It may be difficult to budge him from his family-owned bank, although the banking licence should explicitly state that, regardless of its ownership, a bank needs to follow governance guidelines established by the regulatory authority in order for the licence to trade as a commercial bank to continue.
Another area of focus is the other directorships that Wee Cho Yaw has. Those companies need to think very hard whether they really want to have on their boards someone who clearly is disdainful of good governance pratices.
Times are different and we need different men and many more women and much more diversity, to handle the challenge of modern, ethical business.
OAM
See article:
United Overseas Bank (U11.SG) chief Wee Cho Yaw, who has fought off past attempts to loosen his grip on his family-controlled business empire, won't be unseated by new rules requiring Singapore's banks to separate the chairman and chief executive roles.
Regulators are working to balance moves to tighten corporate governance with the need to avoid disrupting operations at the many Singapore-listed companies that are still managed by their founding families.
As the city-state's largest family-controlled company, UOB comes under the spotlight with each new rule. Wee is one of a handful of local tycoons who control the pieces of corporate Singapore that government-linked companies don't. He is believed to have a prickly relationship with the country's leadership, but he has managed to sidestep moves to limit his control.
The city-state's central bank Thursday introduced regulations requiring Singapore-incorporated banks and life insurers with assets in excess of S$5 billion to have separate chairmen and chief executives by 2007.
See full Article.
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