SINGAPORE (THE BUSINESS TIMES) – With effect from Nov 1, Quek See Tiat will be named chairman of Singapore’s Accounting Standards Council (ASC), while Desmond Chin will join as a new member.
Finance Minister and Deputy Prime Minister Heng Swee Keat made the appointments, the Ministry of Finance (MOF) announced in a press statement on Friday (Oct 30).
Mr Quek, currently chairman-designate, will succeed Kevin Kwok, who has helmed the council since November 2015.
Under Mr Kwok’s leadership, the ASC issued the Singapore Financial Reporting Standards (International) to achieve full convergence with International Financial Reporting Standards for Singapore-listed issuers.
Mr Quek is also the audit committee chairman on the board of the Monetary Authority of Singapore and the president of the Council for Estate Agencies.
On top of those roles, he serves on the boards of Singapore Technologies Engineering, Temasek Foundation Connects CLG and Singapore Press Holdings, which publishes The Straits Times and The Business Times.
He was deputy chairman of PricewaterhouseCoopers until 2012, and had worked at the firm since 1987.
MOF said that Mr Quek has extensive audit and business advisory experience. He has been involved in planning, executing and managing audits of large listed companies in Singapore.
Meanwhile, Mr Chin will be the commissioner of charities and executive director of the Registry of Co-operative Societies and Mutual Benefits Organisations from next month.
He joined the Singapore Prison Services (SPS) in 1990, and was appointed Commissioner of Prisons in 2016. During his stint, new regimes at SPS were implemented, which improved recidivism rates of young offenders and drug inmates over time.
Mr Chin also served as chief executive officer (CEO) of Yellow Ribbon Singapore from 2005 to 2010. He was awarded the Public Administration Medal (Gold) this year.
He is coming on board as Ang Hak Seng retires from the council.
Other members on the ASC include its deputy chairman Cheung Pui Yuen, who is also CEO of Deloitte & Touche; the Accounting and Corporate Regulatory Authority’s CEO Ong Khiaw Hong; Accountant-General Ow Fook Chuen; and Far East Organization executive director and chief financial officer Koh Kah Sek.