News Risk Management25 Apr 2018

Singapore:New appointments to MAS risk committee

25 Apr 2018

The Monetary Authority of Singapore has announced several new appointments, including changes to its risk committee.

Mr Peter Ong, currently already an MAS board member and chairman of Enterprise Singapore, a government agency championing enterprise development, will be reappointed as board member from 1 June 2018 to 31 May 2021. He will also be appointed chairman of the risk committee with effect from 1 June, taking over from Mr Lim Chee Onn, senior international advisor at sustainable urban solutions provider Ascendas-Singbridge Pte Ltd, who will be stepping down from the MAS Board and as Chairman of the Risk Committee on 31 May 2018.

MAS board chairman Tharman Shanmugaratnam said, “Mr Lim served as an active member of the MAS board for more than 14 years. As chairman of the risk committee, Mr Lim played an important role in strengthening MAS’ risk management framework and crisis management preparedness. We thank Mr Lim for his invaluable contributions.”

Meanwhile, Mr Quek Gim Pew, chief defence scientist at the Singapore Ministry of Defence (MINDEF) has been appointed as a non-board member of MAS’ board risk committee. Mr Quek’s specialist expertise and deep experience in technology and cyber risk management will help to enhance MAS’ capabilities in these areas, said the regulator.

The risk committee, one of MAS’ several board committees, provides oversight and guidance on the management of risks faced by the regulator. It oversees the MAS-wide risk management framework, and reviews MAS' risk management policies and the processes for reporting of risks.

Other key appointments made by MAS:

Mr Chaly Mah, Chairman of NetLink NBN Management Pte Ltd, will join the MAS board as a member. He was formerly chief executive officer of Deloitte Asia Pacific and Deloitte Southeast Asia and Chairman of Deloitte Singapore. Mr Mah’s term of appointment will be from 1 May 2018 to 31 May 2020.

Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Mr Tharman Shanmugaratnam, will be reappointed as MAS board chairman. The following four members of the MAS Board will also be re-appointed:

(i) Mr Heng Swee Keat, Minister for Finance;
(ii) Mr Quek See Tiat, President of the Council for Estate Agencies; (also reappointed as chairman of the audit committee)
(iii) Mr Peter Ong, Chairman of Enterprise Singapore; and
(iv) Professor Tan Chorh Chuan, Chief Health Scientist of the Ministry of Health.

These reappointments will be from 1 June 2018 to 31 May 2021.

Board of Directors of the Monetary Authority of Singapore
(with effect from 1 June 2018)

Mr Tharman Shanmugaratnam (Chairman)
Deputy Prime Minister and Coordinating Minister for Economic and Social Policies

Mr Lim Hng Kiang (Deputy Chairman)
Minister for Trade and Industry (Trade)

Mr Heng Swee Keat
Minister for Finance

Mr Ong Ye Kung
Minister for Education (Higher Education and Skills) and Second Minister for Defence

Mr Quek See Tiat
President, Council for Estate Agencies

Mr Peter Ong Boon Kwee
Chairman, Enterprise Singapore

Professor Tan Chorh Chuan
Chief Health Scientist, Ministry of Health and Executive Director, MOH Office for Healthcare Transformation

Mr V K Rajah
Senior Counsel and Member of Essex Court Chambers Duxton (Singapore Group Practice)

Mr Lucien Wong,
Attorney-General, Attorney-General’s Chambers

Mr Chaly Mah
Chairman, NetLink NBN Management Pte Ltd

Mr Ravi Menon
Managing Director, MAS

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