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The Great Resignation to come for boards with long serving IDs

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Raphael Lim

Raphael Lim

Published Fri, Feb 3, 2023 · 05:50 AM
    • A survey of SGX-listed companies by KPMG, published last September, found that 48 per cent of boards had at least one ID that had served for more than nine years.
    • A survey of SGX-listed companies by KPMG, published last September, found that 48 per cent of boards had at least one ID that had served for more than nine years. PHOTO: PIXABAY

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    STRAITS Times Index (STI) constituents with independent directors (IDs) who have served for more than nine years are planning for succession following new rules announced by the Singapore Exchange (SGX) last month.

    Not all issuers agree with the rules, but STI companies with long-serving IDs (LSIDs) on their boards told The Business Times that they have succession plans in place. The new rules also provide issuers with greater clarity, they said.

    Last month, SGX Regulation (SGX RegCo) said it will limit the tenure of IDs on the boards of listed issuers to nine years, and remove the two-tier voting mechanism that allowed companies to retain LSIDs.

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