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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
'Labour’s next bright idea is a wealth tax – but it won't work'
Opinion A wealth tax will make Britain poorer and accelerate the exodus of the wealthy, says Matthew Lynn.
-
8 of the best houses for sale with tennis courts
The best houses for sale with tennis courts – from a period property in Dumfries and Galloway with two islands on the River Dee, to a house in Cumbria with a 1977 En Tout Cas tennis court