The amendment revises the model bye-laws for insolvency...

The amendment revises the model bye-laws for insolvency professional agencies by adding a nominee director to the governing board, clarifying that the nominee director is counted separately from the minimum seven directors, and giving that nominee the same status, rights, duties, powers and responsibilities as other directors. It also tightens eligibility for independent directors by excluding persons connected with sponsoring or controlling statutory regulators and persons serving as independent directors of another insolvency professional agency. The second term of the managing director is made conditional on a satisfactory performance review and prior Board approval, and an agency seeking approval for appointment or renewal of the managing director must send at least two names one month before the incumbent's tenure ends.

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