The Business Times
SUBSCRIBERS

The Great Resignation to come for boards with long serving IDs

google-preferred-sourceAdd BT as a preferred source
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

    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.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Board of DirectorsSGXSpotlight

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback
    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More