SINGAPORE: A “nine-year rule” that will reassess whether an independent director (ID) still qualifies as independent after nine years in serving on the board has been proposed to be enforced by the Corporate Governance Council.
This is under rule changes suggested by the council on Tuesday (Jan 16), which will apply to companies listed in Singapore.
With the review, the Council is proposing two alternatives on the nine-year rule: to either set a hard limit or put it to an annual two-tier shareholders’ vote.
The council has launched a public consultation on its recommended revisions, which it said are aimed at “supporting sustained corporate performance” and ramping up investor confidence in Singapore’s capital markets.
