SINGAPORE, Feb. 27 (Xinhua) -- The Monetary Authority of Singapore (MAS) has established a Corporate Governance Council to review the Code of Corporate Governance (CG Code), it announced on Monday.
MAS said the Council will be chaired by former chairman of the Singapore Exchange, Chew Choon Seng.
According to authority, the CG Code was last reviewed in 2012, when changes were introduced to strengthen Board independence and enhance remuneration practices and disclosures.
While corporate governance practices globally have continued to evolve since then, MAS said it has been monitoring these market developments and industry feedback on how the CG Code can be improved.
"A review of the CG Code and practices is thus timely to ensure that they continue to support sustained corporate performance and maintain investor confidence in our capital markets," said MAS.
MAS said the Council will consider how the "comply-or-explain" regime under the CG Code can be made more effective. This includes improving the quality of companies' disclosure of their CG practices and explanations for deviations from the CG Code, MAS added.
The Chairman of the Council Chew Choon Seng said Singapore needs to ensure its CG Code remains relevant and progressive, and supports sustained business growth and innovation.
"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," Chew added.
