The 2020 Study on “The Profile of Audit Committees of Listed Companies in Singapore” is the fourth study of audit committees (ACs) of listed companies in Singapore. The first three studies were conducted in 2009, 2011 and 2015. These studies provided a baseline benchmark to calibrate the progress of ACs of listed companies in Singapore inter-temporally.
This study provides information on the effectiveness and efficiency of ACs. These include:
frequency of AC meetings;
multiple AC directorships;
diversity in board and AC;
size of AC;
independence of AC members;
financial expertise of AC members;
tenure of AC members; and
adherence of ACs with the Singapore Code of Corporate Governance (2018) (CG Code 2018) and the Singapore Exchange Listing Rules (SGX LR): disclosures of terms of reference of ACs, auditors’ fees, whistle blowing policy, trainings of AC members, assessment of adequacy and effectiveness of internal controls and risk management.
In summary, this report provides a comprehensive and holistic view of the ACs of listed companies in Singapore as at the end of 2019. It serves as a baseline benchmark on what regulators and listed companies can further consider in improving the effectiveness of ACs.