Revised Code of Corporate Governance and Consequential Amendments to the SGX Listing Rules
27 Dec 2018
Annual reports of SGX-listed issuers covering financial years commencing from 1 January 2019 will be subject to the Monetary Authority of Singapore’s (MAS) revised Code of Corporate Governance (2018 Code) and accompanying non-binding practice guidance (Practice Guidance), which were issued on 6 August 2018.
Additionally, from 1 January 2019, consequential amendments to the Singapore Exchange Limited (SGX) listing rules (mainboard) and the SGX listing rules (catalist) (collectively, SGX Listing Rules), announced by the SGX on 6 August 2018, will take effect, except for the nine-year rule for independent directors and the requirement for at least one-third of the board to comprise of independent directors (both of which will be discussed in the succeeding paragraphs below). These amendments will instead take effect on 1 January 2022, to give issuers more time to make the necessary changes to their board composition.
To find out more about the revised Code of Corporate Governance (and the consequential amendments), and how it may affect your business, please click here.