The first Code of Corporate Governance was adopted in Singapore 21 years ago in 2001. Since then, the Code has been re-issued three times, the last being in 2018. There has also been a shift in approach taken by the Singapore regulators with regards to how corporate governance should be enforced among companies, especially those listed on the Singapore Exchange. From a voluntary “comply-or-explain” approach to partially mandatory, instilling the right degree of corporate governance in Singapore companies has been a balancing act for the regulators throughout these years.