- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
New Updates to the SGX-ST’s Guidelines for Assessment of Suitability of Professional Parties The SGX-ST released an article to Sponsors for Catalist issuers on 16 July 2019 laying out compliance guidelines which we find useful for Directors and Key Management Personnel of issuers to assess suitability and competence of professional parties and their firms.
Why engage Professionals/Consultants? When undertaking corporate actions, issuers typically engage professionals and/or consultants for professional advice related to their experience, independent assessment, assurance and/or confidence. These professionals and consultants include and are not limited to accountants, internal and external auditors (at Group level and at subsidiaries level), legal advisors, valuers, financial advisers, and mineral, oil and gas (“MOG”) experts (or “Qualified Persons”, as defined under the SGX-ST Catalist Listing Manual). To instill public trust and confidence in our capital market, professionals and consultants must uphold high standards of integrity, professional advice as well as proper conduct. Directors and Key Management Personnel’s considerations on Professional/Consultants Appointments For guidance, Directors and Key Management Personnel should satisfy themselves with the following queries on the professional and consultant’s suitability and competence before their appointments.
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.