Since January, listcos have had to implement two-tier voting to retain IDs beyond nine years. After seeking approval from all shareholders, the second vote excludes shareholders who also serve as directors or CEO of the company and their associates.
Independent directors (IDs) on the boards of listed companies (listcos) here may soon face hard caps on their tenure as part of a set of refined corporate governance rules that the Singapore Exchange’s (SGX) regulatory arm plans to introduce.
Singapore Exchange Regulation (SGX RegCo) wants listcos to disclose their directors’ and CEO’s remuneration. In a media briefing, its CEO Tan Boon Gin warned of these two “concerning trends” following a review of such disclosures by KPMG in Singapore, adding that he is “quite disappointed” with companies here.
