Singapore may allow shareholders to sue directors, Times says

Singapore plans to update its laws governing companies and may allow holders to sue directors for breach of duty, the Business Times reported, citing steering committee head Walter Woon.

More than 200 changes to the Companies Act were submitted to the Finance Ministry last month and the new rules are likely to be implemented “over the next few years,” the newspaper said, citing Woon.

Woon also suggested having a new act which would allow prosecution of foreign firms that are listed in Singapore, according to the report.