Singapore legislation
Regulation 10
Regulation 10
Responsibilities of Nominating Committee
Subregulation 1
Subject to paragraph (2), the Nominating Committee of a regulated institution must identify the candidates and review all nominations for the appointment of —
each director;
each member of each board committee (including the Executive Committee, if any); and
the chief executive officer, deputy chief executive officer, chief financial officer, chief risk officer and chief regulatory officer,of the regulated institution.
Subregulation 2
Paragraph (1) does not apply to a Nominating Committee of a regulated institution that is a licensed trade repository, or an approved holding company of a licensed trade repository, in respect of the appointment of a chief regulatory officer.
Subregulation 3
Subject to paragraph (4), the Nominating Committee must determine the criteria to be applied in identifying a candidate or reviewing a nomination for the purposes of these Regulations.
Subregulation 4
The criteria to be applied in identifying a candidate or reviewing a nomination for the purposes of these Regulations must include the following:
the appointment of the candidate or nominee will not result in non‑compliance with the requirements under regulation 6(1) (including that provision as applied by regulation 7), 9(1), 13(1), 14(1), 15(1) or 16(1), as the case may be;
the candidate or nominee is a fit and proper person for the office and is qualified for the office, taking into account the candidate’s or nominee’s track record, age, experience, capabilities, skills and such other relevant factors as may be determined by the Nominating Committee.
Subregulation 5
The Nominating Committee must review the reasons provided by each of the persons mentioned in paragraph (1)(a), (b) and (c) for his or her resignation from his or her appointment.
Subregulation 6
The Nominating Committee must maintain records of all its meetings.