Author: Mak Yuen Teen

This is a preliminary response to the company’s announcement on January 30, 2018. A more detailed response may be provided after I have gone through all the announcements.

A strong ethical culture must underpin a pay-for-performance system which avoids the pitfalls of excessive remuneration.

SGX must be prepared to take action or to block transactions that violate these general principles. In particular, they should be prepared to block transactions that clearly lack commercial substance.

To be honest, I feel that SGX Regco is so busy with these market-friendly initiatives that I am worried that it is neglecting its regulatory role, as we have yet to hear of any new initiatives to improve enforcement.

To an investor, whether directors or their companies have been subjected to regulatory action is important information. I certainly look at this when companies announce the appointment of directors.