MARKETS & INVESTING | Staff Reporter, Singapore

SGX RegCo reveals 'naughty list' of CEOs and directors

The list currently has 53 executives.

The Singapore Exchange Regulation (SGX RegCo) launched a watchlist of directors and executive officers that, it said, "do not possess the character and integrity expected of their office, and pose potential risks (reputational, compliance or otherwise) to companies."

"This Watchlist set out the names of directors and executive officers who have been reprimanded by SGX, or who in the exchange’s opinion did not extend the necessary cooperation to the exchange," SGX RegCo said.

An SGX spokesperson told Singapore Business Review that the individuals have been accorded due process in making representations to the exchange unless such individuals are not contactable.

"These individuals have been informed that the substance of their representations (together with any other material which the Exchange may deem relevant) will have a bearing on the actions that the Exchange may in its discretion take. The Exchange would then evaluate the individuals’ representations and inform them of its decision," the spokesperson added.

The exchange encouraged individuals who have not been contactable but are now prepared to make representations to the exchange to contact them accordingly.

Companies that want to appoint any individual in the watchlist as directors or executive officers are required to get the views and guidance of SGX before the proposed appointment.

As of writing, the list has 53 executives. Some of them that are currently on the list include Chen Wei Ping and Ma Ming Zhang of embattled Midas Holdings and Henry Tan, Foo Kok Wah, Poo Teng Pin, and Gurcharan Singh of Trek 2000 International.

SGX RegCo also previously launched the SGX Fast Track programme to recognise listed companies that have a good corporate governance standing and compliance track record.

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