Corporate Governance in Singapore: Past, Present and Future

Yuen Teen Mak

Chapter 8 in The Governance of East Asian Corporations, 2004, pp 155-176 from Palgrave Macmillan

Abstract: Abstract Singapore is a small country (582 square kilometers) with no natural resources. It achieved independence in 1965, at which time it had a population of 1.9 million and was growing at a rate of 2.5% per annum, with an unemployment rate estimated at 10%. The economy was highly dependent on entrepot trade and the provision of services to British military bases in Singapore. There was a small manufacturing base, limited industrial know-how and local entrepreneurial capital. In order to develop Singapore, the government adopted the following strategies: 1. Industrialization to solve the unemployment problem and diversification away from regional entrepot trade. 2. Internationalization by attracting foreign investors to develop the manufacturing and financial sectors. 3. Improvement of the investment environment by introducing employment and industrial relations legislation and investing in key infrastructure, such as the development of the Jurong Industrial Estate and Port of Singapore. 4. Establishment of new companies such as Singapore Airlines, Neptune Orient Lines, Development Bank of Singapore and Sembawang Shipyard in areas where the private sector lacked capital or expertise.

Keywords: Corporate Governance; Institutional Investor; Audit Committee; Large Shareholder; Generally Accepted Accounting Principle (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1057/9780230523272_8

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