According to Alan Chan, the chairman of the Corporate Governance Council, the final set of recommendations pertaining to the Code of Corporate Governance had emerged as a "balanced package", thanks largely to the generally `supportive' feedback from the public on the proposed revisions to the code.

Stating that the final recommendations would make the corporate governance code "pragmatic and workable in practice", Chan drew attention to the fact that nearly 75 respondents from diverse groups provided feedback during the public consultation that took place in the months of June and July.

Chan - who is the CEO of Singapore Press Holdings - said that after a careful consideration of the different perspectives that had been brought forth in the public feedback, the council was able to effectively work out a revision of its recommendations for making some pertinent changes in the code in a few key areas.

It was after almost 21 months of its comprehensive appraisal of the Code of Corporate Governance and after fine-tuning the revisions on the basis of public feedback, that the council recently submitted its final recommendations for approval from the Monetary Authority of Singapore.

With the council terming the proposed Code of Corporate Governance as one of the most "progressive" code of corporate governance in Asia, it is being hoped that the sweeping revamp of the code will lead to an increased accountability on the part of listed companies.