The Code of Corporate Governance (CG Code) will come under review by a council, while there are calls for firms to go beyond boiler-plate explanations.
The Monetary Authority of Singapore (MAS) said that a review of the CG Code and practices is “timely” to ensure that they continue to support sustained corporate performance and maintain investor confidence in Singapore’s capital markets.
The last review of the CG Code was done in 2012: then, changes were introduced to strengthen board independence and enhance remuneration practices and disclosures.
The council will consult the public on its recommendations, including changes to the CG Code, before finalising them.