Watch are we officially dating solarmovie, mas to simplify rules for market operators
For instance, the financial statements of a company that is now under CAD investigation had received a disclaimer of opinion from the auditors for three successive years.
That can only hurt liquidity and valuations, making SGX a truly unattractive place for companies to list. In the case of an S-chip that recently got into a huge mess, various lapses had started to emerge in February this year.
Many operate in countries with a weak rule of law or are incorporated in offshore jurisdictions that are well known for helping companies remain non-transparent.
A few years ago, a former CEO of the SGX suggested some form of arbitration body to help resolve disputes involving minority shareholders. Caveat emptor does not mean "anything goes".
We would not be able to address all minority shareholders' woes but we should try to reduce the disadvantages that they currently face against the Goliaths in the market, often well supported by their army of advisers. However, there were also earlier warning signs last year.
Singapore Law Watch - SLW Headlines
The possibility of allowing minority shareholders to elect at least some independent directors or putting "voting caps" on controlling shareholders when electing independent directors could also be considered minority election of independent directors and voting caps are already practised in some jurisdictions.
Again, consider the case of Datapulse, which has 10, shareholders.
Prevention is always better than cure. A disproportionate number of foreign listings have run into problems and been suspended or delisted. Having been a keen observer of corporate governance here over the last 20 years, and witnessed other periods where there appear to have been an upsurge of corporate scandals, I believe that we have a serious problem in our market which France dating service if not addressed - will lead to a downward spiral in market confidence and attractiveness of our market for public investors.
Market players, such as sponsors, must be held more accountable as their own bottom line may cause them to focus more Watch are we officially dating solarmovie quantity than quality.
For example, where a shareholder acquires close to the 30 per cent threshold for a mandatory general offer, is there a review of whether it is a deliberate attempt to circumvent the spirit of the Code or whether there are other concert parties owning shares who - together with the new shareholder - cross the 30 per cent threshold?
This committee can consider how to improve the minority investors' ability in enforcing their rights. In Chinese companies, legal representatives and custody of the company seals are very important.
Where certain rules do not apply or regulators are not able enforce them, the risk of misbehaviour increases. We should look seriously into improving investor protection here before it is too late.
It is therefore hardly surprising to find independent directors being beholden to management or controlling shareholders or who do not take their responsibilities seriously.
First, it is well known that we have many foreign companies listed on the Singapore Exchange SGX for which we have limited ability to enforce our rules. The idea is to create a tool that tells investors when to run - or at least to start warming up. More pre-emptive steps therefore also need to be taken.
Enforcement actions against directors, including independent directors, have been particularly rare. Other issues that could be looked at include those mentioned above, such as a watch list for companies Exclusive dating services dallas serious red flags - and companies using their resources to frustrate the requisitioning or calling of meetings by shareholders; minority shareholders' access to advice about their rights; access to shareholder contacts to facilitate communications among minority shareholders; misuse of private placements to frustrate minority shareholders; the conduct of shareholder meetings where critical issues such as delisting are decided; and barriers to shareholder rights and participation when shares are held in nominee accounts.
I do not believe that all shareholder disputes can be resolved "in the boardroom" so to speak, or through shareholder dialogue sessions.
In the recent case of Datapulse Technology, an acquisition was not considered an interested person transaction IPT even though the controlling shareholder and the vendor are close business associates.
Mak Yuen Teen Investor protection needs to be improved before confidence spirals downwards The last two months have been particularly disturbing for minority shareholders in Singapore, with companies such as Midas Holdings, Trek International and YuuZoo Corporation being investigated by the Commercial Affairs Department CAD.
However, the current directors remain entrenched with no independent director having a mandate from the minority shareholders and look set to push through their diversification plan.
If minority investors continue to perceive the playing field as grossly unfair or continue to see their investment go up in smoke, they will lose interest in investing in companies here.
This is because a business associate, no matter how close, is not included in the definition of "associate" under the SGX rules. That same month, a financial controller left another company following a succession of earlier departures of financial controllers.
Such a body could be an answer to the lack of a contingency fee- based class action system in Singapore which generally makes shareholder action impractical.
A 29 per cent shareholder being able to elect per cent of the directors just does not seem right. Yes, this is easier said than done when SGX is facing global competition in attracting listings, but admitting poor-quality listings will just create more problems downstream.
A disclaimer of opinion means that the financial statements cannot be relied upon, and successive disclaimers can be just as bad or Watch are we officially dating solarmovie than a company making successive years of losses. At its recent EGM, excluding the shares of the controlling shareholder who owns 29 per cent and even if we disregard the shares of the opposing requisitioning shareholder who owns 16 per cent, 55 per cent of the remaining shares actually voted to remove the current directors and appoint the proposed directors and also rejected the diversification plan.
That company had more red flags than China on National Day. In this regard, there is a need to watch out for companies with questionable business models proposing to list here; companies listed here that have already destroyed considerable shareholder value by spinning off part of their business to take minority investors for a further ride; and mainboard companies dodging the SGX watch list by downgrading to Catalist.
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