9-year term limit for independent directors hard-coded in Asean corporate governance scorecard

A HIGH-LEVEL grouping of Asean capital-market regulators has ruled that independent directors (IDs) who have served more than nine years will no longer be considered independent under its corporate governance assessment.

This is regardless whether they are deemed as such in their respective jurisdictions. 

This yardstick will be used in the upcoming Asean Corporate Governance Scorecard assessment, which will go into the drawing up of a list of “Asean asset class” companies marketed as this region’s investible entities.