Singapore Exchange Regulation (SGX RegCo) has opened for public consultation its proposal for a nine-year limit on the tenure of independent board directors (IDs) on companies listed on the Singapore Exchange (SGX), announced the bourse on Oct 27.
The public consultation also moots the removal of the two-tier voting mechanism for long-serving IDs. According to the consultation paper, directors who wish to serve beyond the tenure limit must be re-designated as non-independent even if their appointment was approved previously via a two-tier vote.
In addition, SGX RegCo is seeking feedback on mandating the salary disclosures of board directors and the chief executive officers (CEO) of listed issuers. Specific to the dollar, the proposed disclosures will also name these directors and CEOs, along with breakdowns of their remuneration.