The introduction of the Code of Corporate Governance in January 2003 has had a significant impact on the boards of directors of Singapore’s listed companies. Specifically, the code has directly affected the number of non-executive directors, remuneration policies, and has disengaged the roles of chairman and CEO. However, there remain numerous areas of concern which have not been addressed by the code, including the absence of a limit on the number of boards upon which an individual is permitted to sit, the persistence of cronyism, and the need to address director competence.