The Code was first issued by the Corporate Governance Committee (“CGC”) on 21 March 2001 (35.7 KB). Listed companies are required under the Singapore Exchange Listing Rules to disclose their corporate governance practices and give explanations for deviations from the Code in their annual reports. The Code was subsequently revised on 14 July 2005 (172.1 KB), and again on 2 May 2012 (288.8 KB).
On 28 February 2017, the Corporate Governance Council (“Council”) was established to conduct a comprehensive review of the Code. On 6 Aug 2018, the Council submitted its recommendations to MAS. MAS accepted all the recommendations and issued a revised Code (“2018 Code”), and accompanying Practice Guidance. The 2018 Code supersedes and replaces the Code that was issued in May 2012. The 2018 Code applies to Annual Reports covering financial years commencing from 1 January 2019.
On 12 February 2019, MAS established the Corporate Governance Advisory Committee (CGAC) as a permanent, industry-led body to advocate good corporate governance practices among listed companies in Singapore. The CGAC will identify current and potential risks to the quality of corporate governance in Singapore, and monitor international trends. The CGAC will also revise the Practice Guidance to clarify the Code from time to time, and recommend updates to the Code. The CGAC will not carry regulatory or enforcement powers or provide opinion on ongoing cases and investigations.