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.
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.