28 February 2024

On 1 February 2024, Singapore Exchange Regulation (“SGX RegCo”) amended Practice Note 2.3 of the Mainboard Rules and Practice Note 4D of the Catalist Rules (collectively, “Practice Notes”) to enhance the mandatory training requirements for directors with no prior experience. 

The Listing Rules require a director who has no prior experience as a director of an issuer listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) (“First-time Director”) to undergo training in the roles and responsibilities of a director of a listed issuer as prescribed by SGX-ST. The Practice Notes prescribe the training that a First-time Director must undergo within one year from the date of his or her appointment to the board (“Mandatory Training”). 

SGX RegCo has amended the Practice Notes to include the following training programmes: 

  • An additional training programme option for First-time Directors: To fulfil the Mandatory Training requirements, First-time Directors must attend either the training programme conducted by the Singapore Institute of Directors, or the newly added training programme conducted by the Institute of Singapore Chartered Accountants and SAC Capital; and 
  • An additional mandatory training programme for First-time Directors of managers of real estate investment trusts (“REITs”) run by the REIT Association of Singapore (REITAS): This new training programme covers specific topics applicable to REITs and REIT managers. First-time Directors of REIT managers must attend this training programme, in addition to one of the training programmes set out above. 

The amendments took effect from 1 February 2024 and thus apply to First-time Directors appointed on or after 1 February 2024 as well as First-time Directors of issuers newly listed on SGX-ST on or after 1 February 2024. 

Reference materials 

The following materials are available on the Singapore Exchange website www.sgx.com: