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In recent years, the Singapore stock market has witnessed a number of boardroom fights, particularly through shareholders’ requisitions for extraordinary general meetings (EGMs) aimed at ousting existing board members and senior management.
As corporate control disputes become more visible, questions around minority shareholder protection, corporate governance, and regulatory intervention have gained renewed attention.
Podcast with The Business Times: Strengthening Minority Shareholder Rights
I was recently invited by The Business Times (Singapore) to join a podcast discussion on how minority shareholders of listed companies can be better protected when there is a fight for board control.
During the recording, I addressed several questions from seasoned presenter Ms. Howie Lim, covering the legal, regulatory, and practical challenges surrounding shareholder rights.
Key Topics Discussed
1. Concert Party Regulations under the Singapore Takeover Code
How do the concert party regulations protect — or potentially disadvantage — minority shareholders during board control disputes?
2. Proposals for Stronger Retail Investor Protection
What specific policy or regulatory proposals can better safeguard retail investors when significant shareholder changes or board tussles occur?
3. Collective Action and Governance Influence
Beyond legal avenues, what are the most effective ways for minority shareholders to collectively assert their rights and influence corporate governance outcomes?
4. MAS Funding and Class Actions
How will Monetary Authority of Singapore (MAS) funding for class actions against concert parties work in practice? What potential impact could this have in deterring illicit market activities?
5. Identifying Concert Party Arrangements
What are the key red flags or indicators that minority shareholders should watch for to identify potential concert party arrangements that could trigger a mandatory offer?
6. Balancing Regulation and Market Dynamism
How can regulators balance the need for market integrity with maintaining a dynamic investment environment that allows legitimate company control changes?
7. Communication Barriers and Transparency
What are the most common communication gaps between company boards and minority shareholders, and how can transparency and engagement be improved?
8. Practical Steps for Minority Shareholders
Finally, I discussed the most significant challenge that minority shareholders face in understanding and exercising their rights — and one actionable step they can take today to strengthen their position.
Broadcast Details
The podcast episode will be broadcasted by The Business Times, Singapore, in due course. Stay tuned for the release to hear the full discussion on minority shareholder protection and corporate governance reform in Singapore’s evolving capital markets.
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