Singapore, 30 September 2026… The Monetary Authority of Singapore (MAS) is seeking feedback on targeted updates to the Corporate Governance RegulationsThe proposed changes will impact the Banking Regulations, Banking (Corporate Governance) Regulations 2005, Insurance (Corporate Governance) Regulations 2013, Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022 and the Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022., as part of MAS’ regular review of regulatory standards to keep them current and effective for banks, insurers and their designated financial holding companies. The proposed changes build on an established and well-functioning corporate governance framework, strengthening safeguards in specific areas where risks and practices have evolved, while streamlining requirements for financial institutions (FIs) with less impact on customers and the financial system.

2 Strong corporate governance remains fundamental to well-run and resilient FIs. Banks and insurers play particularly critical roles in safeguarding depositor and policyholder interests. They perform important functions in supporting households, businesses and the wider economy. 

3 MAS applies corporate governance requirements proportionately, taking into account the size, risk profile and impact of each FIPlease refer to Appendix 4 of MAS' Framework for Impact and Risk Assessment of Financial Institutions for the principles which MAS takes into consideration when calibrating corporate governance standards across FIs: https://www.mas.gov.sg/publications/monographs-or-information-paper/2007/mas-framework-for-impact-and-risk-assessment-of-financial-institutions . FIs that are more systemically important or have greater retail reach can have a larger impact on customers and the financial system, and are therefore subject to more stringent corporate governance requirements. The proposed updates build on revisions made in November 2021 to MAS’ Guidelines on Corporate Governance for banks, insurers and their designated financial holding companies. 
                  
4 The consultation paper proposes targeted refinements in four main areas: 

• Director independence. MAS proposes to refine the criteria for determining whether directors are independent from management, business relationships and substantial shareholders. For example, directors employed by, or have dealings with related corporations or affiliates, will be deemed non-independent from management and business relationships. Clear independence criteria support objective judgement and effective challenge.

• Board composition. MAS proposes to increase the minimum board size and require a majority of independent directors for domestic systemically important banks and insurers as well as full banks. These refinements are intended to ensure that boards continue to have the breadth of perspectives and expertise and independent oversight needed as institutions grow in scale and complexity.

• Key appointments. MAS proposes to require prior approval for additional key appointments, such as Chairperson of Nominating Committee of locally incorporated banks and insurers, and Chief Information Officer of domestic systematically important banks. These proposals reflect the increasing importance of succession planning, technology and information risk management at the board and senior management levels.

• Streamlining requirements for lower-impact FIs. MAS also proposes to remove the requirement for prior approval of certain board and senior management appointments for FIs assessed to have less retail reach or lower systemic importance. This ensures that regulatory requirements remain risk-proportionate and do not impose unnecessary regulatory burden where additional approvals are not needed.

5 Designated financial holding companies with a bank or insurer subsidiary would generally be subject to the same corporate governance standards as their subsidiaries, reflecting the way governance and risks are managed across financial groups.

6 Overall, the proposals are intended to keep corporate governance standards strong and up to date, while ensuring requirements remain proportionate and fit for purpose across the financial sector.

7 MAS invites interested parties to provide views on the proposals set out in this consultation paper, which is available here. Comments may be submitted via the FormSG link by 9 December 2026.

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