MAS issues revised Code of Corporate Governance; SGX amends listing rules accordingly

SINGAPORE (Aug 6): The Monetary Authority of Singapore (MAS) has accepted all the recommendations by the Corporate Governance Council and issued the revised Code of Corporate Governance which clarifies how companies should adopt the comply-or-explain regime.

The revised code is intended to ensure companies provide meaningful disclosures to their stakeholders.

In line with the council’s recommendations, the Singapore Exchange listing rules have also been amended. Key changes to the code include encouraging board renewal, strengthening director independence and enhancing board diversity to reinforce board competencies. Code revisions were also made on disclosures of the relationship between remuneration and value creation, and consideration of the interests of groups other than shareholders to encourage better engagement between companies and all stakeholders.

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