SGX's dual-class plan draws flak

摘要

Singapore exchange's move to embrace dual-class share structures has come under fire from minority investors who fear that their interests are being compromised. SGX's independent Listing Advisory Committee last week recommended that the exchange allow dual-class structures under certain conditions and corporate governance standards. It emphasised that "one-share-one-vote" would remain the default for new listings. The committee said the change will help make SGX more attractive as a listing venue. "Unlike many other countries, Singapore does not have a vast hinterland providing a continuous pipeline of IPO-ready listing applicants," the committee said, in a clear reference to the queue of Chinese IPOs in Hong Kong.