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Assessing board independence
The Capital Markets (Public Offers, Listings And Disclosures) Regulations 2023 is an updated governance guide that has redefined the tenure of an independent director from nine years to six years. PHOTO | SHUTTERSTOCK
The year has started with a governance bang! This is led by the change in governance rules gazetted by the Capital Markets Authority (CMA) in October 2023 and awaiting approval by Parliament. The Capital Markets (Public Offers, Listings And Disclosures) Regulations 2023 is an updated governance guide that has redefined the tenure of an independent director from nine years to six years.
With no statement issued following the gazettement, we, the hoi polloi, are left with an ignorance vacuum within which to interpret the thinking of the regulators.
