We refer to today’s Dow Jones article on “Singapore Exchange CEO’s Dual Role Raises Conflict Concerns”.
SGX believes that the apparent conflict of interest referred to in the Dow Jones article is not justified. The robust governance and management procedures in SGX serves to prevent conflicts from arising. SGX recruited Mr Hsieh from PrimeFounders Inc., where he was one of the founding members.
Mr Hsieh fully relinquished his executive duties upon joining SGX. While he retains a shareholding, and is a non-executive director of PrimeFounders, he does not participate in, or vote on, matters pertaining to its subsidiaries’ operations. This has been disclosed to and accepted by the SGX Board Chairman.
