The Monetary Authority of Singapore (MAS) announced today that the Corporate Governance Advisory Committee (CGAC) will undertake a review of the Code of Corporate Governance (CG Code). The review seeks to build on established good practices in corporate governance and disclosures among listed companies, and complement the ongoing work of the Equities Market Review Group.

2 The CGAC will consult and engage with industry stakeholders for its CG Code review, with the support of two Sub-Committees:

• The first Sub-Committee will consider measures to facilitate more meaningful  implementation of the CG Code. This includes providing additional guidance and practical examples on implementing the CG Code provisions in a manner that is suited to companies’ operating contexts, such as their size and industry.  

• The second Sub-committee will consider new CG Code provisions or guidance on corporate culture, board effectiveness, and risk management in emerging areas, such as artificial intelligence. These enhancements aim to strengthen boards’ capacities to steer companies through today’s rapidly evolving landscape, while continuing to uphold long-term shareholder value.   

3 The CGAC, which is into its third term, is chaired by Mr Bob Tan, Chairman of Jurong Engineering Limited. The list of current CGAC members is provided in Annex A. Mr Robert Yap, Executive Chairman of Swan & Maclaren Group, and Ms Stefanie Yuen-Thio, Joint Managing Partner of TSMP Law Corporation, will lead each Sub-Committee respectively. 

4 Mr 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.” 

5 Ms Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS, said: “Upholding high standards of corporate governance is key for maintaining investor confidence. 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.” 

6 MAS also expresses its appreciation to Mr Bobby Chin, Director of Temasek Holdings, who served as the CGAC Chairman for its first two terms, and to all past CGAC members whose expertise and valuable contributions have established a strong foundation for the Committee’s next phase of work. The list of members who served in the previous term is in Annex B.