Regulatory Alerts2021-11-09
Added · Updated
Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers Which Are Incorporated in Singapore
The Monetary Authority of Singapore issues guidelines requiring designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers incorporated in Singapore to observe specific corporate governance principles and provisions. Compliance with the Code's Principles is mandatory for listed institutions and fully expected for banks, Tier 1 insurers, and certain designated financial holding companies, while Tier 2 insurers and other designated financial holding companies must observe the Principles or explain variances. Variances from the Provisions and Additional Guidelines are acceptable if explicitly stated and explained as consistent with the policy intent, with disclosures required in annual reports or on company websites. The Guidelines supersede the 2013 version, with disclosure-related provisions effective from 1 January 2022 and all other provisions effective from 1 April 2022, except for Provision 2.2 which takes effect on 31 December 2022.
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