Guidelines on Corporate Governance for Financial Institutions in Singapore

These guidelines apply to all designated financial holding companies, banks, direct insurers, reinsurers and captive insurers incorporated in Singapore (collectively, "financial institutions").

They provide guidance on good corporate governance practices that financial institutions should observe in relation to Board matters, remuneration matters, accountability and audit, shareholder rights and engagement, managing stakeholder relationships, and oversight of related party transactions.

MAS has set out the compliance approach for different categories of financial institutions under these guidelines. Where applicable, financial institutions should disclose their corporate governance practices and explain variances from the guidelines in their annual reports or on their company websites.

Resource: 2013 Guidelines on Corporate Governance (561.3 KB) , 2018 Code of Corporate Governance (336 KB)

Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.

Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.

Guidelines on risk management practices to mitigate insurance fraud risk.

Corporate governance requirements for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer)), including the independence of directors, composition of the board of directors and board committees, and their responsibilities.

Requirements for designated financial holding companies with a subsidiary that is a bank incorporated in Singapore.

Requirements and guidelines on the appointment of director, chairperson and key executive person for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).

Informs locally incorporated insurers on the issuance of the revisions to the Guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore ("CG Guidelines"), and MAS’ response to the feedback received following the consultation on the CG Guidelines.

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

Informs insurers of the amendments to MAS Notice 106

Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.

Informs locally incorporated insurers on the release of the consultation paper on the 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

Sets out the corporate governance requirements applicable to all direct insurers and reinsurers incorporated in Singapore (except marine mutual insurers)

Corporate governance requirements for banks and financial holding companies, including the composition of the board of directors and board committees, and separation of roles for the Chairman of the Board and Chief Executive Officer.