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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials, Market

Bank says Temasek misread U.K. rules

Posted on 05 October 2012

Standard Chartered Bank PLC said Thursday that Temasek Pte. Ltd., its largest shareholder, misinterpreted U.K. corporate governance rules when it abstained from voting at a May meeting to re-elect some bank board members.
The statement from Standard Chartered represents a rare disagreement between the U.K. bank and the Singapore state investment body. It also comes a day after The Wall Street Journal reported that Temasek, which owns an 18% stake in the U.K. bank, has expressed discomfort to the bank with the its governance and is pressuring it to appoint more independent directors, according to people familiar with the investment company………………………………………..Full Article: Source


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