Code of Corporate Governance

Codes

Last Revised Date: 21 December 2023

Code of Corporate Governance

The Code of Corporate Governance (the "Code") came under the purview of MAS and SGX with effect from 1 September 2007.

Corporate Governance

Applies to:

REIT Management

,

Members of Public

,

Markets and Exchanges

View Document

Code of Corporate Governance

(170.4 KB)

The Code was first issued by the Corporate Governance Committee (“CGC”) on 21 March 2001 (35.7 KB) . Listed companies are required under the Singapore Exchange Listing Rules to disclose their corporate governance practices and give explanations for deviations from the Code in their annual reports. The Code was subsequently revised on 14 July 2005 (172.1 KB) , and again on 2 May 2012 (288.8 KB) .

On 28 February 2017, the Corporate Governance Council (“Council”) was established to conduct a comprehensive review of the Code. On 6 Aug 2018, the Council submitted its recommendations to MAS. MAS accepted all the recommendations and issued a revised Code (“2018 Code”), and accompanying Practice Guidance. The 2018 Code supersedes and replaces the Code that was issued in May 2012. The 2018 Code applies to Annual Reports covering financial years commencing from 1 January 2019.

On 12 February 2019, MAS established the
Corporate Governance Advisory Committee

(CGAC) as a permanent, industry-led body to advocate good corporate governance practices among listed companies in Singapore. The CGAC will identify current and potential risks to the quality of corporate governance in Singapore, and monitor international trends. The CGAC will also revise the Practice Guidance to clarify the Code from time to time, and recommend updates to the Code. The CGAC will not carry regulatory or enforcement powers or provide opinion on ongoing cases and investigations.

Resources

How to qualify to be a REIT manager and what ongoing governance and compliance arrangements are expected.

This consultation paper sets out MAS’ proposed revisions to the Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are incorporated in Singapore. MAS is proposing these revisions taking into account international standards and industry good practices.

Consultation number:

P004-2021

Start date:

07 May 2021

Closing date:

18 June 2021

MAS response date:

09 November 2021

MAS set up the Corporate Governance Advisory Committee to advocate good corporate governance practices among listed companies, and strengthen investors' confidence in our capital markets.

Singapore, 6 August 2018… The Monetary Authority of Singapore (MAS) has accepted all the recommendations by the Corporate Governance Council (Council), and issued the revised Code of Corporate Governance (Code). 2 The revised Code makes clear how companies should adopt the comply-or-explain regime. The SGX Listing Rules...

Singapore, 6 August 2018… The Corporate Governance Council (Council) today submitted to the Monetary Authority of Singapore, its final recommendations on revisions to the Code of Corporate Governance (Code). The recommendations aim to encourage companies to innovate and grow, and strengthen investor confidence in our...

Singapore, 16 January 2018… The Corporate Governance Council (Council) today released a consultation paper on its recommendations to revise the Code of Corporate Governance (Code). The recommendations aim to support sustained corporate performance and innovation, and strengthen investor confidence in our capital...

Singapore, 27 February 2017… The Monetary Authority of Singapore (MAS) announced today that it has formed a Corporate Governance Council (Council) to review the Code of Corporate Governance (CG Code). The Council will be chaired by Mr Chew Choon Seng, former Chairman of the Singapore Exchange (SGX). 2 The CG Code was...

Singapore, 19 August 2014… The Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange (SGX) have issued a revised Guidebook for Audit Committees in Singapore (Guidebook). 2 This is the second edition of the Guidebook which was developed by the Audit...

Singapore, 2 May 2012… The Monetary Authority of Singapore (MAS) has accepted the recommendations made by the Corporate Governance Council (Council) on the Code of Corporate Governance (Code), and issued the revised Code of Corporate Governance. 2 MAS has carefully considered the recommendations of the Council, and is...

Singapore, 22 November 2011 The Corporate Governance Council (“Council”) has submitted its recommendations on proposed revisions to the Code of Corporate Governance (“Code”) to the Monetary Authority of Singapore for consideration. 2 The Council, chaired by Mr Chan Heng Loon Alan, Chief Executive Officer of Singapore...

 Singapore, 14 June 2011… The Corporate Governance Council (“Council”) has released a consultation paper on proposed revisions to the Code of Corporate Governance (“Code”) which applies to Singapore listed companies on a ‘comply or explain’ basis. 2 Since the last review of the Code in 2005, global events such...

The Monetary Authority of Singapore (MAS) has announced today the composition of the newly established Corporate Governance Council.

Singapore, 30 October, 2008 … The Audit Committee Guidance Committee (ACGC) today submitted its Guidebook for Audit Committees in Singapore to the Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange Ltd (SGX). 2 This is a key initiative in...

The Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (ACRA), and the Singapore Exchange Ltd (SGX) today established the Audit Committee Guidance Committee (ACGC). Tasked with developing practical guidance for audit committees, the industry-led ACGC is a key initiative announced by MAS and SGX in June 2007 (Please click here to view) to strengthen corporate governance practices of listed companies in Singapore.

Singapore, 27 June 2007 … The Monetary Authority of Singapore (MAS) and Singapore Exchange Limited (SGX) today released the findings from a study they had commissioned on the current state of corporate governance of SGX-listed companies in Singapore. This is the first comprehensive review of the state of corporate...

Oversight of corporate governance of listed companies will be transferred from the Council of Corporate Disclosure and Governance (CCDG)[1] to the Monetary Authority of Singapore (MAS) and the Singapore Exchange Ltd (SGX) with effect from 1 September 2007. The move will clarify and streamline responsibilities for corporate governance matters for listed companies. The approach is consistent with that taken in other sectors, where the sectoral regulator takes responsibility for oversight of governance.