Investors Criticise SGX as it Moves Towards Dual-class Share System

Singapore Exchange is set to allow listings of companies with different classes of shares as it looks to attract initial public offerings, sparking criticism from investors. In a report issued late on Monday, SGX’s Listings Advisory Committee (LAC) gave the bourse the green light to allow companies to list with dual-class share (DCS) structures. Such structures have been criticised by corporate governance activists as they typically give one set of shareholders greater voting rights than others, but exchanges that allow them are often attractive to issuers seeking to retain control after listing.