The equities market review group unveiled by the Monetary Authority of Singapore (MAS) earlier this month has held its inaugural meeting and revealed the names of 31 members in its two workstreams.
These members include capital market practitioners, investor advocacy groups, industry associations and academics. They are divided between the enterprise and markets workstream and the regulatory workstream.
Six are leaders from Singapore-listed companies: Arthur Lang, group chief financial officer at Singtel; Loh Boon Chye, chief executive officer of SGX Group; Ng Yao Loong, chief financial officer of SGX Group; Clifford Lee, managing director and global head of investment banking, DBS; Seck Wai-Kwong, non-executive and independent director at Oversea-Chinese Banking Corporation (OCBC); and Wilson He, managing director, OCBC Securities.
According to an Aug 27 announcement, Minister for Transport, Second Minister for Finance and MAS deputy chairman Chee Hong Tat chaired the review group’s inaugural meeting on Aug 19. The meeting discussed key challenges and opportunities facing Singapore’s equities market, and set out its strategic direction for the review.
The enterprise and markets workstream will focus on ideas to encourage listings, increase investor participation, improve trading liquidity and facilitate fair valuation for listed equities.
Meanwhile, the regulatory workstream will study ideas to streamline the regulatory framework, improve the listing process, enhance the effectiveness of Singapore's disclosure-based regime and strengthen corporate governance standards, investor access and recourse.
According to the MAS, the review group and its two workstreams will provide “periodic updates” on their considerations and recommendations.
They will engage stakeholders in the coming months through industry roundtables and focus group discussions to gather feedback and ideas, and assess the actions required from government agencies and industry partners to enhance Singapore’s equities market.
While the review will take up to 12 months, MAS says the review group and workstreams aim to announce their recommendations in phases, so that the proposed measures can be implemented as soon as possible.
See also: MAS launches review group to strengthen equities market; recommendations to come within a year
Chee unveiled the review group on Aug 2 at a media doorstop at the Singapore Exchange S68 (SGX). The review group is made up of 10 leaders from the public and private sectors, including Lee Chuan Teck, chairman of EnterpriseSG; Chia Der Jiun, managing director of MAS; Temasek Holdings CEO Dilhan Pillay; Koh Boon Hwee, chairman of SGX; and Png Cheong Boon, chairman of the Singapore Economic Development Board (EDB).
Lee chairs the enterprise and markets workstream, while Chia chairs the regulatory workstream.
Rounding out the review group are Euleen Goh, chairman of the Singapore Institute of Management (SIM); Lai Chung Han, permanent secretary, development, Ministry of Finance; Lim Ming Yan, chairman of the Singapore Business Federation; and Neil Parekh, partner and head of Asia, Australia and New Zealand, Tikehau Capital. Parekh is the only committee member from the private sector.
Enterprise and markets workstream
The enterprise and markets workstream consists of the following members:
- Ashish Goyal, executive vice president and head of Asia Pacific, OMERS
- Bryan Yeo, deputy group chief investment officer, GIC
- Clifford Lee, managing director and global head of investment banking, DBS
- Deborah Ho, country head of Singapore and regional head of Southeast Asia, Blackrock
- Jenny Sofian, chief executive officer, Fullerton Fund Management
- Leong Sing Chiong, deputy managing director (markets and development), MAS
- Loh Boon Chye, chief executive officer, SGX Group
- Paul Santos, co-founder and managing partner, Wavemaker Partners
- Png Cheong Boon, chairman, Singapore Economic Development Board
- Rohit Sipahimalani, chief investment officer, Temasek
- Shane Chesson, vice-chairman of the Singapore Venture & Private Capital Association and founding partner of Openspace Ventures
- Stephen Ng, head of Southeast Asia and South Asia, CEO of Singapore, China International Capital Corporation
- Tan Kuan Ern, co-head, Asia country coverage, global banking, UBS
- Tay Hwee Ling, assurance leader, Deloitte Singapore
- Vineet Mishra, head of investment banking for Southeast Asia, JP Morgan
- Wilson He, managing director, OCBC Securities
Regulatory workstream
The regulatory workstream consists of the following members:
- Arthur Lang, group chief financial officer, Singtel
- David Gerald, founder, president and chief executive officer, Securities Investors Association Singapore
- David Smith, senior investment director, abrdn
- Eng-Kwok Seat Moey, consultant at Allen & Gledhill and former group head of capital markets at DBS Bank
- Eugene Lai, deputy chairman, Heliconia Capital Management
- Ho Hern Shin, deputy managing director (financial supervision), MAS
- Lawrence Loh, director for Centre for Governance and Sustainability, National University of Singapore
- Luke Lim, chairman of the Securities Association of Singapore and managing director at Phillip Securities
- Mah Kah Loon, senior adviser, Ernst & Young Corporate Finance
- Ng Yao Loong, chief financial officer, SGX Group
- Png Chin Yee, chief financial officer, Temasek
- Seck Wai-Kwong, non-executive and independent director, Oversea-Chinese Banking Corporation
- Sharon Lau, partner, Latham & Watkins
- Tan Cheng Han, chairman, Singapore Exchange Regulation
- Tan Tze Gay, partner and head of equity capital markets, Allen & Gledhill
