MAS proposes tighter board rules for S’pore banks, insurers
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The Monetary Authority of Singapore (MAS) is proposing stricter corporate governance rules for Singapore-based banks and insurers. These proposed updates aim to increase the minimum board size, ensure a majority of independent directors, and refine criteria for determining director independence. MAS believes that strong corporate governance is crucial for well-run and resilient financial institutions, which play critical roles in safeguarding depositor and policyholder interests.
The regulator's proposed changes build on previous revisions made in November 2021 and aim to ensure that boards continue to have the necessary breadth of perspectives, expertise, and independent oversight as institutions grow in scale and complexity.
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