MAS revises the Code of Corporate Governance to reflect independent director tenure limit and mandatory renumeration disclosure for directors and CEOs

The Monetary Authority of Singapore (MAS) has published a press release to inform of revisions to the Code of Corporate Governance. The revisions follow recent changes in the listing rule of the Singapore Exchange which primarily tightened remuneration disclosure requirements of listed firms and limited the tenure of independent directors.
Specifically, the Code was modified to
– require the disclosure of the exact remuneration of the chief executive officer and of directors in the annual report and
– remove the possibility to retain independent directors (IDs) for more than nine years.
There will be a transitional phase for affected firms with IDs that have served for more than nine years. Specifically, such directors may still be deemed „independent“ up to the next general meeting for financial years ending on or after December 31, 2023 (please see the footnotes on page 5 of the revised Code).
MAS also informs that it will promptly revise its Notice to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management (REIT Managers) to reflect the changes in the remuneration disclosure obligations of listed issuers.