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Board Resolution Approving Budget for Singapore

Board Resolution Approving Budget Template for Singapore

A formal corporate document under Singapore law that records the board of directors' approval of the company's budget for a specified period. The resolution complies with the Companies Act (Cap. 50) and relevant corporate governance requirements, documenting the official allocation of financial resources and establishing spending authority within the organization. It serves as a legal record of the board's exercise of its fiduciary duties in financial oversight.

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Board Resolution Approving Budget

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What is a Board Resolution Approving Budget?

A Board Resolution Approving Budget is a crucial corporate governance document required under Singapore law to formalize the board's approval of financial planning and resource allocation. It demonstrates compliance with directors' duties under the Companies Act (Cap. 50) and provides official authorization for expenditure. This document is typically used annually or when significant budget revisions are needed, containing detailed financial allocations, implementation authority, and any specific conditions or restrictions. The resolution serves as evidence of proper corporate governance and protects both the company and its directors in their exercise of financial oversight.

What sections should be included in a Board Resolution Approving Budget?

1. Title and Date: Formal identification of the resolution and date of passing

2. Company Details: Company name, registration number, and registered address

3. Preamble: Statement confirming proper notice and quorum requirements

4. Background: Context for the budget approval and financial period covered

5. Resolution Statement: Formal approval of the budget with specific amounts and allocations

6. Authentication: Signatures of chairman and/or company secretary

What sections are optional to include in a Board Resolution Approving Budget?

1. Special Considerations: Additional notes on specific budget items or conditions, used when there are unusual circumstances

2. Delegation of Authority: Powers granted for budget implementation, used when specific authority needs to be delegated

3. Risk Assessment: Analysis of financial risks, used for significant expenditures or investments

What schedules should be included in a Board Resolution Approving Budget?

1. Detailed Budget Breakdown: Itemized budget allocations by department or category

2. Financial Projections: Revenue and expense forecasts for the budgeted period

3. Supporting Documents: Any relevant financial statements or analysis supporting the budget

4. Meeting Minutes Extract: Relevant excerpts from board meeting where budget was discussed

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions




















Clauses




















Industries

Companies Act (Cap. 50): Key sections include: Section 157 (Directors' duties), Section 157A (Directors' powers), Section 179 (Directors' proceedings), Sections 188/189 (Board meetings and resolutions requirements)

Code of Corporate Governance 2018: Singapore's primary corporate governance framework providing guidelines on board matters, including decision-making processes and accountability

SGX Listing Rules: Relevant for listed companies, containing requirements for corporate actions and board decisions affecting company finances

MAS Guidelines: Regulatory guidelines from Monetary Authority of Singapore, applicable if the company operates in regulated sectors

Company Constitution: Company's foundational document specifying requirements for board resolutions, quorum, voting procedures, and notice periods

Singapore Financial Reporting Standards: Accounting standards framework governing financial planning, reporting and budgeting requirements

Industry-Specific Regulations: Sector-specific regulatory requirements that may affect budget approval processes and financial planning

Income Tax Act: Tax legislation affecting budget planning, including tax compliance requirements and planning considerations

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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