Singapore legislation
Regulation 9
Regulation 9
Nominating Committee
Subregulation 1
Subject to paragraphs (2) and (5) and regulations 5(3) and 19, a regulated institution must have a Nominating Committee comprising —
at least 5 directors; and
at least a majority of directors (including the chairperson of the Nominating Committee) who are independent directors.
Subregulation 2
Where a single substantial shareholder holds 50% or more of the share capital or the voting power in a regulated institution, paragraph (1)(b) does not apply to the regulated institution only if the regulated institution has a Nominating Committee comprising —
at least a majority of directors who are independent from management and business relationships with the regulated institution; and
at least one‑third of directors (including the chairperson of the Nominating Committee) who are independent directors.
Subregulation 3
A regulated institution must obtain the prior approval of the Authority for the appointment of the chairperson and members of the Nominating Committee.
Subregulation 4
Every member of the Nominating Committee is to be appointed to hold office until the next annual general meeting following that member’s appointment, and is eligible for re‑appointment.
Subregulation 5
If a member of the Nominating Committee resigns, ceases to be a director or for any other reason ceases to be a member of the Nominating Committee —
the regulated institution must notify the Authority of the event within 14 days after the occurrence of the event; and
if this results in a breach of any requirement under paragraph (1), the board of directors must, within 3 months after that event, take such steps as may be necessary to rectify the composition of the Nominating Committee in accordance with that requirement.