Companies Act review completed with key changes to be made

A review of the Companies Act has been completed by the Ministry of Finance with the changes to be enacted into law.

The Ministry of Finance has accepted 192 recommendations from the steering committee that conducted the review and modified 17 of them. Eight were not accepted. This tally makes it the largest number of changes to the Act since it was enacted in 1967.

Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said at the SIAS Investors' Choice Awards dinner on Wednesday night that the review was part of keeping Singapore a place where business can remain competitive and grow, where investors are fairly treated, and where citizens benefit from a dynamic and robust economy.

Mr Tharman added that the aim was to reduce the regulatory burden on companies and provide for business flexibility, while protecting the interests of investors.