Singapore Puts Company Directors on Notice With New Proposal

Bloomberg04-23

(Bloomberg) -- Singapore Exchange Ltd. is proposing a rule change that would make it easier for shareholders to call special general meetings, the latest in an ongoing campaign to improve corporate ...

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Ray Dalio’s Famous Trade Is Sputtering and Investors Are Bailing. Stocks Climb as US Earnings Kick Into High Gear: Markets Wrap. TikTok to Remove Executive Tasked With Fending Off US Claims. RussiansTransform Dubai as They Flee Putin’s War:Photo Essay. Under the proposal, companies would have to take steps within 21 days to hold a meeting whenever a shareholder or group of shareholders with at least 10% of paid-up stock makes the request. Boards opposing the demand can do so in court.As of now, Singapore-listed companies aren’t obligated to grant shareholder calls for special meetings, which are often campaigns to replace existing directors. Historically, they’ve tended to nullify the requests.Singapore regulat","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","FSTM.SI":"富时海峡中盘指数","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","BK6523":"ESG概念","ES3.SI":"STI ETF","S68.SI":"新加坡交易所","STI.SI":"富时新加坡海峡指数","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","SG9999004360.SGD":"Nikko AM Shenton Thrift Fund SGD","SG9999001135.SGD":"United ASEAN Fund SGD","LU0205439572.USD":"富达亚太股息基金","BK6516":"银行与投资服务概念","FSTAS.SI":"富时海峡全股指数","BK6033":"金融交易所和数据"},"translate_title":"新加坡向公司董事提出新建议","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"S68.SI":0.9,"ES3.SI":0.6,"FSTAS.SI":0.6,"FSTM.SI":0.6,"STI.SI":0.6},"content_text":"(Bloomberg) -- Singapore Exchange Ltd. is proposing a rule change that would make it easier for shareholders to call special general meetings, the latest in an ongoing campaign to improve corporate governance in the city-state. \nMost Read from Bloomberg\n\nTrump Has Only $6.8 Million for Legal Fees With Trial Underway\nRay Dalio’s Famous Trade Is Sputtering and Investors Are Bailing\nStocks Climb as US Earnings Kick Into High Gear: Markets Wrap\nTikTok to Remove Executive Tasked With Fending Off US Claims\nRussians Transform Dubai as They Flee Putin’s War: Photo Essay\n\nUnder the proposal, companies would have to take steps within 21 days to hold a meeting whenever a shareholder or group of shareholders with at least 10% of paid-up stock makes the request. Boards opposing the demand can do so in court.\nAs of now, Singapore-listed companies aren’t obligated to grant shareholder calls for special meetings, which are often campaigns to replace existing directors. Historically, they’ve tended to nullify the requests. \nSingapore regulators are trying to improve corporate governance practices, including pushing for more chief executive officer pay disclosure and capping the tenure of independent directors, in response to rising shareholder activism at home and abroad. \nThe exchange is also trying to boost the appeal of local equities, which have lagged their global peers in the MSCI AC World Index for seven of the past 10 years. The Hong Kong exchange has similar rules for special meetings at listed companies. In the US, it varies by state.   \n“Companies need to hear what the market is asking for,” said Tan Boon Gin, CEO of Singapore Exchange Regulation, the bourse’s regulatory arm. “If shareholders and investors have a stronger say, companies will have greater incentives to consider their interests, by improving both operational performance and returns to shareholders.”\nThe consultation for the proposal will be open until May 23. SGX RegCo is also proposing that issuers assist the relevant shareholders by distributing documents such as circulars and proxy forms. Companies will also be expected to secure the board’s attendance at the requisitioned meeting.\nMost Read from Bloomberg Businessweek\n\nHow a Massive Hack of Psychotherapy Records Revealed a Nation’s Secrets\nChina’s Bubble Tea Boom Creates a Half-Dozen Billionaires\nWhat Really Happens When You Trade In an iPhone at the Apple Store\nRents Are the Fed’s ‘Biggest Stumbling Block’ in Taming US Inflation\nThe Pentagon Wants to Give Defense Startups a Chance \n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429181005"}