MAS considers calibrating corporate governance code to meet diverse needs of companies
This includes calibrating the rules such that they cater to the diverse needs of different types of companies, from large-cap firms to family-controlled enterprises, said Lim Tuang Lee, assistant managing director of the central bank's capital markets division.
Speaking on Wednesday (Aug 13) at the release of an annual corporate governance scorecard for Singapore-listed companies, Lim said that this will be among the primary focuses of a group undertaking the review.
The sub-committee will fall under a main advisory committee, with a view to facilitate 'more meaningful and practical application of the code'.
He added: 'One key objective of this review is that we want to take a long, hard, introspective look at our corporate governance requirements across the corporate governance code and practice guidance, to look at whether they are delivering the outcomes that we want. So a one-size-fits-all approach may not be the way to achieve this.'
In May, MAS said that it was reviewing its corporate governance code to complement ongoing efforts in revamping Singapore's equities market. Regulators had previously announced that capital markets would be moving towards a disclosure-based regime.
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Noting the need to 'look outward and engage widely with different stakeholders', Lim said MAS is taking 'a broader consultative approach beyond the Corporate Governance Advisory Committee... to engage widely across the ecosystem'.
'So this includes both investors and companies of various profiles,' he added.
A second sub-committee will examine new code provisions to guide companies' boards on corporate culture, board effectiveness, as well as mismanagement in emerging areas such as artificial intelligence.
'The aim is to strengthen boards' abilities to capture opportunities brought about by the dynamic environment that we are facing, especially with rapid changes in technologies,' Lim said.
Stakeholder engagement
He also noted that MAS has received feedback, as part of its equities review, that listed companies in Singapore can do more to engage investors and stakeholders.
'Too many companies here limit themselves to the bare minimum disclosure requirements, and in doing so, they've missed the opportunity to articulate strategic visions and plans for companies,' he said.
He added that listed companies should hold more active dialogues with investors and the boarder markets, and use these conversations to guide strategic direction.
'The most effective companies do not wait for the annual general meeting to engage their investors and stakeholders. They maintain regular dialogue to seek to better understand their views and concerns,' he said.
'The investor-relations function should not be seen as just a help desk to answer queries. Strong investor-relations teams anticipate queries, provide meaningful context and help shape the narratives around the company.'
Such engagements can become a strategic advantage for companies, as they may lead to better valuations, greater trading liquidity and a lower cost of capital.
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