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...
Newcomers up the ante in governance index for trusts
THE third edition of the Governance Index for Trusts (GIFT) assesses the governance and business risk of 46 real estate investment trusts (Reits) and business trusts (BTs) listed on the Singapore Exchange (SGX).
When poor governance meets liberal rules
IN APRIL, (my colleague at the National University of Singapore Business School) Richard Tan and I released a report titled "Avoiding potholes in listed companies", published by CPA Australia. The report identified 16 warning signs and red flags in corporate governance, disclosure and reporting...
Hyflux's board ticked boxes but let down stakeholders
IN ITS reply to questions raised by the Securities Investors Association (Singapore) and shareholders at its townhall meetings, Hyflux said:
Improving regulatory transparency
IN my article, "Regulatory enforcement is key to rebuilding trust in market" (BT, July 11, 2018), I called for greater clarity and transparency about the responsibilities, resources and activities for different regulatory bodies to enhance their accountability and increase trust in the...
It's time SGX and sponsors get tougher with firms looking to list
THEY say when life gives you lemons, you make lemonade.
Why minority shareholders don't stand a chance
IN recent years, the lack of effective investor protection in our market has become rather evident. For S-chips and other foreign listings, regulatory enforcement has often been hampered by the inapplicability of laws, cross-border enforcement barriers or runaway miscreants.
Catalist: A platform for growth firms or ICU for mainboard patients?
CATALIST was established in November 2007 as the successor of Sesdaq, and is one of the two boards of the Singapore Exchange (SGX). Modelled after London's Alternative Investment Market (AIM), its sponsor-based regime is similar to AIM's system of regulation through nominated advisers...
Is corporate governance in Singapore on a downward trajectory?
ON Dec 5, the Asian Corporate Governance Association (ACGA) released the 2018 edition of CG Watch which covers 12 Asian markets. The report includes a "top-down" market survey undertaken by ACGA and a "bottom-up" environmental, social and governance (ESG) survey of companies...
Corporate governance at the crossroads
IN AUGUST, the Monetary Authority of Singapore (MAS) issued the fourth edition of the Code of Corporate Governance for Singapore, after an extensive consultation of changes proposed by the Corporate Governance Council (CGC).