MAYASIA BUSINESS OUTLOOK9The Singapore Exchange Regulation (SGX RegCo) is proposing a rule change to empower share-holders in calling special general meetings, as the city-state endeavors to enhance corporate governance practices, the bourse's regulatory arm said on Tuesday (Apr 23).Currently, Singapore-listed firms have no regulatory obligation to respond to shareholder calls for special general meetings. Historically, domestic companies have been reluctant to grant such requests.Under the proposed rule change, listed firms will be required to take certain action within 21 days to hold a meeting after a group of shareholders, or even one shareholder who owns at least a 10 per cent stake, makes a request. Any company that disputes the validity of the requisition notice must apply for a court ruling within the same timeline, SGX RegCo said. The public consultation is open until May 23."If investors have a stronger say, companies will be more motivated to consider their interests by improving both operational performance and shareholder returns," said Tan Boon Gin, CEO of SGX RegCo, adding that companies need to heed the market's requests.Other exchanges, such as the one in the growing mar-ket of Hong Kong, have similar rules in place.Singapore has been making constant efforts to im-prove corporate governance in the country after a recent surge in investor activism, both locally and among global firms. In January 2023, the bourse moved for better transparency in payment details for CEOs and individual company directors. Tata Group may reach an agreement to take ownership of Pegatron Corp.'s iPhone manufacturing operations in India as early as May, solidifying Apple Inc.'s ties with one of the nations's most powerful corporations.The company is nearing the end of talks with Pegatron to acquire a majority share in the Taiwanese company's Apple handset manufacturing operations in India, according to persons with knowledge of the situation. These include one now under construction and one in the southern Indian state of Tamil Nadu, close to Chennai, where iPhones are produced.Following the acquisition, Pegatron is likely to provide Tata with manufacturing expertise, according to the people, who asked not to be identified because the information is confidential. Tata Electronics would take over Pegatron's activities once the transaction is completed. The partnership comes as Apple accelerates its efforts to increase output in India, supported by financial incentives granted by Prime Minister Narendra Modi's government, while diversifying its supply chain away from China to reduce geopolitical concerns.In an effort to encourage major Apple suppliers like Taiwan's Foxconn Technology Group and Pegatron to increase manufacture in India, Modi, who is running for a third five-year term, has provided production-linked subsidies.Tata Group originally became an iPhone assembler by purchasing an iPhone facility from Taiwan's Wistron Corp. in the nearby state of Karnataka. It also intends to develop a new iPhone manufacturing facility to deepen its collaboration with Apple. NEWSROOMSINGAPORE EXCHANGE REGULATION SEEKING TO ENHANCE CORPORATE GOVERNANCE POLICIESTATA GROUP TO ACQUIRE TAIWAN FIRM PEGATRON'S IPHONE OPERATIONS
< Page 8 | Page 10 >