Book contents
- Endorsements
- Global Shareholder Stewardship
- Global Shareholder Stewardship
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Contributors
- Foreword
- Acknowledgements
- Abbreviations
- Part I Foundations
- Part II Jurisdictions
- 4 Shareholder Stewardship in the Netherlands
- 5 Capitalist Stakeholders
- 6 Institutional Investor Stewardship in Italian Corporate Governance
- 7 The Danish Stewardship Code
- 8 Stewardship Norwegian-Style
- 9 Stewardship and Shareholder Engagement in Germany
- 10 The Japanese Stewardship Code
- 11 Korea’s Stewardship Code and the Rise of Shareholder Activism
- 12 The Assessment of Taiwan’s Shareholder Stewardship Codes
- 13 Stewardship in the Hong Kong International Financial Centre
- 14 Singapore’s Embrace of Shareholder Stewardship
- 15 Institutional Investor Stewardship in Malaysia
- 16 The Thai Institutional Investors Stewardship Code and Its Implementation
- 17 Shareholder Stewardship in India
- 18 Institutional Investors in China
- 19 Stewardship and Collective Action
- 20 Stewardship Principles in Canada
- 21 The Uncertain Stewardship Potential of Index Funds
- 22 Encouraging Sustainable Investment in South Africa
- 23 Stewardship in Kenya
- 24 The Brazilian Stewardship Framework
- Part III Comparisons
- Index
14 - Singapore’s Embrace of Shareholder Stewardship
A Puzzling Success
from Part II - Jurisdictions
Published online by Cambridge University Press: 28 April 2022
- Endorsements
- Global Shareholder Stewardship
- Global Shareholder Stewardship
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Contributors
- Foreword
- Acknowledgements
- Abbreviations
- Part I Foundations
- Part II Jurisdictions
- 4 Shareholder Stewardship in the Netherlands
- 5 Capitalist Stakeholders
- 6 Institutional Investor Stewardship in Italian Corporate Governance
- 7 The Danish Stewardship Code
- 8 Stewardship Norwegian-Style
- 9 Stewardship and Shareholder Engagement in Germany
- 10 The Japanese Stewardship Code
- 11 Korea’s Stewardship Code and the Rise of Shareholder Activism
- 12 The Assessment of Taiwan’s Shareholder Stewardship Codes
- 13 Stewardship in the Hong Kong International Financial Centre
- 14 Singapore’s Embrace of Shareholder Stewardship
- 15 Institutional Investor Stewardship in Malaysia
- 16 The Thai Institutional Investors Stewardship Code and Its Implementation
- 17 Shareholder Stewardship in India
- 18 Institutional Investors in China
- 19 Stewardship and Collective Action
- 20 Stewardship Principles in Canada
- 21 The Uncertain Stewardship Potential of Index Funds
- 22 Encouraging Sustainable Investment in South Africa
- 23 Stewardship in Kenya
- 24 The Brazilian Stewardship Framework
- Part III Comparisons
- Index
Summary
The United Kingdom’s idea to adopt a stewardship code sparked a global shareholder stewardship movement. Unsurprisingly, Singapore as a corporate governance leader in Asia, adopted a stewardship code. Based on a superficial textual analysis, the Singapore Code appears to be a near carbon copy of the UK Code. However, this Article, which provides the first in-depth comparative analysis of stewardship in Singapore, demonstrates how Singapore has turned the UK model of stewardship on its head. Rather than enhancing the shareholder voice of institutional investors, shareholder stewardship has been used in Singapore as a mechanism for entrenching its successful state-controlled and family-controlled system of corporate governance. This development has been entirely overlooked by prominent international observers and would be beyond the wildest imaginations of the original architects of the UK Code. Viewed through an Anglo–American lens, this use of “stewardship” may suggest that Singapore has engaged in a corporate governance sham. However, this Article argues the opposite: it appears to be a secret to Singapore’s continued corporate governance success and provides a much-needed Asian (as opposed to Anglo–American) model of good corporate governance for Asia.
Keywords
- Type
- Chapter
- Information
- Global Shareholder Stewardship , pp. 297 - 315Publisher: Cambridge University PressPrint publication year: 2022
- 1
- Cited by