SINGAPORE - More diverse, refreshed boards and more widespread climate disclosures – these are what corporate Singapore is gearing itself for with new measures to promote board governance set to kick in when 2024 rolls around.
Chief among these is a rule that a director can no longer be considered independent if the person has occupied a board seat in the same company for more than nine years. This was introduced in tandem with a requirement that companies will have to disclose the remuneration of their chief executive officer and directors for annual reports for the financial year ending on or after Dec 31, 2024.
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