SUMMARY
On 14 June 2011, the Corporate Governance Council
("Council") issued a consultation paper
with proposed revisions to the Code of Corporate Governance
("Code"). Please click
here to refer to Drew & Napier LLC's update on that
consultation.
The Council was established by the Monetary Authority of
Singapore ("MAS") to promote a high
standard of corporate governance among listed companies in
Singapore.
MAS has since accepted the recommendations of the Council and
has issued a revised Code on 2 May 2012. The revised Code will take
effect in respect of annual reports relating to financial years
commencing from 1 November 2012.
BACKGROUND
The Code first came into effect on 1 January 2003 and is
applicable to listed companies in Singapore on a "comply or
explain" basis. The Code takes the form of a list of
principles, each being illustrated and elaborated upon by several
guidelines and was last reviewed in 2005.
