Our directors, Mr Mark Lee and Ms Sarah Yeo, were invited to share their views on shareholders passivity and activism with Chambers and Partners’ Virtual Forum (UK / Singapore).
During the session, our directors brought the audience through the following:-
(1) The roles and influence of a shareholder and how these have morphed over the years, if at all
(2) An examination of the rights a Singapore shareholder would have in the context of a Singapore incorporated company, including: –
- a statutory right to have the company’s constitution observed;
- rights to requisition, attend meetings and vote;
- limited rights to information;
- litigation (focusing on section 216 and section 216A, Companies Act 1967)
- reserve management powers.
(3) Corporate law’s central dilemma on the separation of ownership (shareholders) and control (board).
(4) The underpinnings of corporate governance and their wider practical implications for investor / shareholders, professional directors, legal practitioners, and general counsels.
(5) The duties of a director and specifically whose interests should a board be obliged to consider and safeguard (i.e. all stakeholders, just the financial interests of shareholders?, etc).
(6) Examining the suggestion of shareholders being “passive” property owners through the case studies of the ExxonMobil debacle (US), the Fujitec Ltd – Oasis Management dispute (Japan) and USP Group Limited [2023] SGHC 106 (Singapore).
(7) Examining the extent (if at all) of how advances in digital communication have increased shareholder mobilisation and the likelihood of litigation where there are failures in governance.
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The forum was moderated by Ms Sarah Kogan, Chambers Asia-Pacific Research Director.
Chambers and Partners is the world’s leading legal ranking and insights intelligence company operating across 200 jurisdictions which seeks to “differentiate the best legal talent … across discipline and expertise” globally.
Our directors can be contacted at:-
Mark Lee : mark.lee@mlclaw.com.sg
Sarah Yeo : sarah.yeo@mlclaw.com.sg