These guidelines set out the factors relating to the investment and voting policies of a bank, an affiliated entity or a qualified major stake company of the bank. MAS would consider these factors in determining whether the control of voting power or interest in a company held is being used or exercised primarily for the benefit of a beneficiary, for the purposes specified under the Banking Regulations.

The guidelines cover:

• Investment policy and what should be included.
• Voting policy and what should be included.
• Outsourcing of investment management or voting function.
• Oversight of investment and voting policies.