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Corporate governance: more teeth and substance needed

Chip Eng Seng lacks transparency regarding remuneration of EDs and key management personnel. Also, its interested person transactions and board composition raise some queries.

Raymond Chia, executive director and group CEO of Chip Eng Seng Corporation, is estimated to have been paid a minimum of S$4,368,000 and up to S$4,968,000. At these levels, the risk of poaching for Mr Chia is negligible.

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.

SGX's query states: "We refer to the company's FY2018 annual...