SINGAPORE: From April next year, town councils will have to abide by a new code of governance which aims to promote greater transparency and raise standards of management. The code was launched on Wednesday (Jun 19), said the Ministry of National Development (MND), adding that it will take effect from FY2020 (Apr 1, 2020) to give town councils time to implement it. Town councils must declare their compliance with the code and submit a checklist to MND annually. “The code provisions set out best practices which TCs (town councils) are encouraged to adopt, through a comply-or-explain regime,” said the ministry. The guidelines cover four main areas – council effectiveness, internal controls and processes, financial management, as well as vendor management. For instance, town councils should have sound financial management practices to ensure that their funds and assets are properly safeguarded and accounted for, and are managed in compliance with the law. There should be a process to identify, assess, regularly monitor and review the town council's key risks, including financial, operational, compliance and information technology risks. They should also have a performance evaluation system for the managing agent and all vendors. "Today, town councils collectively manage about S$2 billion worth of public… Read full this story
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