Appointment of directors of operator
9.—(1)  An operator shall not appoint a person as its director without the prior approval of the Authority.
(2)  The board of directors of an operator shall consist of —
(a)a chairman, who shall be appointed by the board and who shall be an independent director; and
(b)3 or more other directors, of whom at least half shall be independent directors.
[S 398/2021 wef 28/06/2021]
(3)  In this regulation, an independent director means a director who is not a substantial shareholder, officer or employee of —
(a)a financial institution; or
(b)a related corporation of a financial institution.