The Equities Market Review Group, which was established by the Monetary Authority of Singapore (“MAS“) in 2024, has conducted a comprehensive review of Singapore’s equities market to enhance corporate governance and attract investors. The review considers various factors, including demand and supply-side elements and regulatory adjustments. For a background on these changes, please refer to our May 2025 Legal Update titled “Boosting Singapore Equities Markets: Proposals for Streamlining Prospectus Requirements and Broadening Investor Outreach Channels, and a More Disclosure-Based Regime“.
On 13 August 2025, Mr Lim Tuang Lee, Assistant Managing Director (Capital Markets) of MAS, highlighted some of the work which has been undertaken by the Equities Market Review in the area of corporate governance in his speech at the Singapore Governance and Transparency Index Forum 2025.
Mr Lim also shared that MAS, Singapore Exchange (SGX) and the Corporate Governance Advisory Committee (“CGAC“) are reviewing the Corporate Governance (“CG“) Code to refresh the CGAC composition for this term by bringing in the right representation and fresh perspectives to carry out the CG Code review in the following aspects:
- whether the CG requirements, across the CG Code and Practice Guidance, are delivering the desired outcomes of the CGAC;
- to consider new provisions on corporate culture, board effectiveness, and risk management in emerging areas like artificial intelligence;
- to consider a more nuanced approach and explore the merit of calibrating the CG requirements to cater to the diverse needs of different types of companies – from large caps to emerging enterprises, family-controlled businesses to multinational corporations; and
- to facilitate more meaningful and practical application of the CG Code.
The CGAC will be taking a broader consultative approach beyond the CGAC by engaging both investors and companies of varying profiles in conducting the review of the CG Code.
For more information, please refer to MAS’ media release on “Advancing Our Corporate Governance Journey – Looking Inward, Outward, And Forward” – Remarks By Mr Lim Tuang Lee, Assistant Managing Director (Capital Markets), Monetary Authority of Singapore, at the Singapore Governance And Transparency Index Forum 2025 on 13 August 2025.
Disclaimer
Rajah & Tann Asia is a network of member firms with local legal practices in Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Our Asian network also includes our regional office in China as well as regional desks focused on Brunei, Japan and South Asia. Member firms are independently constituted and regulated in accordance with relevant local requirements.
The contents of this publication are owned by Rajah & Tann Asia together with each of its member firms and are subject to all relevant protection (including but not limited to copyright protection) under the laws of each of the countries where the member firm operates and, through international treaties, other countries. No part of this publication may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Rajah & Tann Asia or its respective member firms.
Please note also that whilst the information in this publication is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as legal advice or a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. You should seek legal advice for your specific situation. In addition, the information in this publication does not create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on the information in this publication.
