Wednesday, 15 June 2011

Singapore: revised corporate governance code - draft published by MAS

The Corporate Governance Council formed by the Monetary Authority of Singapore has published a consultation paper setting out proposed changes to the Corporate Governance Code to which listed companies are subject on a comply or explain basis: see here (pdf). A draft copy of the revised Code is available here (pdf).

The proposed changes are wide-ranging and include greater disclosure with regard to individual director remuneration and an increase in the proportion of independent directors on the board from the current one third to at least a half where: [a] the same person is chairman and chief executive; or [b] the chairman and chief executive are immediate family members; or [c] the chairman and chief executive are both part of the management team; or [d] the chairman is not independent.

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