Happy with how your company is run?

If not, then read on to see how things are about to change as proposed revisions to the Code of Corporate Governance have been submitted.

The Corporate Governance Council has submitted its recommendations on proposed revisions to the Monetary Authority of Singapore for consideration.

The Council, chaired by Mr Chan Heng Loon Alan, Chief Executive Officer of Singapore Press Holdings Limited, was established in February 2010 to promote a high standard of corporate governance among listed companies in Singapore. Over the last 21 months, the Council has carried out a comprehensive review of the Code, taking into account corporate governance developments in other leading jurisdictions and feedback received from stakeholders.

Along with the submission of its recommendations, the Council has also released a response paper to feedback received from the public consultation conducted between June and July 2011. A total of 75 responses were received. Most respondents were supportive of the Council’s proposed revisions. The response paper sets out the feedback received on the key proposals, the Council’s response to the feedback, and the final proposals.

The final proposals are made in areas of director independence, board composition, director training, multiple directorships, alternate directors, remuneration practices and disclosures, risk management, as well as shareholder rights and roles. In addition, the Council has recommended that a transition period be introduced to facilitate compliance with the revised Code.

View the response to feedback received from the public consultation here.

The proposed revised Code of Corporate Governance can be viewed here.