Corporate governance in Singapore is to be reviewed.

An announcement from the state’s financial regulator, the Monetary Authority of Singapore, said a special council would be set up to review the quality of comply or explain disclosures. Proposals are also expected on monitoring the progress of companies on governance improvements.

Chew Choon Seng, council chairman said: “We need to ensure that our CG Code remains relevant and progressive, and supports sustained business growth and innovation.

“The review of the CG Code will therefore take into account changes in our corporate landscape as well as international developments.

“With market participants paying greater attention to the corporate governance practices of listed companies, companies are now under increasing pressure to become more transparent and accountable to their stakeholders.

“It is important for our listed companies to go beyond mere box-ticking and boiler-plate explanations. They must be able to engage meaningfully with their stakeholders and implement CG practices that lead to long-term sustainable business performance.”

Singapore’s code was last reviewed in 2012 when fresh changes were introduced on board independence and executive remuneration.