SGX RegCo Mandates Tenure Limit on Independent Directors and Disclosure of Remuneration Details of Directors & CEOs

On 11 January 2023, Singapore Exchange Regulation announced that the following new requirements will apply to issuers listed on the Singapore Exchange Securities Trading Limited (“SGX-ST“) to institute better corporate governance practices relating to board renewal and disclosure of remuneration of directors and chief executive officers (“CEOs“):

• Mandatory nine-year tenure limit on independent directors; and
• Mandatory disclosure of remuneration details of each individual director and the CEO.

The SGX-ST Listing Manual and the Listing Manual Section B: Rules of Catalist were amended on 11 January 2023 to give effect to these changes. Transitional arrangements are in place to provide issuers listed on the SGX-ST sufficient time to comply with these new requirements.

This Update provides a summary of these two new requirements.