When things go badly wrong, such as in the recent Keppel Offshore and Marine (KOM) scandal, which has resulted in a US$422 million penalty being imposed, a common response of the board of directors is: “We did not know”.
Read MoreWhy was the board in such a hurry that it took just five days to almost completely re-constitute the board (without the involvement of any of the former independent directors) and complete the acquisition? Was there a pre-Christmas sale that the board needed to take advantage of? Did it come with free gift-wrapping?
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Such stakeholders can exploit their control at the expense of the company and other minority shareholders without being caught by interested person transaction and other rules.
Read MoreNote: Over the years, I have written many times on the subject of bribery and corruption risks for Singapore companies doing business overseas. In light of the recent US$422 million fine imposed on Keppel O&M, I have decided...
Read MoreRisks associated with poor ethics, governance and compliance will threaten the survival of our companies if they do not learn to accept them as part of the new business reality and put in place measures to address them.
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