Succession plans at financial firms part of new accountability guidelines from MAS

Singapore

FRESH guidelines from the Singapore regulator on the financial industry state that most financial institutions should have a succession plan that is "regularly reviewed and updated".

Such a plan must identify potential candidates in the pipeline, and set out appropriate handover policies and procedures to smoothen transitions in the senior management team, showed the guidelines on individual accountability and conduct (IAC) set out by the Monetary Authority of Singapore (MAS) on Thursday.