Good Culture and Conduct

Revisions to the Guidelines on Corporate Governance for financial institutions incorporated in Singapore

9 November 2021  

MAS revised the Guidelines on Corporate Governance (CG Guidelines) for all locally incorporated designated financial holding companies, banks, direct insurers, reinsurers and captive insurers. The CG Guidelines were revised to incorporate the 2018 Code of Corporate Governance, which reinforces board competencies, places greater emphasis on disclosures of the relationship between remuneration and value creation, and considers the interests of stakeholder groups other than shareholders. Other key revisions include aligning the CG Guidelines with international standards and industry good practices, and refining the compliance approach for different categories of financial institutions (FIs).

Consultation Paper on proposed amendments to the Business Trusts Act 

19 November 2021 

MAS consulted on proposed amendments to the Business Trusts Act (BTA). The proposed amendments were mainly to align the BTA with amendments to the Companies Act and the regulatory regime for REITs, and to streamline and clarify regulatory requirements in response to industry feedback.

MAS supported the Association of Banks in Singapore (ABS) in publishing the second edition of the Banking Trust Index for Singapore (BTIS) 

26 April 2022

The BTIS, published by ABS with the support of MAS, is a standardised measure of public perception and trust towards major banks in Singapore. The findings from the survey, its second edition since its inaugural run in 2021, showed that while banks in Singapore continued to enjoy good levels of trust by the public, there was also an increased expectation for banks in Singapore to do more to keep the banking system and customer data secure; create accessible, reliable and innovative banking solutions; and improve customer service standards and consistency.