Singapore legislation
Regulation 17
Regulation 17
Audit Committee
Subregulation 1
Subject to paragraph (4) and regulations 8(3) and 22, a bank incorporated in Singapore shall have an Audit Committee comprising —
at least 3 members of the board of directors of the bank all of whom are independent from management and business relationships with the bank; and
at least a majority of directors (including the chairman of the Audit Committee) who are independent directors.
Subregulation 2
The Audit Committee shall, in addition to such other responsibilities as may be determined by the board of directors or provided under written law, be responsible for the adequacy of the external and internal audit functions of the bank, including reviewing the scope and results of audits carried out in respect of the operations of the bank and the independence and objectivity of the bank’s external auditors.
Subregulation 3
The Audit Committee shall maintain records of all its meetings.
Subregulation 4
If a member of the Audit Committee resigns, ceases to be a director or for any other reason ceases to be a member of the Audit Committee —
the bank shall notify the Authority of the event within 14 days after the occurrence of the event; and
if this results in a breach of any requirement under paragraph (1), the board of directors shall, within 3 months after that event, appoint such number of new members as may be necessary to rectify the composition of the Audit Committee in accordance with that requirement.
Subregulation 5
Any bank which contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
Subregulation 6
Any bank which contravenes paragraph (4)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.