Singapore legislation

Regulation 11

of Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022

Regulation 11

Determination of independence of directors and assessment of qualification

Subregulation 1

Where a person is proposed to be appointed as a director of a DFHC (Bank), the Nominating Committee —

(a)

must, before the appointment, determine —

(i)

whether the person is independent from management and business relationships with the DFHC (Bank); and

(ii)

whether the person is independent from any substantial shareholder of the DFHC (Bank),using the criteria set out in regulation 3 or 4 (as the case may be) and, where applicable, in accordance with regulation 12; and

(b)

must maintain a record of its determination.

Subregulation 2

Before every annual general meeting of a DFHC (Bank), the Nominating Committee —

(a)

must determine —

(i)

whether each existing director of the DFHC (Bank) is independent from management and business relationships with the DFHC (Bank); and

(ii)

whether each existing director of the DFHC (Bank) is independent from any substantial shareholder of the DFHC (Bank),using the criteria set out in regulation 3 or 4 (as the case may be) and, where applicable, in accordance with regulation 12;

(b)

must review and assess whether each existing director remains qualified for the office using the criteria set out in regulation 10(3); and

(c)

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

Read in full context — Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022 →