The Government has accepted most of the recommendations from the Council on Corporate Disclosure and Governance in its recent review of the Code of Corporate Governance.
While this did not come as a real surprise - some industry watchers are arguing that substantial shareholders should not serve as independent directors.
The government has been reviewing the Code on Corporate Governance - as part of efforts to enhance Singapore's standing as a reputable and sound financial and business hub.
In the lead-up, the Council on Corporate Disclosure and Governance had made several recommendations.
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