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392 400 (62.0%) 400 350 Number of companies Number of companies 241 350 300 (39.4%) 207 300 219 250 (33.8% ) (34.6%) 250 200 200 102 150 150 (16.7%) 42 100 100 20 17 1 3 (6.9%) (3.2%) 50 50 (2.8%) (0.16%) (0.5%) 0 0 0 - 25% 25 - 50% 50 - 75% 75 - 100% 0 - 5 5 - 10 10 - 15 15 - 20 20 - 25 25 and more 20

54% 52% 50% 48% 46% 21

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Proportion of ID on board 50% 51% 52% 53% 54% 55% 24

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Source: Singapore Exchange (SGX) 26

Source: Financial Stability Review, Macroprudential Surveillance Department, Monetary Authority of Singapore (MAS), November 2017 27

1. Companies have made good overall progress in corporate governance over the years 2. While steady improvements were made in various core areas, one specific area for improvement is engagement of stakeholders 3. Many companies made significant increases in SGTI2018 performance due to attention to sustainability 4. It is important to address issues related to director tenure and board independence in the new regulatory landscape 28