The Singapore Exchange Regulation (SGX RegCo) released a disclosure assessment report for listed companies on September 13, 2022.

A total of 585 listed companies were surveyed along with 474 company directors, reviewing annual reports, related filings and sustainability reports – leading to a raft of proposed changes.

Stefanie was quoted in Lianhe Zaobao on her views relating to the proposed mandatory nine-year term for independent directors. She said there should be sufficient reasons to allow the extension of the term of the independent director.

“For example, the director has very special experience in a certain business field, and this experience is not easy to replicate in the short term, or the company is in the process of a project or transaction, and the director will be needed in the next one to two years. If there are such circumstances, the company could state and stipulate the final term of office of the director.”

She was also quoted in The Business Times on the proposed disclosure of executive remuneration. She said, “While I understand the need for transparency, I also believe companies should be allowed to run commercially; and I think there are significant business competition reasons for not being too explicit with remuneration amounts.

“A CEO who is paid less than the company’s top sales performer may not mind this in private, for instance, but may be uncomfortable having it disclosed. Strong corporate governance principles should be advanced by the board, and commercial issues that should remain confidential should be handled by that board.”