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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.

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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...

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