Governance & integrity — Topics

29 Nov 2022

Temasek Holdings and GIC's Financial Losses from Investing in Cryptocurrency Platform FTX

Hazel Poa asked whether internal and external investigations are conducted to ascertain negligence or misconduct when Temasek Holdings and GIC incur large investment losses.
He Ting Ru asked whether Singapore has an equivalent to Norway’s Council of Ethics for observing and excluding companies from state funds, and if so, whether the list can be publicly shared for accountability.
Hazel Poa inquired how the Government monitors and assesses Temasek Holdings and GIC’s performance, including benchmarking against other funds and the specific funds used for comparison.
He Ting Ru asked about guidelines for sustainability and environmental due diligence, monitoring of investments with climate change impact, and how state-linked investments can strengthen their global sustainability contributions.
Lawrence Wong responded that he would address the questions in his reply at the 30 November 2022 Parliament Sitting, referring to the Official Report on the FTX bankruptcy and its impact.

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28 Nov 2022

Publishing Unedited Submissions in Public Consultations on Proposed Legislation

Gerald Giam asked if the Ministry can publish all unedited submissions from public consultations after getting permission from contributors, to show the full range of perspectives.
Josephine Teo explained that feedback is often summarized because not all respondents consent to full publication, and only publishing consensual feedback could skew the picture.
She noted that while summaries capture key themes, specific insightful comments may still be included.

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28 Nov 2022

Fostering a Stronger Voice for Students and Staff at Institutes of Higher Learning in Policy-making

Leon Perera proposed enhancing accountability and transparency in Institutes of Higher Learning (IHLs) by giving students and staff greater voice in decision-making, citing incidents like hall allocation issues at NTU and the Yale-NUS merger at NUS, and suggested measures such as representation on governing boards, petition thresholds, and simplified interest group setups.
Minister Chan Chun Sing agreed on the need for accountability but emphasized that it must consider the diverse and long-term interests of all stakeholders, not just specific groups, and cautioned against using isolated incidents or surveys to generalize about IHL performance.
The government highlighted existing mechanisms for stakeholder feedback, noted that not all decisions require broad consultation, and committed to sharing best practices among IHLs while balancing leadership responsibility with inclusive participation.

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9 Nov 2022

Review of Section 366(2)(i) of Companies Act 1967

Murali Pillai questioned whether section 366(2)(i) of the Companies Act should be reviewed to ensure foreign companies investing or holding property in Singapore are subject to disclosure requirements on beneficial ownership to combat money laundering.
Lawrence Wong explained that foreign companies are only required to register with ACRA and disclose beneficial ownership if they actively carry on business in Singapore, with passive investment or property holding exempted under the current calibrated approach.
He emphasized that the government maintains other safeguards, such as requiring financial institutions and professionals to collect beneficial ownership information, which law enforcement agencies can access to deter money laundering.

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8 Nov 2022

Randomised Balloting Process for HDB BTO Flats for First-time Applicants

The Ministry explained that HDB uses a computerised balloting system to randomly shortlist BTO applicants, with separate rounds for priority schemes that do not differentiate between first-timers and second-timers, schemes that apply only to one group, and schemes with different quotas for each group.
The ballot process also accounts for household status, ethnic integration quotas, and other priority schemes by adhering to the Ethnic Integration Policy and allocating remaining flat quotas between first-timers and second-timers after priority schemes are applied.
All applicants shortlisted within the flat supply are randomly assigned queue positions for flat selection, ensuring impartiality in the process.
The computer ballot undergoes rigorous audits by internal and external auditors before and after shortlisting, including checks on the ballot algorithms and verification of results.

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20 Oct 2022

Grassroots Leaders Owning or Managing Companies Involved in Town Council and Government Contracts, and Operation of Coffee Shops

Hazel Poa asked the Ministry for Culture, Community and Youth for data on grassroots leaders who own or manage companies involved in town council contracts, other government contracts, and coffee shop operations.
Edwin Tong Chun Fai, Minister for Culture, Community and Youth, responded that the ministry does not routinely collect such data.

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20 Oct 2022

Civil Servants Holding Concurrent Appointments with Foreign Governments

Civil servants are generally prohibited from holding concurrent appointments with foreign governments to prevent conflicts of interest with their public duties.
Exceptions exist for advisory, consultancy, or training roles under cooperation agreements, subject to prior approval from Permanent Secretaries to avoid conflicts and mitigate foreign influence risks.
Specific measures include bans on receiving gifts or using official resources without permission, and no data is available on the current number of such appointments.

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5 Oct 2022

Assistance from Corrupt Practices Investigation Bureau in Cases Involving Employment Kickbacks

MOM investigates employment kickbacks under the EFMA and uses its enhancements to enforce against such offences.
MOM has existing processes to work with other agencies or obtain information when needed during investigations.
If other agencies’ offences are uncovered, MOM alerts them, including the CPIB, for further action.

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5 Oct 2022

Cases Filed with Protection from Harassment Court

He Ting Ru asked the Minister for Law for the number of cases filed with the Protection from Harassment Court broken down by type, including sexual harassment, workplace harassment, cyberbullying, doxxing, and harassment by debt collectors or creditors.
K Shanmugam provided statistics on the breakdown of harassment cases filed with the court from 1 June 2021 to 30 June 2022.
The response did not include the specific numbers for each category mentioned in the query, only that the statistics were provided.
The debate focused on the need for detailed data to address various forms of harassment in Singapore.
The exchange highlighted the importance of transparency and accountability in handling harassment cases through the Protection from Harassment Court.

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5 Oct 2022

Registration for Overseas Entities who wish to Buy, Sell or Transfer Properties in Singapore as Anti-money Laundering Measure

The debate centered on whether Singapore should require overseas entities to register with ACRA and disclose beneficial owners, similar to the UK’s 2022 anti-money laundering measure, when buying, selling, or transferring properties.
The Senior Parliamentary Secretary noted that ACRA already maintains a register of registrable controllers for companies and foreign entities operating in Singapore, and professionals in real estate transactions must conduct due diligence to mitigate money laundering risks.
She confirmed that agencies are assessing whether a UK-style register would be useful in Singapore, while Murali Pillai asked if such ownership data should be publicly accessible to aid due diligence.
The Senior Parliamentary Secretary acknowledged the concerns and stated the proposal would be taken back for feasibility consideration.

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4 Oct 2022

Utility of Maintaining Provisions in Chapter 9 of Penal Code 1871 Dealing with Corruption Involving Public Servants

Murali Pillai questioned the continued relevance of Chapter 9 of the Penal Code after the 1960 Prevention of Corruption Act was enacted.
The Minister clarified that while the PCA is primary, the Penal Code provisions offer targeted offences for bribery involving public servants without needing to prove inducement.
He stated these Penal Code offences complement the PCA and other laws for comprehensive corruption control.
The Minister acknowledged potential utility in moving these Penal Code offences into the PCA and indicated a future review.

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4 Oct 2022

Ongoing Review of Prevention of Corruption Act 1960

The Corrupt Practices Investigation Bureau (CPIB) concluded its review of the Prevention of Corruption Act 1960 and found that the existing provisions are effective and do not require amendments.
The review considered suggestions from Members of Parliament, including on corporate liability, and noted that the current law already empowers prosecution of corporate bodies involved in corruption.
The legislative framework, including complementary laws like the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, is deemed sufficient to deter corporate corruption.
Singapore’s anti-corruption framework is robust, backed by strong enforcement, political will, and public vigilance, and is internationally recognized.
CPIB will continue to enhance its capabilities and remain vigilant to address evolving corruption threats without complacency.

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4 Oct 2022

Monitoring Fraudulent Claims in Workfare Income Supplement Scheme

Assoc Prof Jamus Jerome Lim asked the Ministry of Manpower whether it monitors for fraud in Workfare Income Supplement (WIS) claims, the rate of fraudulent claims by firms, and if there are plans to audit firms for "ghost" employees.
Minister Tan See Leng explained that WIS eligibility is automatically assessed based on CPF contributions for employees and declared income for self-employed persons, with data analytics used to detect unusual hiring patterns and audits conducted on income declarations.
Suspicious companies are flagged for on-site inspections, and suspected fraud cases are referred to the Singapore Police Force, which found two fraudulent WIS cases over the last three years, leading to recovery of disbursed funds.
MOM and CPF Board plan to continue reviewing processes and enhancing fraud detection capabilities to better identify and deter fraudulent WIS claims.

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3 Oct 2022

Measures against Insider Gifting of SGX-listed Shares and Unit Trusts to Approved Charities for Tax Deduction

Mr Murali Pillai questioned whether IRAS has procedures to detect and address insider gifting of SGX-listed shares or unit trusts to approved charities for tax deductions by individuals with price-sensitive information.
Lawrence Wong stated that IRAS reviews high-value donations of shares and unit trusts, investigates potential tax avoidance including insider gifting, and collaborates with the Monetary Authority of Singapore.
IRAS can use section 33 of the Income Tax Act to disregard or adjust tax deduction claims and impose surcharges, and charities must have robust due diligence processes to maintain IPC status.

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3 Oct 2022

Remuneration Disclosures for Statutory Boards and Government-linked Firms

Chua Kheng Wee Louis asked whether the government would mandate remuneration disclosures for Statutory Boards and Fifth Schedule entities like GIC and Temasek, and if not, why.
Chan Chun Sing responded that the Corporate Governance Advisory Committee's recommendation applies to listed companies and that remuneration for Statutory Boards is already overseen by ministries and the Public Service Division, with allowances centrally determined.
He noted that GIC and Temasek, as Fifth Schedule entities, disclose their compensation approaches in annual reports and use performance-based frameworks aligned with industry benchmarks to attract talent and ensure prudent risk management.
The government believes existing governance measures and accountability structures for Statutory Boards and government-linked companies are sufficient and effective for public benefit.
The response emphasizes that while listed companies may face mandatory disclosures, statutory and government-linked entities already have robust oversight mechanisms without needing similar mandatory rules.

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3 Oct 2022

Ensuring Better Oversight of Public Expenditures

Leong Mun Wai criticized two major public expenditures totaling $2.4 billion, questioning the financial prudence behind the $900 million funding for SPH Media Trust and the $1.5 billion termination cost for the Sports Hub public-private partnership.
He argued that SPH shareholders should have left more assets to fund the media trust rather than relying on taxpayers, and that the Sports Hub termination cost was overly generous, suggesting a lower figure based on his analysis of debt and reserves.
Minister Indranee Rajah rejected the allegations as without basis, explaining that both transactions were carefully considered to serve national interests, such as preserving a Singaporean media lens and vernacular languages, and that the Sports Hub termination was financially neutral compared to continuing the partnership.

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3 Oct 2022

Accountants (Amendment) Bill

The Accountants (Amendment) Bill introduces four key sets of amendments to enhance Singapore's audit regulatory regime, including formalising quality control inspections for accounting entities, enabling anti-money laundering inspections, refining the assessment framework from a pass-fail to a tiered system, and requiring disclosure of inspection findings to audited entities for better transparency and compliance.
Minister Indranee Rajah addressed concerns about compliance costs and support for small and medium-sized practices, explaining that risk-based inspections and fee caps will be implemented, and ACRA is working with professional bodies to provide training and guidance to help firms adapt to the new standards.
MPs raised questions about the appointment and powers of the Public Accountants Oversight Committee (PAOC), the criteria for reasonable excuses in inspections, and the appeal process, with the Minister clarifying procedures to ensure impartiality, due process, and confidentiality while maintaining regulatory effectiveness.

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13 Sep 2022

Public Review and Consultation Process for Environmental Impact Assessments

Ms He Ting Ru raised concerns about the standardisation of the public review and consultation process for Environmental Impact Assessments (EIAs), suggesting online access and flexible consultation durations based on the complexity of each EIA.
Desmond Lee affirmed the government's commitment to transparency, noting that EIA reports are generally available online unless confidentiality is required, with alternative access methods considered case-by-case.
The standard public feedback period for EIAs is four weeks, but it can be extended on a case-by-case basis to accommodate the complexity of the reports.
The government maintains a systematic framework to assess and mitigate environmental impacts from new developments, using EIAs to inform planning and mitigation measures.
The debate highlighted the balance between ensuring public accessibility to EIA reports and addressing specific confidentiality or security considerations.

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13 Sep 2022

Announcement of and Public Consultation for Land Use Plans for Changi Bay Reclamation Site

Leon Perera asked when land use plans for Changi Bay will be announced and if plans for major irreversible projects like reclamation can be disclosed for public scrutiny.
Desmond Lee stated that the Government engages the public through exhibitions and discussions during long-term and master plan reviews, with feedback considered where feasible.
He noted that Changi Bay reclamation plans were exhibited in 1991 and 2022, and the environmental study report was made public in July this year.
The timeline and specific land use plans for Changi Bay are still under study and will be announced when ready.

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13 Sep 2022

Special Review of Controls and Checks for COVID-19 Pandemic-related Procurement and Expenditure

Foo Mee Har asked if the Government would commission a special review of controls and checks for COVID-19 pandemic procurement and expenditure.
The Second Minister for Finance confirmed that MOF had already begun a review, with agencies conducting audits and the Auditor-General performing a thematic audit, while MOF is also updating guidelines to strengthen controls for future emergencies.
The Minister outlined measures to minimise financial risks during emergencies, including system checks on grant eligibility, methods to assess price reasonableness, proper documentation, and ex post checks using data analytics.
For FY2020 to FY2021, the actual COVID-19 expenditure was $72.3 billion, lower than the initial $100 billion commitment due to under-utilisation of loans and public health resources, with details provided on the breakdown and reasons for the variance.

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