WHILE the share prices may stagger, Alibaba's record-breaking New York initial public offering (IPO) in September 2014 has left an indelible mark on the global corporate governance landscape. As the largest ever listing, raising over US$25 billion, the Chinese e-commerce giant has been the focus of much attention among investors and regulators across the world.

Alibaba had initially considered listing in several Asian markets, and this was reportedly its preferred choice. But regulators in key regional markets such as Hong Kong and Singapore were unwilling to bend their stringent listing requirements over shareholder voting rights.

From a governance perspective, the scrutiny of Alibaba stems not from the magnitude of the share offering. Rather, it is in the way that shareholders are treated in the listed Alibaba.