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SGX RegCo moots caps on independent director terms, salary declarations

Jovi Ho
Jovi Ho9/13/2022 05:05 AM GMT+08  • 5 min read
SGX RegCo moots caps on independent director terms, salary declarations
SGX RegCo CEO Tan Boon Gin warned of these two concerning trends, adding that he is “quite disappointed” with companies.
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Independent directors (IDs) on the boards of listed companies here may soon face hard caps on their tenure, as the Singapore Exchange’s regulatory arm doubles down on long-serving directors.

SGX RegCo also wants liscos to disclose their directors’ and CEO’s remuneration. In a media briefing, SGX RegCo CEO Tan Boon Gin warned of these two concerning trends following a review on such disclosures by KPMG in Singapore, adding that he is “quite disappointed” with companies here.

Since January, listed companies 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 director or CEO of the company, along with their associates.

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