HIGHLIGHTS OF PHASE 2 COMPANIES （第二阶段的公司）.pdf

HIGHLIGHTS OF PHASE 2 COMPANIES (AMENDMENT) ACT 2014 The Accounting and Corporate Regulatory Authority (“ACRA”) has on 5 November 2015 announced that Phase 2 of the changes will come into effect on 3 January 2016. More details are available on ACRA website at .sg Provision in the Companies Act Changes made Directors Sections 153 and 165(1)(d) and Maximum age limit for directors of public companies and its subsidiaries is removed. 165(2)(c) repealed The duty to make disclosure upon reaching age 70 is no longer applicable. No Maximum age limit Section 156 amended Disclosure of conflict of interest in transactions/proposed transactions extended to include CEO of the company (who is not also a director). An interest of the CEO includes an interest of his CEO’s disclosure of conflict of interest in transactions family members. A director or CEO will be allowed to disclose his interests : a) at a director’s meeting; or b) by sending a written notice to the company (a new alternative for disclosure) as soon as practical after the relevant facts giving rise to the conflict of interests come to his knowledge. Sections 164, 173 and 165 amended The disclosure obligations extended to the CEO of a non-listed company (who is not also a CEO’s disclosure of interests in director) with the following modifications: