The HKMA added that industry personnel with expertise in key review areas have been invited to join the subcommittee to incorporate diversified industry perspectives. The Subcommittee will also hold a focus group discussion and widely solicit opinions from all walks of life on the content of the proposed review.
The HKMA thanks Chen Yuchong, director of Temasek Holdings, who served as the former two chairman of the Corporate Governance Advisory Committee, and all former members. "Their expertise and valuable contributions have laid a solid foundation for the committee to move to the next stage of its work," the HKMA said.
The Corporate Governance Advisory Committee has entered its third term, with Chen Minghai (Chairman of Jurong Engineering Co., Ltd.) as chairman. Swan & Maclaren Group executive chairman Robert Yap Min Choy and TSMP Law Corporation jointly manage Zhang Zhiying will lead the subcommittees respectively.
my country will review the Code of Corporate Governance followed by listed companies to implement the Code more effectively, and plans to add new guidelines covering board performance and artificial intelligence risk management.
The Monetary Authority of Singapore announced on Thursday (May 29) that the Corporate Governance Advisory Committee (CGAC) will review the Code.
Subcommittee II will consider the new provisions or guidance of the Code, covering risk management in emerging areas such as corporate culture, board effectiveness, and artificial intelligence. These improvements are designed to enhance the board’s ability to lead the company in today’s fast-growing environment while continuing to safeguard the long-term value of shareholders.
The last time my country reviewed the "Corporate Governance Code" in 2018. The HKMA later established a permanent, industry-led corporate governance advisory committee in 2019 to advocate for good corporate governance practices for listed companies in Singapore. This committee does not have regulatory or law enforcement powers.
According to the statement, the first Subcommittee will consider measures to promote the more effective implementation of the Code, including providing more guidance and examples to implement the provisions of the Code (i.e. guidance) based on the specific operating environment of the company (such as size and industry).
The HKMA said in a statement that the Code of Review aims to consolidate good practices of listed companies in corporate governance and information disclosure and to supplement the ongoing work of the Stock Market Review Team.
The HKMA said that the Corporate Governance Advisory Committee, with the support of two subcommittees, will consult and exchange with industry stakeholders on the review of the Code.