Singapore Puts Company Directors on Notice With New Proposal
- SGX RegCo proposes rule for shareholder-requisitioned meetings
- Board may have to act within 21 days of getting a notice
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Singapore Exchange Ltd. is proposing a rule change that would make it easier for shareholders to call special general meetings, the latest in an ongoing campaign to improve corporate governance in the city-state.
Under the proposal, companies would have to take steps within 21 days to hold a meeting whenever a shareholder or group of shareholders with at least 10% of paid-up stock makes the request. Boards opposing the demand can do so in court.