SGX mandates exact remuneration disclosures for CEO and directors; removes two-tier vote for IDs

Raphael Lim

Published Wed, Jan 11, 2023 · 05:00 AM

COMPANIES listed on the Singapore Exchange (SGX) will have to disclose the exact amount and breakdown of the remuneration paid to their chief executive officer (CEO) and directors in their annual reports, Singapore Exchange Regulation (SGX RegCo) said on Wednesday (Jan 11).

The new rule, following a public consultation launched last October, takes effect for annual reports prepared for financial years ending on or after Dec 31, 2024.

The frontline regulator has also, with immediate effect, removed the two-tier vote mechanism that allows companies to retain long-serving independent directors (IDs) who have served for more than nine years.

Issuers will have a transition period, during which IDs whose tenures exceed the limit can continue to be deemed independent until the issuer’s annual general meeting held …