The Appeals Committee shall comprise persons appointed by the SGX RegCo Board and approved by the Authority provided that:—
(1) the Appeals Committee shall not have a member who is, or who within three years of the proposed appointment date was, a Director, Officer or employee of:
(a) SGX; or
(b) any of SGX's related corporations;
(2) a majority of the Appeals Committee shall not be directors, officers or employees of any member of SGX or SGX's subsidiaries; and
(3) a majority of the Appeals Committee shall not be substantial shareholders of SGX or directors, officers or employees of any substantial shareholder of SGX.