Standard Chartered Plc said Temasek Holdings Pte’s abstention from a vote at its annual meeting in May relates to a misinterpretation of U.K. corporate governance standards by its largest shareholder.
The Wall Street Journal reported today that Temasek is uncomfortable with the bank’s governance and is pushing it to appoint more independent directors.
“Temasek have assured us that their abstention does not imply any criticism of the individuals concerned, nor Standard Chartered’s performance or strategy,” Doris Fan, a Hong Kong- based spokeswoman at Standard Chartered, said in an e-mail. “Temasek has voted in favor of all other resolutions at the AGM in May.”
Jeffrey Fang, a Singapore-based spokesman for Temasek, declined to comment.
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