Miguel Cordon · · 1 min readSG to require local listed firms to disclose CEO salaries
Singapore is eyeing new rules that would require companies listed in the city-state to declare compensations for CEOs and each individual director.
Photo credit: tang90246 / 123RF
The proposed changes stem from recommendations by the Corporate Governance Advisory Committee, according to separate media releases from the Monetary Authority of Singapore and Singapore Exchange Regulation (SGX RegCo), the exchange’s regulatory arm.
The new rules also include setting a nine-year limit on the tenure of independent directors. These regulations are set to take effect for annual reports for financial years ending on or after December 31, 2024.
SGX RegCo said the new regulations aim to better allow investors to know if top executives are “appropriately incentivized.”
“Various participants within the market community have indicated they are ready to support companies in meeting these requirements so we encourage companies to tap them when making the necessary changes,” said Tan Boon Gin, CEO of SGX RegCo.
Editing by Thu Huong Le and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
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