MAS kicks off consultation on revised corporate governance guidelines

The Monetary Authority of Singapore has launched a consultation on proposed revisions to the guidelines on corporate governance for re/insurers, captives and other financial institutions incorporated in Singapore.

MAS invited feedback on the proposed revisions to its corporate governance guidelines (CGG), which take into account developments in international standards and good practices in the financial industry.

The current CGGs was last revised in April 2013 and contain the 2012 version of the corporate governance code (CGC). In August 2018 the CGC was revised to reinforce board competencies and place greater emphasis on disclosures of the relationship between remuneration and value creation. It also increased its focus on the consideration of the interests of stakeholder groups other than shareholders.

MAS intends to revise the CGG to incorporate the 2018 version of the CGC. It is also proposing revisions to the additional guidelines to incorporate international standards and industry good practices.

Some provisions and guidelines that are currently included in the CGG will also be shifted to specific banking and insurance corporate governance regulations.