Stronger governance code, listing rules need backing of a robust culture of stewardship
Tougher rules alone may just generate more boilerplate disclosures that do little for investor confidence
[SINGAPORE] When the Corporate Governance Advisory Committee (CGAC) and Singapore Exchange Regulation (SGX RegCo) kicked off a public consultation last week on proposed new rules for boardrooms, reporters naturally wanted to know how many companies would be affected by the headline changes.
The numbers, which came shortly after, were rather intriguing.
Take the proposed requirement under SGX listing rules for companies to appoint a lead independent director (ID) if their chairman is not independent. Based on data from the Singapore Directorship Report 2025 by the Singapore Institute of Directors, about 70 listed entities could be affected.
