Lim Hwee Hua
A trailblazer in Singapore's political scene, Mrs Lim Hwee Hua made history in 2009 as the nation's first female Cabinet Minister. With a career starting in 1997 as a Member of Parliament, she went on to hold significant positions including Deputy Speaker of Parliament, Minister of State for Finance and Transport, and eventually, a Minister in the Prime Minister’s Office. Hwee Hua's influential tenure in both the Finance and Transport Ministries marked key reforms and strategic expansions. Mrs Lim was appointed to the IVSC Board of Trustees in 2020 and became Vice Chair of the Board in 2022.
Asia’s rapid and transformative growth has secured its position as a formidable force in the global economy. Its diverse and dynamic economies, each with their unique strengths and challenges, play an increasingly significant role in shaping the world’s economic landscape. The advent of technology and its wide application to every facet of our lives, and therefore businesses, is unmistakable. This shift necessitates a consistent and reliable framework to facilitate cross-border investments, enhance financial stability, and foster transparency. Enter the International Valuation Standards (IVS).
In recent years, we’ve observed a remarkable uptake of IVS across Asia, signifying a clear direction towards alignment in valuation approaches. Countries like Indonesia have already integrated IVS into their legislation, while the Singapore Exchange (SGX) has incorporated them into parts of its issued rules. In Hong Kong, the IVSC has been actively working with the Financial Reporting Council (FRC) to develop business valuation, further emphasising the region’s commitment to IVS. There’s also increasing enthusiasm for a global valuation framework in India, signalling an encouraging trend towards uniformity.
Additionally, the IVSC’s collaboration with Asia-Pacific Economic Cooperation (APEC) finance ministers has been pivotal in advancing common valuation standards across the region. This collaboration underscores the immense potential of IVS as a unifying framework that can accommodate the diverse range of economies in Asia.
As Vice Chair of the International Valuation Standards Council (IVSC) Board of Trustees, I am a firm advocate for the adoption of robust and implementable IVS across the Asia region and beyond.
The opening of the IVSC Asia Office in Singapore in 2022 was a significant milestone that highlighted the growing demand for global valuation standards in the region, underscoring at the same time Singapore’s growth as a hub for business and intangible assets valuation. The Asia office now plays a critical role in developing these standards, leading the IVSC’s engagement with Asia-based entities, and helping to shape the future of the valuation profession.
”In a bid to keep pace with the ever-evolving economic environment, the IVSC is currently embarking on a consultation to update the IVS. The objective of this process is to ensure that these standards remain relevant, adaptable, and effective in the face of rapid technological advancements and shifting global priorities.
Among the proposed changes are the introduction of new chapters on data and the incorporation of Environmental, Social, and Governance (ESG) considerations. Both of these enhancements promise to boost the applicability and utility of the IVS for the Asia region.
In today’s digital economy, data is king. As decision-making becomes increasingly data-driven, the inclusion of new chapters on data and inputs in the IVS will empower stakeholders across Asia to harness the power of data with confidence, thereby facilitating more informed and effective valuations.
Moreover, the integration of ESG considerations into the IVS mirrors the growing emphasis on sustainable and responsible investment practices worldwide. With these new standards, stakeholders in Asia will be equipped with a comprehensive framework to assess the long-term value and resilience of their investments. This aligns perfectly with the region’s broader commitment to sustainable development.