A NEW report by the Singapore Institute of Directors (SID) has shown that a significant proportion of Singapore-listed companies are still not complying with the coming rules on independent directors’ term limits and remuneration disclosures, which are set to kick in just a few months from now.

The SID report (which was based on data as at end-2022) found that 462 long-serving independent directors of Singapore-listed companies may need to be replaced in the coming months, as a hard cap on term limits kicks in.

These directors occupy about a fifth of board seats, and have served on the boards of their companies for at least nine years.