Submission to SGX on Board Renewal and Remuneration Disclosures


On 23 November 2022, ACGA sent a letter to the Singapore Exchange in response to its consultation paper on Board Renewal and Remuneration Disclosures published on 27 October 2022.

ACGA supports a proposal by SGX to put a hard nine-year limit on the tenure of independent directors and to have this embedded in its Listing Rules. While we have no specific comments on the proposed transition of one year, we would agree that independent directors who have served beyond the nine-year limit be redesignated as ‘non-independent’. We also welcome a proposal to require disclosure on a named basis of the remuneration of each director, and the CEO, of Singapore issuers.