Business

Published: Thursday October 4, 2012 MYT 8:11:00 AM

Singapore"s Temasek pushes for board changes at StanChart


Singapore state investor Temasek Holdings is putting pressure on Standard Chartered Plc to appoint more independent directors, the Wall Street Journal reported, citing people familiar with the matter.

Temasek, which is StanChart's biggest shareholder, however, has no immediate plans to sell its stake in the Asia-focused bank, the financial daily said.

Shares of Standard Chartered fell more than 3 percent on September 25 on renewed speculation that Temasek may sell its 18 percent stake in the Asia-focused bank.

Temasek has reportedly expressed its displeasure over the bank's governance for quite some time. The investor abstained from voting for the re-election of the non-executive directors in May, the financial daily said.

Temasek and Standard Chartered were not immediately available for comment. - Reuters

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