Governance

Overview

Strategies to strengthen a climate-resilient financial sector are tabled and discussed at the Green Finance Steering Committee (GFSC) which is chaired by MAS’ Managing Director. Prior to tabling at the GFSC, relevant initiatives to build a climate-resilient financial sector are deliberated at the Management Financial Supervision Committee (MFSC) which is chaired by MAS’ Deputy Managing Director (Financial Supervision) or Management Financial Stability Committee (FSC) which is chaired by MAS’ Managing Director. The MFSC convenes on a weekly basis to decide on matters relating to the supervision and regulation of the financial services sector, such as legislative frameworks and supervisory policies. The FSC convenes on a quarterly basis and is a platform to identify and assess risks to the financial system, discuss macroprudential and financial stability issues of concern, and formulate macroprudential policy.

In addition, MAS consults and works closely with the industry on our initiatives. In 2019, the Green Finance Industry Taskforce (GFIT) was convened by MAS, comprising representatives from financial institutions, corporates, non-governmental organisations and financial industry associations. GFIT seeks to accelerate the development of sustainable finance through four key thrusts: (i) developing a taxonomy; (ii) improving disclosures; (iii) fostering green finance solutions; and (iv) enhancing environmental risk management practices of financial institutions. GFIT will also support sustainable finance capacity building among banks, insurers, asset managers and corporates.