The MCCG 2012 is effective immediately. However, the first batch of companies that will be required to report its extent of compliance with the MCCG 2012 will be those with financial year ending 31 December 2012. For example, where a company’s financial year ends on 31 December 2012, disclosure will be required in relation to the financial year 1 January – 31 December 2012 and should be made in the annual report published in 2013. Where a company’s financial year begins on 1 July 2012, disclosure will be required in relation to the financial year 1 July 2012 – 30 June 2013 and should be made in the annual report published in 2013. Listed companies are however encouraged to make an early transition to the principles and recommendations elaborated in the MCCG 2012.