A Calling For More Independent Directors - article in The Directors' Bulletin
01 Sep 2012
The Directors' Bulletin - Singapore Institute of Directors
The Code of Corporate Governance (“Code”) was first introduced in 2001 and has been recently revised. The recent changes were the result of a review undertaken by the Corporate Governance Council (comprising representatives from the business community and stakeholder groups) set up in February 2010 by the Monetary Authority of Singapore (“MAS”) to look into enhancing corporate governance practices in view of changing investor environment and market developments.
This article looks at the following particular changes:
• The tightening of the concept of “independence” and in particular the introduction of the relationship with a 10% shareholder and relationship with external organisations through provision of material services in the determination of independence; and
• “The 9 year rule”.
To read the article, please click here.
The article first appeared in the Directors’ Bulletin (Issue 04/2012) a publication of the Singapore Institute of Directors, and is reproduced with permission.