On 6 August 2018, a revised Code of Corporate Governance (Code) was issued after MAS accepted the recommendations of the Corporate Governance Council. The Code, together with associated changes to the listing rules (LR) will be effective for financial years beginning from 1 January 2019, except for specified requirements that take effect in 2022.
Key amendments are summarised below:
Structure of Code
- New Introduction setting out objective of the Code.
- Important requirements are shifted to LR.
- Some overly-prescriptive or duplicate requirements already in LR are removed.
- Code sets out core broad Principles, each supported by accompanying Provisions designed to support compliance with the underlying Principle.
- New voluntary Practice Guidance to provide guidance on best practices.
- Effective for annual reports of financial years commencing 1 January 2019 onwards, unless otherwise specified.
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