Monetary Authority of Singapore Annual Report 2011/2012
Our Work

Enhancing Corporate Governance Standards

As part of the efforts to enhance the corporate governance framework in Singapore, the Corporate Governance Council, established by MAS in February 2010, undertook a comprehensive review of the Code of Corporate Governance. The Council conducted a public consultation on proposed revisions to the Code in June 2011, and submitted its recommendations to MAS on 22 November 2011. Recommendations were made in the areas of director independence, board composition, director training, multiple directorships, alternate directors, remuneration practices and disclosures, risk management and shareholder rights and roles.

Having carefully considered the Council’s recommendations, MAS issued the revised Code on 2 May 2012. The revised Code will take effect for listed companies in respect of annual reports relating to financial years commencing from 1 September 2012 onwards, unless otherwise provided2.

2   Companies are given until the Annual General Meetings following the end of the relevant financial year to make changes in relation to board composition to comply with the revised Code.