In Singapore, the requirement for independent directors varies depending on the type and size of the company. The regulatory framework for corporate governance in Singapore is primarily governed by the Singapore Companies Act and the Code of Corporate Governance.
Certain companies in Singapore are required to appoint independent directors to their boards. Generally, these requirements apply to publicly listed companies on the Singapore Exchange (SGX). The SGX Listing Rules mandate that companies must have a minimum number of independent directors on their boards to enhance transparency and corporate governance.
Requirements for independent directors may also be applicable to certain financial institutions and companies in specific industries. For instance, financial institutions regulated by the Monetary Authority of Singapore (MAS) may have specific guidelines regarding the appointment of independent directors.
It’s essential to check the latest regulatory requirements and guidelines from the relevant authorities, such as the Accounting and Corporate Regulatory Authority (ACRA), SGX, and MAS, as regulations may have been updated since my last knowledge update.
Additionally, individual companies may choose to appoint independent directors voluntarily, even if not required by law, as part of good corporate governance practices.
If you are specifically interested in the most current information, I recommend checking with the relevant regulatory authorities or consulting legal and corporate governance professionals in Singapore for the latest requirements and updates.