04 Jun 2020

This is the first time that a Singaporean will be on the IVSC Board of Trustees

Singapore, 2 June 2020The Singapore Accountancy Commission (SAC) congratulates Mrs Lim Hwee Hua on her appointment to the International Valuation Standards Council (IVSC) Board of Trustees. Mrs Lim is the first Singaporean IVSC Board Trustee.


IVSC is the global valuation standards setter. It develops and promotes high standards for valuation across all asset classes to safeguard and de-risk financial markets. International Valuation Standards (IVS) are currently applied in more than 100 countries.


Mrs Lim, former Minister in the Prime Minister’s Office and the Second Minister for both Finance and Transport, was appointed as an IVSC Board Trustee on 1 June 2020 for an initial three-year term. The Board is chaired by former UK Chancellor of the Exchequer, Lord Alistair Darling.


The Institute of Valuers and Appraisers, Singapore (IVAS), an institute set up by SAC to develop Singapore into a centre of excellence for Business Valuation, has worked closely with IVSC to promote high standards of Business Valuation and the adoption of IVS. To promote greater industry engagement and dialogue, IVAS and IVSC have also jointly organised the IVAS-IVSC Business Valuation Conference since 2017. The conference has been held yearly, drawing about 400 attendees from about 15 countries each year.


Mr Chaly Mah, Chairman, SAC, said, “I congratulate Hwee Hua for her appointment on the IVSC Board of Trustees. In these uncertain economic times, the need for consistent and high standards of valuation has become more critical to improve transparency for the stability of financial markets. With her vast experience, I am confident that Hwee Hua will contribute significantly to IVSC’s mission of raising international valuation and professional standards.”


Mr Harsha Basnayake, Chairman, IVAS Council, and Asia Pacific Area Managing Partner of Transaction Advisory Services at EY, said, “We value the relationship with IVSC as we continue to lift the valuations profession in Singapore and the wider region.  It is great to see Singapore’s contribution to the profession globally being enhanced by having someone of Hwee Hua’s stature and experience on the IVSC Board of Trustees.  On behalf of IVAS, I want to offer our congratulations to her and I look forward to working with her as we look to support IVSC in raising international business valuation standards in more areas such as Intangible Assets and Intellectual Property.”


For more information, please contact:

Yvette Thomasz

Head, Corporate Communications, Singapore Accountancy Commission (SAC)

Email: yvette_thomasz@sac.gov.sg; Tel: 96983843


Richard Stokes

Director, Communications, International Valuation Standards Council (IVSC)

Email: rstokes@ivsc.org; Tel: +44 (0)7376 019355



About International Valuation Standards Council (IVSC)

The International Valuation Standards Council (IVSC) is an independent, not-for-profit organisation that produces and implements universally accepted standards for the valuation of assets across the world in the public interest. The IVSC consists of representatives from a wide range of sectors, including professional valuation institutes, valuation providers, standard setters, regulators of valuation services and academia. The organisation’s mission is to establish and maintain effective, high-quality international valuation and professional standards, and to contribute to the development of the global valuation profession, thereby serving the global public interest. For more information, please visit https://www.ivsc.org/


About Singapore Accountancy Commission

The Singapore Accountancy Commission (SAC) spearheads the development of the Singapore accountancy sector with the vision of developing Singapore into a leading global accountancy hub. SAC is working to achieve this by deepening the skills of the accountancy talent pool; developing the industry to capture growth opportunities; and creating a hub and exchange by building Singapore into a centre for thought leadership. SAC is a statutory body under the Ministry of Finance.  For more information, please visit https://www.sac.gov.sg


About Institute of Valuers and Appraisers, Singapore (IVAS)

Established under the umbrella of the Singapore Accountancy Commission, the Institute of Valuers and Appraisers, Singapore (IVAS) seeks to foster professional excellence in the areas of Business Valuation and develop and grow Singapore into a Centre of Excellence for Business Valuation through:

  • Development of competency frameworks;
  • Promotion of professional valuation standards;
  • Setting of ethical and professional standards of practice;
  • Contributions in thought leadership, research and development;
  • Provision of quality education and training curriculum; and
  • Promotion of professional qualification and certification in Business Valuation


Through these initiatives, IVAS will seek to broaden the talent pool, deepen the expertise of Business Valuation professionals, uphold the public trust in the role they perform and enhance the reputation of the Business Valuation profession in the region. For more information, please visit https://www.sac.gov.sg