A refined 'Gift' for a changed world

THE Governance Index for Trusts (Gift) was launched in 2017 as a dedicated index for assessing the governance and business risk of real estate investment trusts (Reits) and business trusts (BTs). It recognises the unique features which set these trusts apart from other listed issuers which are...

COMMENTARY

Darco Water: Chairman's dissenting opinion raises questions

ON June 23, the mandatory general offer (MGO) for Darco Water Technologies will close. The offeror is Wang Zhi, who is the non-executive deputy chairman of Darco. The MGO was triggered when Mr Wang bought a 14.27 per cent stake at S$0.17 per share in May this year, bringing his total stake from...

Tee Int'l needs to step up corporate governance

ON MARCH 3, 2020, Tee International Limited (TIL) released a 13-page Executive Summary of the External Investigator's Report on the questionable transactions involving its controlling shareholder and former group chief executive (GCE) and managing director (MD), Phua Chian Kin (PCK). The...

Whistleblowing policy is just a starting point for a company

ABOUT two years ago, as I was writing a case study about a large Singapore company which had been in the news for a major bribery scandal a few months earlier, I looked up its website and found that its whistleblowing policy provided three options for employees and others to make reports. They...

Challenges of the new quarterly reporting regime

ON JAN 9, 2020, Singapore Exchange Regulation (SGX RegCo) announced that it will only require companies associated with higher risks to report quarterly results. It sees this risk-based approach as being more targeted and less arbitrary than the size-based approach that has been in operation...

Time for 'fit and proper' tests for directors of listed companies, not just for financial institutions?

ON Feb 19, 2020, Catalist-listed DLF Holdings announced that it was selling a BMW528iA car, with the number plate "SKN3333R", to Abwin (1994) Pte Ltd, an unrelated third party buyer. The car's certificate of entitlement, originally registered on Nov 29, 2013, has an expiry date of Nov 28, 2023...

Sponsors' conflicts symptomatic of a bigger issue

ON JAN 22, 2020, SGX Regco issued a Notice of Compliance (NOC) to RHT Capital (RHTC), a full sponsor on the Catalist board. This was for possible conflicts of interest relating to share registrar or investor relations services provided by RHT Corporate Advisory Pte Ltd (RCA) and RHT...

Reflections on Singapore's 20-year corporate governance journey

IT HAS been 20 years since the establishment of the first Corporate Governance Committee, which commenced its work in early 2000 and released the first Code of Corporate Governance for listed companies in Singapore in April 2001. It was one of three committees formed under the auspices of the...

Compliance with SGX listing rules is still poor

ON OCT 29, 2019, at 7.57 am, Sakae Sushi responded to queries by Singapore Exchange (SGX) issued four days earlier regarding, among other things, the auditors' basis for disclaimer of opinion and the supplemental information on directors who were seeking re-election. The annual general meeting (...

'Tis the season to be wary for minority shareholders at three companies

ON APRIL 7, 2019, ASTI Holdings (ASTI), Advanced Systems Automation (ASA) and Dragon Group International (DGI) announced that Michael Loh Soon Gnee was resigning as executive chairman (EC) and CEO. Each company first made a general announcement, followed by three cessation announcements, with...

Elephant in the room: 'Change of control' situations

ON Oct 4, 2018, Chip Eng Seng Corporation (CES) received a trading query from SGX Regco after its share price had risen from the low 80 cents range in early September to as high as 96.5 cents on increasing volumes. 

Corporate governance: more teeth and substance needed

ON April 24, 2019, Chip Eng Seng Corporation (CES) announced that it had received a query from Singapore Exchange Securities Trading (SGX-ST) the day earlier regarding the disclosure of remuneration in its FY2018 annual report.

Many SGX-listed firms not getting Internal Audit right

On August 6, 2018, a revised Code of Corporate Governance was released by the Monetary Authority of Singapore (MAS) and certain corporate governance practices were made mandatory for all listed companies through changes to the listing rules of the Singapore Exchange (SGX). Starting from January...