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Board Resolution For Approval Of Annual Budget for Singapore

Board Resolution For Approval Of Annual Budget Template for Singapore

A Board Resolution for Approval of Annual Budget is a formal document under Singapore corporate law that records the board's decision to approve the company's annual budget. It must comply with the Companies Act (Cap. 50) and Corporate Governance Code requirements, documenting the board's deliberation and approval of the financial planning for the upcoming fiscal year. The resolution serves as official evidence of the board's exercise of its fiduciary duties in financial oversight.

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Board Resolution For Approval Of Annual Budget

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What is a Board Resolution For Approval Of Annual Budget?

The Board Resolution For Approval Of Annual Budget is a critical corporate governance document required under Singapore law. It is typically prepared annually as part of the company's financial planning cycle, demonstrating the board's active involvement in financial oversight. The resolution should detail the approved budget figures, any specific conditions or limitations, and must be properly executed in accordance with the company's constitution and Singapore's Companies Act requirements. This document serves as evidence of proper corporate governance and is often required for audit purposes or regulatory compliance.

What sections should be included in a Board Resolution For Approval Of Annual Budget?

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

2. Preamble: Company details and meeting particulars

3. Attendees: List of present board members and confirmation of quorum

4. Resolution Statement: Formal declaration of budget approval

5. Budget Overview: Summary of key budget figures and fiscal year

6. Signatures: Chairman's signature and company secretary attestation

What sections are optional to include in a Board Resolution For Approval Of Annual Budget?

1. Specific Authorizations: Used when specific spending authorizations are needed

2. Delegation of Authority: When budget implementation authority needs to be formally delegated

3. Special Conditions: For any specific conditions or restrictions on budget usage

What schedules should be included in a Board Resolution For Approval Of Annual Budget?

1. Detailed Budget Breakdown: Line-item budget details by department/category

2. Financial Projections: Revenue and expense forecasts

3. Capital Expenditure Plan: Detailed CAPEX planning if applicable

4. Supporting Documents: Any relevant financial analysis or reports

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) - Directors' Duties: Section 157 governing directors' duties and responsibilities in financial oversight and decision-making

Companies Act (Cap. 50) - Financial Statements: Section 201 outlining requirements for financial statements and reports that inform budget decisions

Companies Act (Cap. 50) - Directors' Powers: Section 172 defining powers of directors to manage company's business including budget approval

Corporate Governance Code - Board Conduct: Principle 1 and Provision 1.1 regarding board's conduct of affairs and fiduciary duties in decision-making

Corporate Governance Code - Board Approval: Provision 1.3 specifying matters requiring board approval, including annual budgets

Corporate Governance Code - Accountability: Principle 10 covering board accountability and financial reporting requirements

Company Constitution Requirements: Internal regulations governing quorum requirements, voting procedures, and approval processes

SGX Listing Rules - Continuing Obligations: Chapter 7 requirements for listed companies regarding material information disclosure and financial reporting

Income Tax Act Considerations: Requirements for tax planning, compliance, and deductibility of expenses in budget preparation

Employment Act Compliance: Regulations regarding employment-related obligations and staffing decisions in budget planning

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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