Standard Chartered Plc said Temasek Holdings Pte’s abstention from a vote to elect non-executive directors in May was not a judgment of the individuals or the bank’s strategy.
The Singapore investment company, Standard Chartered’s biggest shareholder, is uncomfortable with the London-based lender’s governance plan and is pushing it to appoint more independent directors, The Wall Street Journal reported today, citing an unidentified person. Jeffrey Fang, a Singapore-based spokesman for Temasek, declined to comment.
“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.”
Temasek’s withholding of the vote at the annual shareholder meeting relates to a misinterpretation of U.K. corporate governance standards, Fan said, adding Standard Chartered began a succession plan more than a year ago for its board aimed at boosting experience and diversity.
Standard Chartered, 18% owned by Temasek, appointed Lars Thunell, Margaret Ewing, Om Prakash Bhatt and Louis Chi-Yan Cheung as non-executive directors, it said in a statement on Sept. 28. Thunell and Ewing start on Nov. 1, while Bhatt and Cheung start Jan. 1.
Today’s Journal report follows a Financial Times article published Sept. 25 stating Temasek had talked to potential buyers of its stake in recent months, citing people close to the matter. There were no discussions under way at the time, according to the report.
Shares of Standard Chartered rose 0.6% to HK$177.30 ($28.12) as of 1:36 p.m. in Hong Kong trading. The Hang Seng Index was little changed.
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