SGX confirms Noble granted waiver regarding board composition

I REFER to the letter from Associate Professor Mak Yuen Teen titled "SGX should identify overseas firms and risks of investing in them" (BT, July 16)

Basis for waiver

We confirm that Noble Group was granted a waiver from compliance with Listing Rule 221. In assessing compliance with the rule including whether to grant a waiver, SGX considers whether the objective of the rule has been met. Factors we consider include the board composition, whether any director is a Singapore permanent resident or citizen, how accessible the board is, and whether the company retains Singapore-based professional advisers on compliance with the listing rules.