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Part 2 · Governance of Regulated Institutions

11. Determination of independence of directors

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(1)

Where a person is proposed to be appointed as a director, then, prior to his or her appointment, the Nominating Committee —

(a)

must determine —

(i)

whether he or she is independent from management and business relationships with the regulated institution; and

(ii)

whether he or she is independent from any substantial shareholder of the regulated institution,using the criteria set out in regulations 3 and 4 and, where applicable, in accordance with regulation 5(1); and

(b)

must maintain a record of its determination.

(2)

Prior to every annual general meeting of a regulated institution, or at least once every calendar year, the Nominating Committee —

(a)

must determine whether each existing director —

(i)

is independent from management and business relationships with the regulated institution; and

(ii)

is independent from any substantial shareholder of the regulated institution,using the criteria set out in regulations 3 and 4 and, where applicable, in accordance with regulation 5(1);

(b)

must review and assess the continued appointment of each existing director using the criteria set out in regulation 10(3); and

(c)

must maintain a record of its determination and its assessment, respectively.

Subregulation 1

Where a person is proposed to be appointed as a director, then, prior to his or her appointment, the Nominating Committee —

(a)

must determine —

(i)

whether he or she is independent from management and business relationships with the regulated institution; and

(ii)

whether he or she is independent from any substantial shareholder of the regulated institution,using the criteria set out in regulations 3 and 4 and, where applicable, in accordance with regulation 5(1); and

(b)

must maintain a record of its determination.

Subregulation 2

Prior to every annual general meeting of a regulated institution, or at least once every calendar year, the Nominating Committee —

(a)

must determine whether each existing director —

(i)

is independent from management and business relationships with the regulated institution; and

(ii)

is independent from any substantial shareholder of the regulated institution,using the criteria set out in regulations 3 and 4 and, where applicable, in accordance with regulation 5(1);

(b)

must review and assess the continued appointment of each existing director using the criteria set out in regulation 10(3); and

(c)

must maintain a record of its determination and its assessment, respectively.

Report

Read on from reg 12

Part 3

Revocation and Saving and Transitional Provision

Read on from Part 3