WWLegal.com :: MOH Asks Charities To Disclose Key Information

MOH Asks Charities To Disclose Key Information
Posted on Friday, December 23, 2005 - 12:00 AM

The Ministry of Health has moved to make charities under its watch more transparent and accountable by asking them to disclose key information.

In a press release, the ministry stated:-

The KPMG's report on the National Kidney Foundation (NKF) suggests that there is room for regulators to tighten their supervision over the charities. MOH is reviewing our current regulatory regime over its Institute of Public Charters (IPCs). At present, MOH has 100 such IPCs , of various sizes.

While the Inter-Ministerial Committee proceeds with its review, as a first step, the Ministry has embarked on the following:

First, MOH will publish a full list of the 100 IPCs on its website, and will shortly include their most recent key data such as annual income, annual expenditure, size of reserves;
Second, MOH will develop tiered regulatory policies according to the size of the IPCs' annual income. The number of IPCs under the four income categories is as follows:
- Above $10 million: 6
- Between $5-$10 million: 8
- Between $1-$5 million: 26
- Below $1 million: 60
Annex A lists the 14 MOH IPCs with annual income exceeding $5 million.
Third, we have once again reminded the Boards of all the 100 IPCs of their duties and responsibilities as Board Directors. A copy of our circular issued today is enclosed at Annex B.
Fourth, we will in due course appoint a public accounting firm to assess the level of corporate governance of our 14 largest IPCs.
Fifth, we are encouraging our 14 largest IPCs to disclose to MOH:
- The annual compensation received by their key officers; and
- Their contracts above $1 million which any of their Board Directors and key officials have a stake in.

MOH appreciates the large number of volunteers who have sacrificed much of their time and resources to help in the charities sector, benefiting large numbers of the more needy in Singapore. Many are selflessly contributing. MOH will continue to regulate our IPCs with a light touch, while striking a balance to ensure better governance, in particular for our larger IPCs.

News