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Issue 32: SGX sheds 2 tiers, bids adieu to long-time directors; ESG funds underperform in 2022

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Kenneth Lim

Kenneth Lim

Published Wed, Sep 6, 2023 · 03:44 PM
    • Most long-serving independent directors at Singapore-listed companies were re-elected in 2021 under the two-tier voting system.
    • Most long-serving independent directors at Singapore-listed companies were re-elected in 2021 under the two-tier voting system. ILLUSTRATION: KENNETH LIM

    In this issue: Singapore Exchange imposes a hard nine-year limit for independent directors, while Morningstar data shows ESG funds significantly lagging their less sustainable counterparts in 2022.

    Singapore

    SGX to independent directors: So long? Farewell!

    Singapore Exchange (SGX) has decided to adopt a hard limit of nine years on the tenure of independent directors. To be clear, the rule does not require that independent directors leave a listed company’s board after nine years; they may stay on the board indefinitely, but after nine years they will no longer be considered as independent.

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