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More pressure on firms to renew boards, report climate measures in 2024
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A report released in November found that only 12 per cent of the 535 listed firms studied produced reasonably detailed climate transition plans.
ST PHOTO: ONG WEE JIN
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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.
