MAS revises the Code of Corporate Governance to reflect independent director tenure limit and mandatory renumeration disclosure for directors and CEOs
Singapore, 11 January 2023… The Monetary Authority of Singapore (MAS) today introduced amendments to the (Code), to reflect SGX RegCo’s Listing Rule to introduce a nine-year tenure limit for independent directors
2. These revisions to the Code and Listing Rules are in line with the recommendations made by the Corporate Governance Advisory Committee (CGAC) on 13 September 2022, which were in response to the review of SGX-listed companies’ corporate governance disclosures released by SGX RegCo on the same day
3. MAS will amend the Notice to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management (REIT Managers) () to reflect the change in remuneration disclosure requirements for directors and CEOs of REIT Managers to mandatory from comply or explain. The amendments will take effect on 1 January 2025, in alignment with the implementation of the SGX Listing Rules requirement.
4. Mr Lim Tuang Lee, Assistant Managing Director (Capital Markets), MAS, said, “High standards of corporate governance, characterised by strong accountability and transparency, are critical in upholding investor confidence in our capital markets. The latest enhancements, which are in line with global best practices, are important steps to further strengthen director independence, encourage board renewal and improve market transparency.”
MAS today launched a public consultation on its proposal to streamline the regulatory framework for fund managers. Specifically, the existing Registered Fund Management Companies (RFMCs) regime will be repealed, and existing RFMCs that are in operation will be approved as Licensed Fund Management Companies upon application.
Mr Kee Rui Xiong, Executive Director (Corporate Finance & Disclosures Department) spoke about three key issues confronting the financial advisory industry – Technology, Training and Trust.
MAS launched a public consultation on a revised framework to strengthen surveillance and defence against money laundering risks in Singapore’s Single Family Office sector.