singapores exchange operator is pressing ahead with rules that aim to make executive pay at public companies more transparent while limiting independent directors tenures in a bid to improve governance sgx regco the regulatory arm of singapore exchange ltd announced the moves on wednesday after the proposalsmade in septemberreceived broad support during public consultation it said in a statement starting in their annual reports for the financial years ending on or after dec 31 2024 listed companies and their subsidiaries will be required to disclose exactly how much directors and chief executives earn this includes salaries bonuses stock options and other incentives the push for more detailed pay disclosure came after a review commissioned by sgx regco last year showed that most companies continued to report remuneration of directors ceos and key management in ranges sgx regco said that during the consultation process some companies raised concerns that having to provide a more detailed breakdown raised privacy and competition issues but it believes that the improved transparency will make it easier for investors to determine if incentives for directors and ceos are appropriate the also flagged board renewal as an area of concern with about half the companies surveyed having independent directors with tenures of more than nine years the changes announced wednesday set a hard cap on independent directors tenure and remove the twotier voting mechanism through which companies had been able to retain longserving directors businesses will have more than year to search for independent directors who have already exceeded the nineyear limit according to the statement the nineyear rule was introduced in 2018 with the aim of promoting board independence but directors who served for more than nine years could still be counted as independent if their continued appointment was approved in two separate resolutions the changes will promote good governance as well as greater diversity aligning with efforts to increase the representation of women on boards said masagos zulkifli minister for social and family development both proposals also stemmed from recommendations made by the corporate governance advisory committee a body established by singapores central bank the monetary authority of singapore to advocate for good governance