corporate governance practices, but we must press on with continual improvements. as regulators, professional bodies, investors, academics and the media, we each have a role – let us work closely together in this journey. finally, while my comments have focused mainly on singapore, it is heartening that we have such a deep and diverse group of investors and practitioners from around the region. i am sure there will be much that we can learn from each other, and i hope that deep and frequent interactions like this catalyse new ideas and spur us all to do better. i wish you a fruitful conference. thank you.

heng swee keat : corporate governance developments in singapore keynote address by mr heng swee keat, managing director of the monetary authority of singapore, at the 2009 asian investors'corporate governance conference, singapore, 19 november 2009. * * * mr. tan chok kian, chairman, securities investors association ( singapore ) mr. david gerald, president & ceo, securities investors association ( singapore ) distinguished guests ladies and gentlemen introduction good morning. i am very happy to join you today at this inaugural asian investors'corporate governance conference. thank you for inviting me to speak at this event. i congratulate sias and your partners on bringing together such a wide range of investors and corporate governance practitioners from across asia. i applaud your commitment to hold this event annually, as it is necessary for practitioners to stay abreast of the latest corporate governance developments and to reflect on how we can do better. corporate governance as an on - going concern good corporate governance is a key pillar underpinning singapore's reputation as a trusted financial and business hub. over the years, we have sought to continually improve corporate governance in singapore. this includes a review of the code of corporate governance in 2005 by the former council for corporate disclosure and governance [ " ccdg " ], chaired by mr. jy pillay. in the last two years, following the transfer of oversight of corporate governance of listed companies to mas and the singapore exchange, we have focused on strengthening the practices of corporate governance in singapore. in 2007, professor mak yuen teen of the national university of singapore was commissioned by mas to undertake a study aimed at assessing the current state of corporate governance practices in singapore, identifying gaps and proposing measures for improvement. professor mak highlighted, among others, the need to enhance the effectiveness of audit committees through training, practical guidance and sharing of experience among audit committee members. arising from this, the mas, the accounting and corporate regulatory authority [ " acra " ] and the singapore exchange established a private sector committee to develop practical guidance to assist audit committees to better appreciate their responsibilities and enhance their effectiveness in performing their role. the committee, led by mr. bobby chin, worked intensely over 9 months and completed its work in october 2008. the committee's output, " guidebook for audit committees in singapore ", has become a practical and valuable reference for directors who serve on the audit committees. we have also been supportive of efforts by the singapore institute of directors to review