Chew’s group dual share plan worrying

January 24, 2017 at 4:15 pm Leave a comment

Hands up those who doesn’t read through constitution amendments circular put out for egm resolution.

Thanks to the dilligence of a corporate governance expert Prof Mak Yuen Teen, Chew’s group was caught jumping the gun by introducing dual class shares in its constitution amendment. Imagine if nobody notice and the EGM resolution is passed, shareholder’s interest will be seriously affected.

I am against dual class shares. I urge SGX to reconsider introducing dual class shares. SGX ‘s argument of independent directors ability to watch out for the rights of minority shareholders is being severly tested in this case. Chew’s group independent directors and also the catalist sponsor has failed their fiduciary duty to restrain the management from doing things that hurt minority shareholders interest.Surely someone should be punished to send a right message to take their fiduciary duty seriously.

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Entry filed under: Investing, Watch your step.

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