Singapore legislation
Regulation 9
Regulation 9
Nominating Committee
Subregulation 1
Subject to paragraph (3) and regulations 12(3) and 20, a DFHC (Bank) must have a Nominating Committee comprising —
in the case of a foreign‑owned DFHC (Bank) — at least 3 but not exceeding 5 members of the Board or, in any other case, at least 5 members of the Board, or any greater number (not exceeding 7) of members of the Board that the Authority may approve; and
at least a majority of directors (including the chairperson of the Nominating Committee) who are independent directors.
Subregulation 2
Every member of the Nominating Committee is appointed to hold office until the next annual general meeting following that member’s appointment, and is eligible for reappointment.
Subregulation 3
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 DFHC (Bank) 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 must, within 3 months after that event, appoint the number of new members that is necessary to rectify the composition of the Nominating Committee in accordance with that requirement.
Subregulation 4
A DFHC (Bank) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $25,000; and
in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Subregulation 5
A DFHC (Bank) that contravenes paragraph (3)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.