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Tong Eng Group's Daniel Teo is new honorary chairman of Sias
THE Securities Investors Association (Singapore), or Sias, has named property tycoon Daniel Teo its honorary chairman with effect from Aug 1.
Mr Teo is a director of the Tong Eng Group as well as chairman and managing director of the Hong How Group, both family businesses.
His three-year term succeeds the late Magnus Böcker, who passed away in July 2017.
Sias's honorary chairman is independent and non-executive. He has the power to intervene if he takes the view that the Sias president or the committee has acted in breach of the association’s constitution, or is not acting in the interest of the association.
Mr Teo told The Business Times by phone: "I think their (Sias's) mission is correct, to help the small shareholders. Small shareholders are at a disadvantage sometimes, and they have no where to turn too. I think they've been doing a good job, my role is more of a countercheck."
On the state of corporate governance in Singapore, Mr Teo said: "I think we still have a lot to learn. In fact, I just signed up to take some courses with the SID (Singapore Institute of Directors)."
Sias president and chief executive David Gerald said in a statement: “Mr Daniel Teo accepted our call to be our chairman as he appreciates the work Sias is doing for the citizens, helping them with their financial well-being and with their difficulties on their investments.”
Mr Teo was the president of the Real Estate Development Association of Singapore (Redas) for numerous terms, the last term being from 1998 to 2001. He was also the world president of the International Real Estate Federation from 2000 to 2001.
Mr Teo is also an active promoter of culture and arts in Singapore, Sias said. In 1981, he was the founder member of the Singapore Cultural Foundation which has since merged into the National Arts Council.