Listing-rule changes a 'bigger step' to board renewal

With tenure cap, firms need to cast net wider to consider fresh faces: Expert

The latest amendments to the Singapore Exchange's (SGX) listing rules are the result of a "bigger step" that the Corporate Governance Council felt should be taken to strengthen director independence and encourage board renewal and diversity for listed companies, a corporate governance expert said.

The concept of independent directors was introduced with the Code of Corporate Governance in 2001. But in this latest revision of the code, the council felt a somewhat bigger step needed to be taken, Associate Professor Mak Yuen Teen of the National University of Singapore Business School told The Straits Times.

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A version of this article appeared in the print edition of The Straits Times on August 08, 2018, with the headline 'Listing-rule changes a 'bigger step' to board renewal'. Subscribe