Circular No FSG 32/99

Date: 17 July 1999

To the Chief Executive Officers of All Banks

Dear Sir/Madam

MAS NOTICE 622 - NOMINATING COMMITTEES AND APPOINTMENT OF DIRECTORS AND CHIEF EXECUTIVES OF SINGAPORE-INCORPORATED BANKS

MAS NOTICE 622A - APPOINTMENT OF CHIEF EXECUTIVES OF BRANCHES OF BANKS INCORPORATED OUTSIDE SINGAPORE

The Authority has revised the MAS Notice 622 dated 1 Nov 83, with a view to enhancing the framework for corporate governance of banks in Singapore. The Notice will be replaced by the new MAS Notice 622 and MAS Notice 622A, which have been drafted in consultation with the Singapore-incorporated banks and the Association of Banks in Singapore Council, respectively. The two new Notices, enclosed, will take immediate effect.

Yours faithfully

THARMAN SHANMUGARATNAM
DEPUTY MANAGING DIRECTOR
(FINANCIAL SUPERVISION GROUP)

MAS Notice 622

MAS Notice 622A