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aws账号(www.2km.me)_Refreshing board members

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Shareholders Watchdog Group chief executive officer Devanesan Evanson told StarBiz that the move to limit the tenure of independent directors is a good one. “Independent directors become less and less independent over time and it is a timely move to put a cap on the tenure of independent directors. The long-tenure independent directors can continue to serve on the board but cannot be classified as independent directors,” he said.

KUALA LUMPUR: A mandatory tenure limit of 12 years for independent directors will be introduced in the Listing Requirements early next year.

The Securities Commission (SC) said in its Corporate Governance Monitor 2021 that this would help facilitate a structured board refreshment among listed companies.

“We think this is the sweet spot because the directors are typically appointed on a three-year term.

“The feedback that we have received from stakeholders are that we can’t cut off too soon like six years, as directors need time to be familiar with the business and understand the operations before they can really contribute,” an SC official said at a technical briefing recently.

The SC official explained that 12 years is already at four terms of three years each.

“Independent directors who have been on the board for too long may impair the objectivity of the board.Securities Commission bldg

“They may also deny the board the opportunity to refresh their composition – to bring in new skills through new directors with different experience to the board,” the official said.

“We want to avoid group think with this 12-year term limit. We feel that if a director sits there for too long, they may develop group think and there is less opposing views that could (otherwise) generate a more robust discussion.

The SC official said the 12-year timeframe is also premised on many institutional investors’ good governance policy.

“Some have a very clear policy where they will not vote for the extension of independent directors after nine years, while some said they won’t vote (for the term renewal) after 12 years.

“After taking into consideration some of these practices out there, we felt that cutting off at 12 years will be fair to the board, shareholders and stakeholders.”ICDM President Michele Kythe Lim

According to the regulator, as of Oct 31, 46% of listed companies have at least one long-serving independent director on the board with a tenure of nine years or more, while 500 board positions were held by the same independent director for more than 12 years, out of which 89 are for more than 20 years.

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