Corporate Governance of Listed Companies
With effect from 1 September 2007, MAS and SGX took over the
oversight of corporate governance of listed companies from the Council
on Corporate Disclosure and Governance. With the active involvement
of SGX and market participants, MAS will conduct periodic reviews of
the Code of Corporate Governance to ensure that it remains relevant
and useful, and is in line with global best practices.
MAS and SGX are working on two initiatives with market participants.
The first involves giving practical guidance to audit committees to
enhance their effectiveness. To this end, MAS, ACRA and SGX have
established an industry-led Audit Committee Guidance Committee to
develop practical guidance to assist audit committees in attaining a
better understanding of their role and responsibilities so that they can
be more effective in discharging their responsibilities. The second
initiative involves the training and professional development of directors.
The Singapore Institute of Directors (SID) is conducting a comprehensive
review of training and professional development of directors in Singapore.
SID has involved MAS, ACRA and SGX in developing the scope of the
review. We will work with SID on assessing the recommendations for