Fund managers oppose dual-class shares plan for Singapore

Singapore

INTERNATIONAL investors including BlackRock Inc and the Ontario Teachers Pension Plan have voiced their concerns about moves to allow dual-class share listings in Singapore, saying that they risk damaging the city's stock market and harming the region.

Dual-class shares will almost certainly prove to be counterproductive for Singapore and "likely trigger a race to the bottom regionally", the Asian Corporate Governance Association, an industry group whose members also include listed companies, as well as insurance and accounting firms, said in a response to Singapore Exchange's (SGX) consultation on the plan.