Singapore has seen a spate of corporate governance scandals in recent years. Authorities issued commodity trader Noble Group Ltd. a record fine in August for inflating reported profits and net assets in its financial statements, after a 45-month probe. Another high-profile case involving water-treatment company Hyflux Ltd. is still under investigation.
Singapore’s financial watchdog is calling for asset managers to ramp up pressure and scrutiny on environmental, social and corporate governance issues in their portfolio companies.
“We encourage institutional investors to take the lead in exercising responsible investor stewardship,” Monetary Authority of Singapore Deputy Managing Director Ho Hern Shin said at a corporate governance conference Monday. This can be done through active engagement with companies and proxy voting, she added.
