SBI Offshore: Corporate governance over the edge?

LAST year, I wrote two commentaries on SBI Offshore (SBIO) regarding the boardroom tussle, the questionable transactions at its centre, and the role of the sponsor ("Stand taken by SBI Offshore sponsor highly disappointing", BT, Sept 14, 2016; "SBIO: corporate governance at the edge...

Time for listed companies to weed out untimely information disclosure

SINGAPORE'S stock exchange operates under a disclosure-based regime premised on the principle that, in general, informed investors can protect themselves. In such a regime, the principal function of the Singapore Exchange (SGX) is to provide a fair, orderly and efficient market for the trading...

Are things improving at YuuZoo or is it more of the same with no real change?

ON October 2, YuuZoo Corporation (YuuZoo) announced that it has added two new independent directors from Finland and five new members to its top management team. It added that with the two new board appointments, four out of the six board members are from Finland, which it said is ranked No 1 on...

Scrapping quarterly reporting a bad move

ON April 28, Noble Group held its annual general meeting (AGM) for the financial year ended Dec 31, 2016, then shocked the market at 10.37 pm on May 9 with profit guidance for its unaudited 2017 first-quarter results indicating a likely net loss of around US$130 million. By the end of the next...
STRATEGY SPOTLIGHT

Scoring well in the Governance Index For Trusts

ON June 29, a new governance index dedicated to real estate investment trusts (Reits) and business trusts (BTs) in Singapore was launched. This index, called Governance Index For Trusts, or GIFT, was developed by Chew Yi Hong, an active investor and corporate governance researcher, and me with the...

YuuZoo riddled with contradictions

ON July 6 and 7, YuuZoo Corporation issued three announcements responding to my two commentaries published in The Business Times on issues relating to its corporate governance, disclosure and accounting (YuuZoo Corporation: A Governance Nightmare on July 5 and YuuZoo: More Troubling Issues on July...

YuuZoo: More troubling issues

IN my commentary, "YuuZoo Corporation - a governance nightmare" (BT, July 5), I focused on some key corporate governance concerns about YuuZoo Corporation since its listing on the SGX Mainboard in September 2014. This article discusses further issues relating to its disclosure and...

YuuZoo Corporation - a governance nightmare

YUUZOO Corporation, a social media and e-commerce company, was incorporated in Bermuda and became listed on the Mainboard of Singapore Exchange (SGX) through a reverse take-over (RTO) of W Corporation. It commenced trading on Sept 16, 2014.
INSIGHT

New governance index for Reits and trusts gives the big picture

REAL estate investment trusts (Reits) and business trusts (BTs) have become an important feature of our capital market as Singapore aspires to be a hub for such listings.

Be open to ideas on addressing AGM clustering

TODAY, those who hold shares in multiple issuers may have to choose from the 120 meetings being held starting from 9 am - comprising 117 annual general meetings (AGMs) and three standalone extraordinary general meetings (EGMs). In 2016, there were already nearly 100 meetings held on each of the...

Missing link in the diversity debate

THE push to improve diversity, especially gender diversity, gained considerable momentum following the global financial crisis. Many policymakers, regulators and commentators have expressed the view that the problem could have been largely avoided if there had been more diverse boards, which would...

Culture and corporate governance

AS another review of the Code of Corporate Governance is in progress, it is worth reminding ourselves that while rules are important, they are only a small part of what really drives good corporate governance and sustains continuing improvement. What is arguably more important is what we can call...

Black holes in corporate governance ecosystem

IN my favourite movie of 2016, Arrival, 12 giant pod-shaped spacecraft descended onto Earth, and mankind scrambled to decipher the complicated circular symbols that the aliens used in their communication. If these aliens had come to earth to learn about corporate governance, they would no doubt be...

Discipline needed when applying to delay AGMs

RULE 707(1) of the Mainboard and Catalist Rulebooks requires all issuers with a primary listing on Singapore Exchange (SGX) to hold their annual general meetings (AGMs) within four months after the financial year-end. They are also required to issue their annual report to shareholders and SGX at...

Shining more light on non-ED remuneration

NON-EXECUTIVE director (NED) remuneration often receives little attention from investors because their amounts generally do not make much of a dent on the profits of a company.

When corporate governance reaches a dead end

IT HAS often been said that corporate governance is a journey, but based on the corporate governance issues raised in the "Q&A on Annual Reports" initiative of the Securities Investors Association (Singapore) (SIAS) and recent corporate governance sagas here, we may have reached a cul...