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Singapore Exchange (SGX) will make amendments to its Listing Rules following the Monetary Authority of Singapore’s (MAS) acceptance of the Corporate Governance (CG) Council’s recommendations to amend the Code of Corporate Governance and the rules.
The Listing Rule changes are consequential to the revisions of the Code of Corporate Governance. SGX had in January 2018 launched a public consultation seeking feedback on the proposed Rule changes.
The Listing Rule changes will come into effect on 1 January 2019, except for the rules on the 9-year tenor for independent directors and the requirement for independent directors to comprise one-third of the board which come into effect on 1 January 2022. The longer transition period accords companies sufficient time to ensure the composition of their boards is able to meet the requirements of the Listing Rules.
SGX’s responses to the feedback received during the public consultation are found here. The CG Council’s news release is available here and the MAS’s announcement here.
