SGX RegCo Proposes to Mandate Tenure Limit on IDs & Disclosure of Directors’ and CEOs’ Remuneration Details

The Singapore Exchange Regulation (SGX RegCo) is conducting a public consultation on the following changes to institute better corporate governance practices relating to board renewal and disclosure of remuneration of directors and chief executive officers (“CEOs“):

• Introducing a mandatory nine-year tenure limit on independent directors for issuers listed on the Singapore Exchange Securities Trading Limited (“SGX-ST“);
• Mandating disclosure of remuneration details of each individual director and the CEO of issuers listed on the SGX-ST.

The public consultation ends on 17 November 2022. Our Update provides a summary of these two proposals.