Among the proposals is that directors must sign a confirmation that to the best of their knowledge, their company's interim financial results are not false or misleading.Two things came as news to me:
Said Mr Lim, "We do know that in the Institute of Directors we have a database of some 300 members who on paper have the qualifications and the executive experience to act as independent directors."
But the changes will mean that directors will have to work harder.
They will have to understand their company's business well, and to ask more questions to ensure a proper running of the company.
Directors fees may go up as a result
- There is actually a Society for Directors. You can sign-up to become one.
- For ensuring they do their job, to be responsible for the companies they are leading, companies actually have to pay them more.
Is this tragic or what?