Changes will take effect from 1 January 2019.
The Singapore Exchange (SGX) Singapore Exchange (SGX) will make amendments to its listing rule after the Monetary Authority of Singapore’s (MAS) approved the Corporate Governance (CG) Council’s recommendations in the Code of Corporate Governance and the rules, an announcement revealed.
“The listing rule changes are consequential to the revisions of the Code of Corporate Governance,” SGX commented. “SGX had in January 2018 launched a public consultation seeking feedback on the proposed rule changes.”
The amendments will be applied to SGX listing rule by 1 January 2019. However, rules on the 9-year tenor for independent directors as well as the requirement for one third of the boards to be comprised of independent directors will take effect by 1 January 2022.
“The longer transition period accords companies sufficient time to ensure the composition of their boards is able to meet the requirements of the Listing Rules,” SGX explained.
Apart from the SGX Listing Rule revisions, the CG council also recommended the establishment of the Corporate Governance Advisory Committee (CGAC) to advocate good corporate governance practices. The CGAC is set to be launched by end of 2019.
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