- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
BACKGROUND SGX RegCo has announced on 11 January 2023 on 2 new rule changes on (1) 9-years limit of Independent Directors’ (“IDs”) tenure, and (2) Mandatory disclosure of remuneration for directors and CEO.
1 year transition period (for 2023) ID’s tenure that exceeds the 9-year limit must either step down or be redesignated as non-independent, no later than their AGM held for the financial year ending on or after 31 December 2023.
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.