SIAS Book Boardroom Knockout: How Singapore’s Investor Watchdog Fights for Minority Investors | Securities Investors Association (Singapore)

Directors absconding with millions in their pockets, foreign agents looking to destabilise companies, and thousands of individuals staring at a lifetime of savings gone. For the Securities Investors Association (Singapore), or SIAS, these are the cases they have had to deal with on an almost daily basis. Founded by the indomitable David Gerald, the association was created in 1999 to fight for 172,000 investors in Singapore who had billions of their savings frozen by the Malaysian government. They have since grown to a movement of thousands that fights for and protects the rights of minority shareholders.

The association has fought many more rounds against other heavyweights in high-profile corporate scandals that have dogged Singapore’s financial sector. From the China Aviation Oil scandal to the meltdown of Hyflux to the Lehman Brothers minibond saga, SIAS has been in the thick of the action, representing minority shareholders who would have otherwise been voiceless.

Boardroom Knockout: How Singapore’s Investor Watchdog Fights for Minority Investors tells a story of unique shareholder activism – where the fights are in the boardroom and not the courtroom. The book brings readers the inside story behind the scandals, while showing how activists went toe-to-toe with the biggest corporations in Singapore. From the people who brought you The Last Fools comes another thrilling tale, charting the remarkable journey of the champions of Singapore’s retail investors.

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About the Editor

Aaron Low is an author and journalist who covers politics, business and social affairs. He is the author of the No. 1 bestseller Behind The Banyan: Ho Kwon Ping On Building A Global Business, and previously Wind Behind the Sails: The Story of the People and Ethos of OCBC. He was also part of the team behind No. 1 bestseller The Last Fools. He writes on regional economics, business and politics in Asia, and was a deputy business editor at The Straits Times in Singapore, overseeing global financial markets. He is a graduate of the National University of Singapore.

Reviews

“SIAS has contributed substantially to the development of Singapore’s capital markets through its role in resolving differences between listed corporations and retail shareholders, chiefly in board rooms behind closed doors. This book aptly captures the journey of SIAS and shows how it has defended the rights of minority shareholders responsibly and reasonably.”
– JY. Pillay, Former Acting President and Top Civil Servant, Singapore

“SIAS’ journey has been nothing short of remarkable. It began life as a truly ground-up initiative to safeguard the interests of retail investors. Driven by the grit and passion of David Gerald and his team, SIAS has evolved over the last 25 years to emerge as a key institution in Singapore’s securities ecosystem. Never hesitant to speak up for the rights of minority shareholders, SIAS has done so in a constructive manner seeking balanced outcomes. This book tells the story of SIAS’ inspiring journey.”
– Ravi Menon, Ambassador (Climate Action), Singapore and Former Managing Director, Monetary Authority of Singapore

“SIAS has been an invaluable partner in bolstering investor education and advocacy as well as corporate governance. This book provides insight into how SIAS does so with diplomacy, engagement and partnerships – important characteristics for the ecosystem as it stays ahead to meet the needs of increasingly savvy investors.”
– Loh Boon Chye, CEO, Singapore Exchange (SGX Group)

“Boardroom Knockout clearly depicts SIAS’ important work in supporting the minority shareholders. During my time as CEO of SGX, I saw firsthand SIAS’ sensible and effective approach to championing the rights of minority shareholders and resolving disputes with public companies. This book is a valuable guide for activists, investors and corporate leaders.”
– Hsieh Fu Hua, Former CEO, Singapore Exchange

“Over more than a decade, I have observed the work of SIAS in standing up for small investors. Just as importantly, SIAS has become a leading proponent of corporate governance standards in Singapore and the wider region. The fact that SIAS is now viewed as a key feature of the corporate landscape is testament to its success. SIAS has demonstrated that individuals can make a difference – not through noise or confrontation, but on the basis of informed and constructive dialogue in the interests of all stakeholders.”
– Roger Barker, Director of Policy and Corporate Governance, Institute of Directors, United Kingdom