The Monetary Authority of Singapore (MAS) has announced that the Corporate Governance Advisory Committee (CGAC) will lead a review of the Code of Corporate Governance.
The review aims to build on established good practices and strengthen governance and disclosure standards among listed companies.
It also complements the work of the Equities Market Review Group to enhance the country’s equities market.
Two sub-committees will support the initiative—one focused on providing practical guidance and examples to help companies implement the Code in ways tailored to their size and industry.
The other will look into potential updates related to board effectiveness, corporate culture, and risk management in emerging areas, including artificial intelligence.
Now in its third term, the CGAC is chaired by Bob Tan, Chairman of Jurong Engineering. Robert Yap, Executive Chairman of Swan & Maclaren Group, and Stefanie Yuen-Thio, Joint Managing Partner of TSMP Law Corporation, will lead the sub-committees.
Bob Tan, CGAC Chairman said,
“In line with the efforts of the Equities Market Review Group to strengthen Singapore’s equities market, the CGAC will be reviewing the CG Code for its continuing relevance and ensuring that its disclosure requirements are meaningful to both existing shareholders and potential investors of large cap and SME listed companies.
The objective is to make our listed companies more transparent and attractive in the capital market without unduly over-burdening them with inconsequential reporting guidance or requirements.”
Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS, said,
“Alongside the proposals of the Equities Market Review, companies must continue to maintain strong governance practices and make meaningful disclosures that keep stakeholders appropriately informed.
The CGAC members’ diverse expertise play a vital role in strengthening the corporate governance framework. I look forward to its recommendations.”
The CGAC was set up in 2019 as a permanent, industry-led body to promote good governance among listed firms and recommend updates to the code. It does not carry regulatory or enforcement powers.
Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Freepik
