MAS Consults On Updated Corporate Governance Requirements For Banks And Insurers

On 30 September 2026, the Monetary Authority of Singapore (MAS) launched a consultation seeking feedback on proposed amendments to the corporate governance regulations for banks, insurers and designated financial holding companies (DFHCs) incorporated in Singapore. The consultation closes on 9 December 2026.

The proposed changes address director independence, board composition, key appointments, and streamlined requirements for lower-impact financial institutions, and apply mainly to banks, direct insurers (other than marine mutual insurers), reinsurers and DFHCs incorporated in Singapore. Certain proposals also apply to bank branches and merchant banks.

In this update, our Co-Head of Financial Services Regulatory Elaine Chan, and Partners Tian Sion Yoong and Chan Jia Hui, highlight the key amendments of the consultation.