The Monetary Authority of Singapore (MAS) announced that it has formed a Corporate Governance Council (Council) to review the Code of Corporate Governance (CG Code), which will be chaired by Mr Chew Choon Seng, former Chairman of the Singapore Exchange (SGX).
The aim of the CG Code reviewed is to ensure that the CG Code remains relevant and progressive, and supports sustained business growth and innovation. The review of the CG Code will take into account changes in corporate landscape as well as international developments.
The CG Code was last reviewed in 2012. Corporate governance practices globally have since then continued to evolve. MAS has been monitoring these developments and gather the industry feedback on how the GC Code can be improved.
The Council will consider how the “comply-or-explain” regime under the CG Code can be made more effective. It includes improving the quality of companies’ disclosure of their CG practices and explanations for deviations from the CG Code.
The Council members are drawn from various stakeholder groups (you may find the Composition of the Corporate Governance Council from the MAS website). The Council will consult the public on its recommendations, including changes to the CG Code, before finalising them.
Source: MAS website, 27 February 2017