The URA Board and Management have put in place a framework to ensure adherence to good corporate governance practices.
Chairman Mr Peter Ho Hak Ean Chairman, Urban Redevelopment Authority
Members
Dr Cheong Wei Yang Deputy Chief Executive Officer, National Research Foundation
Mr Bill Chang Chief Executive Officer, Group Enterprise, Singtel
Mr Lim Eng Hwee Chief Executive Officer, Urban Redevelopment Authority
Mr Khew Sin Khoon President & Group Chief Executive Officer, CPG Corporation Pte Ltd
Mr Ho Tian Yee Managing Director, Pacific Asset Management (S) Pte Ltd
Ms Judy Hsu Regional Chief Executive Officer, ASEAN & South Asia, Standard Chartered
Chairman
Mr Nagaraj Sivaram Partner, Assurance, Ernst & Young LLP (Mr Nagaraj retired from his position at Ernst & Young LLP with effect from 1 July 2019. He remains a URA Board member and Chairman of the ARC)
Mr Tan Chee Meng, Senior Counsel Deputy Chairman, WongPartnership LLP
Mr Ngien Hoon Ping Chief Executive, Land Transport Authority
Ms Angelene Chan Chief Executive Officer, DP Architects Pte Ltd
Mr Ong Kim Pong Regional Chief Executive Officer, Southeast Asia PSA International Pte Ltd
Internal control framework
URA’s internal control framework aims to ensure that assets are properly safeguarded, accounting systems and controls are sound and effective, financial information is reliable, and key computerised systems are adequately secure to minimise risks.
These objectives are achieved through:
Risk management framework
The Board has overall responsibility for the establishment and oversight of the organisation’s risk management framework. The Board, through the ARC, is responsible for developing and monitoring the organisation’s risk management policies.
URA’s risk management policies are established to identify and analyse the risks faced by the organisation. Management together with ARC, set appropriate risk limits and controls, and monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the organisation’s activities.
The ARC oversees how Management monitors compliance with the organisation’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by URA. The ARC is assisted in its oversight role by URA’s Internal Audit and Organisation Excellence departments. Both departments undertake regular and ad hoc reviews of risk management controls and procedures, and the results are reported to the ARC.
Internal and external audit functions
URA has an internal audit (IA) function that is independent of the activities it audits. The internal auditors report to the Chairman of the ARC functionally and to the Chief Executive Officer administratively.
The department performing IA function conducts audits and reviews URA’s business functions to provide assurance to the Board that internal controls are adequate and effective in all key financial, operational, compliance and IT systems and processes. It furnishes Management with audit observations, analyses and recommendations on areas for improvement and monitors the follow-up actions. Its audit plans are reviewed and approved by the ARC. The scope of the IA function encompasses:
The external auditor, Deloitte & Touche LLP, was appointed by the Minister for National Development in consultation with the Auditor-General, for the audit of URA’s Financial Statements. The external auditor reports to the ARC its findings on significant accounting and internal control issues, and recommends possible ways to improve systems and procedures.
Business and ethical conduct
All staff of URA are bound by URA’s terms and conditions of service to maintain a high standard of business and ethical conduct. In the course of their official duties, staff are obliged not to involve themselves in matters where a conflict of interest may arise and are to declare the situation to their supervisors. They are also obliged to comply with established guidelines pertaining to the acceptance of gifts and invitations from contractors, suppliers, clients, customers, developers, and any member of the public.
In addition, all staff members are subject to the provision of the Official Secrets Act and the Statutory Bodies and Government Companies (Protection of Secrecy) Act. They are required to sign a declaration upon recruitment to acknowledge this provision, and are reminded of this provision when they leave URA’s service.
URA has also put in place a Whistle Blower Policy Statement to strengthen its business and ethical conduct. Details of the policy are posted on URA’s intranet for employees’ easy reference.