Stefanie Yuen Thio was quoted by Ranamita Chakraborty in The Business Times. The article covered Singapore’s shift to a more disclosure-based corporate governance regime today (p. 1 and 2).

Stefanie noted that with limited recourse for retail investors under the legal framework should companies fail to disclose certain information and things go south, SGX will need to enforce market discipline. While she supports a disclosure-based regime in Singapore, Stefanie highlighted the need for legal reforms to improve shareholder communication, address management concerns and enable class action lawsuits.

Stefanie also called for stronger enforcement levers for SGX RegCo to be beefed up to provide significant and punitive disincentives to offending conduct.