Temasek thought less likely to offload StanChart stake

Singapore investment company, Temasek, Standard Chartered's biggest shareholder, is uncomfortable with the London based lender's governance plan and is pushing for it to hire more independent directors, the Wall Street Journal reports today, citing an unidentified person.

Singapore investment company, Temasek, Standard Chartered's biggest shareholder, is uncomfortable with the London based lender's governance plan and is pushing for it to hire more independent directors, the Wall Street Journal reports today, citing an unidentified person.

However, that may not signal an increased desire on the part of Temasek to divest its holding in StanChart. Rather, the contrary seems to be true -in so far as it reflects an on-going dialogue- according to analysts cited by Bloomberg.

Backing that up, when Temasek withheld its vote at the annual shareholder meeting last May it wasn't being critical of the bank's strategy and leadership by declining to back the election of non-executive 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 to Bloomberg in an e-mail.

The Financial Times reported on Sept. 25th that Temasek had talked to potential buyers of its 18% stake the bank "in recent months."

The report carried by the WSJ however also states that, "there were no discussions under way at the time."

AB

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

UK House Prices Set To Fall? It’s Not So Simple
House prices

UK House Prices Set To Fall? It’s Not So Simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Three solar stocks to invest in
Renewables

Three solar stocks to invest in

This week, professional investor Nicholas Mersch of the HANetfS&P Global Clean Energy Select HANzero UCITS ETF tells us three solar stocks to invest i…
12 Aug 2022