Guidelines on Corporate Governance
These guidelines apply to all designated financial holding companies, banks, direct insurers, reinsurers and captive insurers incorporated in Singapore (collectively, "financial institutions").
They provide guidance on good corporate governance practices that financial institutions should observe in relation to Board matters, remuneration matters, accountability and audit, shareholder rights and engagement, managing stakeholder relationships, and oversight of related party transactions.
MAS has set out the compliance approach for different categories of financial institutions under these guidelines. Where applicable, financial institutions should disclose their corporate governance practices and explain variances from the guidelines in their annual reports or on their company websites.
Resource: 2013 Guidelines on Corporate Governance (561.3 KB), 2018 Code of Corporate Governance (336 KB)
Related to this Item
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Subsidiary LegislationPublished Date: 29 June 2022
Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022
Corporate governance requirements for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer)), including the independence of directors, composition of the board of directors and board committees, and their responsibilities.
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Subsidiary LegislationPublished Date: 29 June 2022
Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022
Requirements for designated financial holding companies with a subsidiary that is a bank incorporated in Singapore.
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NoticesPublished Date: 29 June 2022
Notice FHC-N106 Appointment of Director, Chairperson, Member of Nominating Committee, and Key Executive Person
Requirements and guidelines on the appointment of director, chairperson and key executive person for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).
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CircularsPublished Date: 09 November 2021
ID 18/21 Issuance of Revisions to the CG Guidelines
Informs locally incorporated insurers on the issuance of the revisions to the Guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore ("CG Guidelines"), and MAS’ response to the feedback received following the consultation on the CG Guidelines.
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ConsultationsLast Revised Date: 09 November 2021
Consultation Paper on Revisions to the Guidelines on Corporate Governance
This consultation paper sets out MAS’ proposed revisions to the Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are incorporated in Singapore. MAS is proposing these revisions taking into account international standards and industry good practices.
- Consultation number:
- P004-2021
- Start date:
- 07 May 2021
- Closing date:
- 18 June 2021
- MAS response date:
- 09 November 2021
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NoticesLast Revised Date: 24 September 2021
MAS 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers
Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.
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CircularsPublished Date: 24 September 2021
ID 14/21 Amendments to MAS Notice 106
Informs insurers of the amendments to MAS Notice 106
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GuidelinesLast Revised Date: 28 June 2021
Guidelines on Risk Management Practices – Board and Senior Management
Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.
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CircularsPublished Date: 10 May 2021
ID 09/21 Consultation on Revisions to the Guidelines on Corporate Governance
Informs locally incorporated insurers on the release of the consultation paper on the proposed revisions to the guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore
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Subsidiary LegislationPublished Date: 19 December 2018
Insurance (Corporate Governance) Regulations 2013
Sets out the corporate governance requirements applicable to all direct insurers and reinsurers incorporated in Singapore (except marine mutual insurers)
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Subsidiary LegislationPublished Date: 05 September 2005
Banking (Corporate Governance) Regulations 2005
Corporate governance requirements for banks and financial holding companies, including the composition of the board of directors and board committees, and separation of roles for the Chairman of the Board and Chief Executive Officer.