Singapore legislation
Regulation 14
Regulation 14
Determination of independence of directors and assessment of qualification
Subregulation 1
Where a person is proposed to be appointed as a director, prior to his appointment, the Nominating Committee —
shall determine —
whether he is independent from management and business relationships with the bank; and
whether he is independent from any substantial shareholder of the bank, using the criteria set out in regulation 6 or 7, as the case may be, and, where applicable, in accordance with regulation 8; and
shall maintain a record of its determination.
Subregulation 2
Prior to every annual general meeting of a bank incorporated in Singapore, the Nominating Committee —
shall determine —
whether each existing director is independent from management and business relationships with the bank; and
whether each existing director is independent from any substantial shareholder of the bank,using the criteria set out in regulation 6 or 7, as the case may be, and, where applicable, in accordance with regulation 8; (aa)shall review and assess whether each existing director remains qualified for the office using the criteria set out in regulation 13(3); and
shall maintain a record of its determination and its assessment, respectively.