Governing board composition rules for insolvency professional agencies tightened with nominee director, independence, and appointment approval requirements. The amendments revise the governing board framework for insolvency professional agencies by adding a nominee director, clarifying that the minimum seven directors requirement excludes that nominee director, and tightening independence conditions for independent directors. They also make a second term subject to a satisfactory performance review and prior Board approval, and require the Board's nominee director to have the same status, rights, duties, powers and responsibilities as other directors. For managing director appointment or renewal, at least two names must be forwarded to the Board one month before expiry of the existing tenure.