Singapore has its first permanent, industry-led body that will be advocating good corporate governance practices.

The Corporate Governance Advisory Committee has been set up in part to "uphold (the country's) reputation as a trusted international financial centre", said the Monetary Authority of Singapore (MAS) yesterday.

The 18-member committee is chaired by Singtel director Bobby Chin and includes business sector representatives.

The MAS said the committee will identify risks to corporate governance and take a lead in advocating good practices. It will monitor international trends and recommend updates to the Code of Corporate Governance (CG Code). Setting up the body was a recommendation by the Corporate Governance Council, which reviewed the CG Code last year.

The MAS noted that the committee is an advocacy body and will not carry regulatory or enforcement powers or provide opinion on ongoing cases.

It said Singapore Exchange Regulation, the MAS and the Accounting and Corporate Regulatory Authority remain responsible for dealing with corporate governance-related breaches.

Mr Chin said: "The changes under the 2018 review of the CG Code have helped ensure that Singapore's corporate governance framework kept pace with market developments. The effectiveness of the CG Code will require sustained commitment... by companies and stakeholders."