Glass Lewis ESG Controversy Alert: Raffles Education

MT Newswires10-14

Glass Lewis on Saturday issued a controversy alert for the shareholders of Raffles Education (SGX:NR7) ahead of its annual general meeting on Oct. 25, where they will vote for the proposed election of three officers who have been charged with breach of disclosure.

Several directors, including chair and CEO Chew Hua Song, failed to inform the Singapore Exchange, in line with the Securities and Futures Act, regarding Affin Bank's letters of demand and legal claims in 2021 for the repayment of 416.6 million ringgit in loans.

The directors were formally charged in September but an independent committee decided that they should stay in their roles due to their expertise, Glass Lewis said.

Aside from Chew, the company's shareholders will vote for the proposed election of Lim How Teck and Chua Chwee Koh.

The three are members of the nominating committee and Chua is an independent committee member.

The alert's rationale relates to public stakeholder opposition, relevant media coverage and egregious governance practices and falls under board responsiveness, oversight issue and other governance issue.

Price (SGD): S$0.05, Change: S$+0.0020, Percent Change: +4.65%

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