Board renewal: An investment in the future
The challenge is to achieve an optimal balance between the old and the new.
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IN recent years, board refreshment has moved into the mainstream of corporate governance. The updated Code of Corporate Governance and Singapore Exchange Listing Rules gave added emphasis to the matter, especially with the nine-year rule for independent directors.
McKinsey & Company published a compendium of insights on boards with an area of focus on board renewal. The 2016 report noted that boards need to think of the skills and experience that are three years out and can help fulfil corporates' long-term strategy.
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