Code of Corporate Governance
Code of Corporate Governance (PDF, 289KB)
(Issued in May 2012)
The Code of Corporate Governance (the "Code") came under the purview of MAS and SGX with effect from 1 September 2007.
The Code was first issued by the Corporate Governance Committee (“CGC”) on 21 March 2001 (PDF, 35.6KB). Compliance with the Code is not mandatory but listed companies are required under the Singapore Exchange Listing Rules to disclose their corporate governance practices and give explanations for deviations from the Code in their annual reports.
The Council on Corporate Disclosure and Governance (“CCDG”) initiated a review of the Code in May 2004. A revised Code was issued on 14 July 2005 (PDF, 173KB).
The Corporate Governance Council (“Council”) conducted a comprehensive review of the Code, and submitted its recommendations to MAS on 22 November 2011. MAS issued a revised Code of Corporate Governance on 2 May 2012. The 2012 Code of Corporate Governance supersedes and replaces the Code that was issued in July 2005. The Code will take effect in respect of Annual Reports relating to financial years commencing from 1 November 2012. Board composition changes, with the exception of changes required as a result of the Chairman of the Board falling within four circumstances specified in Guideline 2.2 of the Code, should be made at Annual General Meetings (“AGMs”) following the end of the relevant financial year. Changes needed to comply with the requirement for independent directors to make up at least half of the boards in specified circumstances should be made at the AGMs following the end of financial years commencing on or after 1 May 2016.