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...

Investors need to play their part

LAST month, the Accounting and Corporate Regulatory Authority (ACRA), Institute of Singapore Chartered Accountants (ISCA) and the NUS Business School released a report on investors' views of financial reporting, audit and corporate governance, based on findings from a survey and focus group...

SBIO: corporate governance at the edge

SBI Offshore (SBIO) and its boardroom tussle challenge the boundaries of good corporate governance and raise important questions about independence, competencies and attributes of directors, and difficulties that small and medium-sized enterprises (SMEs) often face in putting together a skilled and...

Stand taken by SBI Offshore sponsor highly disappointing

THIS Friday's EGM at SBI Offshore (SBIO), requisitioned by three substantial shareholders, will consider the following resolutions: the proposed removal of current CEO Chan Lai Thong as a director, and the proposed appointment of Hui Choon Ho, Lau Yoke Mun, Ong Nai Pew and Geoffrey Yeoh Seng...
COMMENTARY

Dual class shares: safeguards or minefields?

THE Singapore Exchange (SGX) has now moved one step closer to allowing companies to list with dual class shares (DCS), with the Listings Advisory Committee (LAC) endorsing it with certain "safeguards". The SGX has given assurance that there will be a public consultation before it makes...

Why governance lapses are recurring

DESPITE extensive reform efforts and increased awareness of corporate governance issues over the last 15 years or more, there are no apparent signs of governance lapses becoming less common. Often, history seems to be repeating itself.
COMMENTARY

MAS should say no to dual-class shares

WHEN the Companies Act was amended to allow public companies to have dual-class shares, there was a sense of inevitability about the Singapore Exchange (SGX) opening its doors to listed companies with dual-class shares. I am therefore not at all surprised that the report "SGX close to allowing...

Independent or irrelevant directors?

SWIBER'S tardy disclosures, sudden announcement of a winding-up application, mass resignations of executive directors, reversal of its winding-up application and retraction of a resignation announcement have befuddled and angered investors. Singapore Exchange's chief regulatory officer...