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

Monetary Authority of Singapore media release (Jan 11, 2023) "MAS revises the Code of Corporate Governance" introduces amendments aligned with SGX RegCo Listing Rule changes: a hard nine-year tenure limit for independent directors (removing the two-tier vote mechanism that previously allowed retention beyond nine years) and mandatory remuneration disclosure for each individual director and CEO (previously a comply-or-explain item). The revisions follow CGAC recommendations made on Sep 13, 2022 in response to SGX RegCo's review of SGX-listed companies' governance disclosures. The amendments take effect Jan 1, 2025, with transitional arrangements applying the nine-year limit at issuer AGMs for the financial year ending on or after Dec 31, 2023. Direct binding context for all SGX-listed SEA mid-market boards.