Singapore’s banks, insurers and financial holding companies are likely to face more stringent requirements for independent directors on their boards under new rules proposed by the Monetary Authority of Singapore, reported Bloomberg.

 

A director may not be considered independent after serving nine straight years on a board, the central bank said in an e-mailed statement today. The number of independent directors on the nominating committee, remuneration committee and board would also be raised from one-third to a majority, according to the proposed rules, which may take effect on or after Jan 1, 2012.