SINGAPORE, Oct. 7 Chubb-Group-Comment
SINGAPORE, Oct. 7 /PRNewswire/ -- Speaking before a meeting of more than 180 business leaders here, an insurance executive encouraged Asian companies to adopt good corporate governance practices as a means toward achieving stronger and faster growth. The conference, involving corporate CEOs and CFOs, regulators and other government officials, followed the recent adoption of new corporate governance standards and regulations in Singapore and other markets.
As local and foreign-owned companies of all sizes "seek to expand their global footprint, raise new capital or tap new markets, they face exposure to a host of sometimes unfamiliar legal liabilities for which they must be fully prepared," said Moses Ojeisekhoba, senior vice president and Asia-Pacific zone officer for the Chubb Group of Insurance Companies. "While there is no fail-safe way for companies to meet all these new global challenges, enshrining good corporate governance practices -- focusing on core corporate principles of responsibility, accountability, fairness and transparency -- provides a crucial base. The success of a company's corporate governance is reflected not only in its reputation but also more tangibly in its ratings and ability to access capital, local as well as foreign."
On August 22, the Singapore Exchange Limited (SGX), the local stock exchange, announced a series of new corporate governance measures. During the conference's keynote address, SGX CEO Hsieh Fu Hua outlined some of the measures, including the appointment of CFOs and independent directors at least six months in advance of initial public offerings and sign-offs by local firms when foreign accountants conduct audits.
In addition to Chubb, the conference was co-sponsored by the National Center for Asia-Pacific Economic Cooperation (APEC), the APEC Business Advisory Council and the Singapore Business Federation.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.
Jodi Dorman
jdorman@chubb.com
(908) 903-2608
SOURCE Chubb Group of Insurance Companies
