Will New Noble be more of the same?

ON March 14, the board of directors of Noble Group ("Noble") announced the signing of a binding restructuring support agreement ("the RSA") in relation to its proposed financial restructuring. Central to the proposed restructuring is the creation of a new company called New Noble to be listed on the Singapore Exchange.

Noble's corporate governance and transparency has arguably become worse since I published a highly critical commentary, particularly about its board of directors and its remuneration policies and disclosures, following the attack by Iceberg Research ("Noble should pay heed to its corporate governance", BT, June 24, 2015). Unfortunately, the New Noble promises to be much like the old one.

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