The Companies Act came into effect on 29 December 1967, and is currently under review. The Minister for Finance appointed a Steering Committee in October 2007 to review the Companies Act to build on an efficient and transparent corporate regulatory framework that supports the Singapore’s growth as a global hub for businesses and investors.
The Steering Committee is chaired by the Attorney-General Professor Walter Woon, and supported by a joint secretariat comprising the Ministry of Finance, Attorney-General’s Chambers and ACRA. The Steering Committee has formed five working groups to look into the following five broad areas of reform, namely, directors' duties; shareholders' rights and meetings; capital maintenance (including amalgamations and takeovers); accounts and audit; and the administration of companies.
The Steering Committee is expected to complete its review by 2010, and a new Companies Bill will be drafted following the policies adopted. The Companies (Amendment) Bill 2008, which was originally targeted for FY07/08, has been deferred to be merged with the new Companies Bill from this project.
More information about the current review of the Companies Act
Last Review
The Companies Act was last reviewed in December 1999 by the Company Legislation and Regulatory Framework Committee (CLRFC), appointed by the Ministry of Finance, the Attorney-General’s Chambers and the Monetary Authority of Singapore. The CLRFC was chaired by Dr. Philip Pillai. The CLRFC issued its Final Report in October 2002, and majority of its recommendations have since been implemented.
This page will be updated as and when there are further developments in the reform of the Companies Act.