1. The Ministry of Finance (“MOF”) has announced its decision on the CCDG’s proposed revisions on the Code of Corporate Governance (the “Code”). MOF has accepted most of the recommendations from the CCDG. MOF has also issued the Code of Corporate Governance 2005.
Background
2. The CCDG embarked on a review of the Code on 10 May 2004. A Review committee and two subcommittees comprising members and non-members of CCDG were set up to consider proposed revisions to the Code. The CCDG conducted a ten-week public consultation exercise on proposed revisions to the Code from 1 December 2004 to 15 February 2005. The CCDG submitted its recommendations to MOF on 3 June 2005 after taking into account feedback received. A summary of the feedback was published on 14 June 2005. The CCDG received MOF’s decision on the Code on 11 July 2005.
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