Singapore’s central bank is tightening corporate governance rules for local banks and insurance companies.
Higher standards are needed because of the crucial role banks and insurers play in the city-state’s economy, the Monetary Authority of Singapore (MAS) said last Thursday. It gave banks and insurers until 2007 to comply.
The changes 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 chief executive officer.
The MAS also issued several guidelines that local banks and insurers were strongly encouraged to adopt.
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