MAS eyes changes to corporate governance code on boards’ roles in value creation, investor engagement

SINGAPORE – The Monetary Authority of Singapore (MAS) will closely track the progress and outcomes of a “Value Unlock” programme and gather feedback as it seeks to establish broader industry norms for value-creation practices, said its managing director Chia Der Jiun at the inaugural Chairpersons Guild Forum on March 6.

“We believe the best results are achieved when listed companies own the process, outcomes and work in partnership with us,” he added.

Mr Chia noted that MAS is reviewing the corporate governance code to raise market-wide expectations for boards’ roles in value creation and investor engagement.

The review, conducted with the Singapore Exchange (SGX) and Corporate Governance Advisory Committee, will consider possible changes from two angles.

One focus will be on how the corporate governance code can place greater emphasis on boards’ responsibilities for shareholder value creation and investor engagement, Mr Chia said.

For instance, MAS will examine how the principles of the code could be supplemented with practical guidance on value creation.

“Guidance could be given as to how boards provide strategic oversight and challenge to management on issues such as capital efficiency and whether market valuation adequately reflects the company’s earnings potential,” he said.

The second focus is exploring ways to strengthen provisions relating to corporate culture, board effectiveness and risk management, he added.

Disclosure requirements form the third plank of the approach, complementing the first plank of building capabilities through the Value Unlock programme and the second plank of raising governance and value-creation norms through the corporate governance code.

Mr Chia noted that SGX will consider mandatory disclosures relevant to shareholder value, such as dividend policy, investor relations policy, and the link between remuneration and value creation.

Raising corporate governance standards

Mr Chia said an SGX investor fair is expected to take place by the end of 2026 or early 2027. The event will provide a dedicated platform for firms, including grant recipients, to showcase improvements in corporate governance and long-term value creation.

Addressing the audience, Mr Chia urged chairpersons, directors and senior leaders to lead the transformation within their companies. He noted that many firms have already expressed interest or applied for the Value Unlock programme, while some companies are already seasoned practitioners of shareholder value creation and have built strong investor trust.

“Together, we can raise Singapore’s corporate governance standards and build an equity market where strong fundamentals drive sustainable value creation,” he added.

The inaugural Chairpersons Guild Forum followed a launch of the Chairpersons Guild by the Singapore Institute of Directors on Jan 16. The platform offers a professional community for board chairs of companies listed on SGX to access expert insights and networking opportunities.

It complements national efforts to strengthen the development of Singapore’s equities market.

At its launch, National Development Minister and deputy chairman of MAS Chee Hong Tat announced that the Value Unlock programme is open for applications under its two grant schemes.

Unveiled as part of the Equities Market Review Group’s measures in November 2025, it aims to help listed companies strengthen investor engagement, as well as sharpen their focus on shareholder value creation.

The Equip Grant helps companies build foundational capabilities in corporate strategy, financial management and investor relations.

The Elevate Grant provides deeper and more tailored support, particularly for companies with greater ambitions. This includes companies that are scaling up from catalyst-stage firms seeking institutional-grade liquidity or pursuing significant growth opportunities.

This grant also provides access to experienced consultants who can help refine strategy, sharpen market positioning and strengthen shareholder communication. THE BUSINESS TIMES