ACGA opposes SGX proposal for dual-class shares


On April 11, 2017, ACGA made a submission to the Singapore Exchange (SGX) on its consultation paper on the “Possible Listing Framework for Dual-Class Share Structures”. Consistent with our earlier advocacy in Hong Kong in 2014, ACGA strongly opposes the introduction of dual-class shares in Singapore. We believe this measure would be counterproductive for Singapore and lead to contagion in other markets in the Asia region, resulting in lower standards of corporate governance, increased investor and regulatory risk, and weakened market valuations over time. We urge the Singapore authorities to reconsider.