MAS to review corporate governance code

The Monetary Authority of Singapore (MAS) announced on Thursday (May 29) that it will be reviewing the corporate governance code.

The review aims to build on established practices in corporate governance and disclosures among listed companies, and complement ongoing efforts in revamping its equities market.

The advisory committee on corporate governance will consult and engage with industry stakeholders for this review.

The first sub-committee will consider measures to facilitate more meaningful implementation of the code.

This includes providing additional guidance and practical examples on implementing provisions of the code in a manner that is suited to companies’ operating contexts, such as their size and industry.  

The other sub-committee will consider new provisions or guidance on corporate culture, board effectiveness, and risk management in emerging areas, such as artificial intelligence.

These enhancements aim to strengthen boards’ capacities to steer companies through the current rapidly evolving landscape while continuing to uphold long-term shareholder value.  

The current advisory committee, which has recently started its third term of three years, is chaired by Bob Tan, chairman of Jurong Engineering.

Robert Yap, executive chairman of Swan & Maclaren Group, will lead the first sub-committee, while Stefanie Yuen-Thio, joint managing partner of TSMP Law, will lead the second sub-committee.

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