SIC Consulting on the Application of the Takeover Code to Dual Class Shares Companies
The SIC’s consultation proposes that where changes in the number of votes of multiple vote shares in a dual class shares company results in a shareholder coming under an obligation to make a general offer for the company, the obligation will not apply if the shareholder is independent of the change. The consultation also considers how the offer price is to be determined in such cases.
New Code of Corporate Governance to Apply from 1 January 2019
The MAS has issued a revised Code of Corporate Governance that, except as discussed in this update, will take effect as from 1 January 2019. Under the new Code, various corporate governance requirements have been made mandatory by migrating them to the Listing Rules. These include a requirement for the board to disclose weaknesses in the company’s internal controls and risk management systems in the annual report and to state the steps taken to correct them. This update considers the changes.
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