SINGAPORE

• SGX introduced a new announcement template for director resignations; previously these were lumped under 'miscellaneous' announcements.
• Chapter 7 of the listing rules requires companies to disclose the information set out in the announcement template, including detailed reasons for resignation.

• Read all the stories: » Directors should know when to go » Hard for IDs to disclose quitting reasons » Potential liabilities may return to haunt IDs

HONG KONG

• Chapter 13 of the listing rules on continuing obligations requires companies to disclose in their announcements the reasons for directors' resignations.
• The Stock Exchange of Hong Kong and the Hong Kong Institute of Directors have jointly taken the position that it would not be appropriate for an issuer to claim that a director has resigned for personal reasons without further elaboration, if the director holds multiple directorships and resigned from only one or some but not all of the directorships. If a director advises the issuer that he is resigning for personal reasons but the issuer knows or suspects that this is not the case, the issuer must apply its knowledge to challenge the director's disclosure.

AUSTRALIA

• Chapter 3 of the listing rules on continuous disclosure requires companies to inform the Australian Stock Exchange immediately about a change of chairperson, director, CEO or equivalent. There is no requirement for the disclosure of the reasons for resignation.

UNITED KINGDOM

• The combined code of governance requires directors to ensure that any concerns they may have which cannot be resolved are recorded in the board minutes. On resignation, non-executive directors should provide a written statement to the chairman if they have any such concerns.

Compiled by NUS Corporate Governance & Financial Reporting Centre

This article was first published in The Business Times.