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

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Wong Pei Ting

Published Tue, Jan 23, 2024 · 06:12 PM
    • John Lim, the past chairman of the Singapore Institute of Directors, introducing the changes to the Asean Corporate Governance Scorecard at the SGX auditorium on Tuesday (Jan 23).
    • John Lim, the past chairman of the Singapore Institute of Directors, introducing the changes to the Asean Corporate Governance Scorecard at the SGX auditorium on Tuesday (Jan 23). PHOTO: WONG PEI TING, BT

    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.

    Corporate governanceBoard of DirectorsESGAseanGovernance & Diversity

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