Chapter 8: Corporate Governance in Singapore: A Case Study
Martin J. Conyon INTRODUCTION This chapter focuses on corporate governance in Singapore. First, I examine contemporary developments in Singapore, in particular the Code of Corporate Governance that became effective in 2003. Next, I examine the governance structure of Singapore Technologies Engineering (ST Engineering), a prominent large ﬁrm listed on the mainboard of the Singapore Exchange (SGX). I then examine the relation between corporate performance and board structure. My aim is to add to the growing literature on international corporate governance by examining the board of directors, executive compensation and ownership structure at this enterprise.1 An analysis of corporate governance arrangements in Singapore is warranted for at least two reasons. First, the East Asian ﬁnancial crisis that commenced in July 1997 represented a large adverse shock to the region. Commentators have speculated that weak corporate governance structures may have been an important factor in the collapse (Lemmon and Lins 2003; Khan 2003). Second, in January 2003 amended listing rules required ﬁrms to make certain disclosures in their annual reports in respect of the new Code of Corporate Governance. It seems appropriate, therefore, to examine the implementation of the new Code. The rest of this chapter is organized as follows. The next section provides an overview of corporate governance in Singapore. The purpose is to provide background information on the salient features of the governance system in Singapore. The newly introduced Code of Corporate Governance (see Corporate Governance Committee 2001) is examined in some detail. This is followed by a case analysis...
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