The council said it will consult the public on its recommendations, including changes to the code, before finalising them.

The Monetary Authority of Singapore has assembled a council to review the country's code of corporate governance, last reviewed in 2012.

The council will consider how the “comply-or-explain” regime under the code might be made more effective. This includes improving the quality of companies’ disclosure of their practices and explanations for deviations from the code.

Chaired by former chairman of the Singapore Exchange, Chew Choon Seng, it will also suggest mechanisms to monitor the progress made by the MAS’s listed companies in strengthening their corporate governance practices.

“We need to ensure that our code remains relevant and progressive, and supports sustained business growth and innovation,” Chew said.

“The review of the code will therefore take into account changes in our corporate landscape as well as international developments. With market participants paying greater attention to the corporate governance practices of listed companies, companies are now under increasing pressure to become more transparent and accountable to their stakeholders.

“It is important for our listed companies to go beyond mere box-ticking and boiler-plate explanations. They must be able to engage meaningfully with their stakeholders and implement CG practices that lead to long-term sustainable business performance.”

In 2012 changes were rolled out to strengthen board independence and enhance remuneration practices and disclosures.