Changes to Listing Rules: Tenure of Independent Directors Capped at Nine Years; Remuneration of Directors and CEOs Must Be Disclosed

12 Jan 2023 Corporate Governance & Compliance

On 11 January 2023, Singapore Exchange Regulation (SGX RegCo) announced the implementation of two key changes to the Singapore Exchange Securities Trading Limited (SGX-ST) Listing Rules (Mainboard) and the SGX-ST Listing Rules (Catalist): (a) the imposition of a nine-year hard tenure limit for independent directors; and (b) the mandatory disclosure of the remuneration of each director and the chief executive officer in issuers’ annual reports. This follows SGX RegCo’s public consultation paper dated 27 October 2022. SGX RegCo has also released its responses to feedback received through the public consultation. Consequential revisions have also been made to the Code of Corporate Governance and the Practice Guidance to reflect the rule changes.

• The SGX RegCo press release can be found here.

• The SGX RegCo Response Paper can be found here.

• The Monetary Authority of Singapore press release can be found here.

If you would like information or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:

Kevin HO
Co-Head – Corporate Governance & Compliance
d +65 6416 2555
e kevin.ho@wongpartnership.com
Click here to see Kevin’s CV.

Annabelle YIP
Senior Consultant
Principal Member – Corporate Governance & Compliance
d +65 6416 8249
e annabelle.yip@wongpartnership.com
Click here to see Annabelle’s CV.

Vivien YUI
Partner – Corporate Governance & Compliance
d +65 6416 8009
e vivien.yui@wongpartnership.com
Click here to see Vivien’s CV.

Jayne LEE
Partner – Corporate Governance & Compliance
d +65 6416 8256
e jayne.lee@wongpartnership.com
Click here to see Jayne’s CV.