Local banks and insurance companies in Singapore will now have to meet more rigorous corporate governance regulations.
The Monetary Authority of Singapore has announced several new measures, which take effect on Thursday.
They cover key issues such as the definition of an independent director, composition of the board of directors, and the separation of the roles of chairman and CEO.
The MAS also issued several guidelines, which are best practices that local banks and insurers are strongly encouraged to adopt.
Included in the new measures announced on Thursday by the MAS is a more stringent view of independent directors.
See full Article. Also see Monetary Authority of Singapore Press Release.
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