National Development Minister Chee Hong Tat has underscored the accountability of listed companies involved in activities contributing to transboundary haze, warning that such firms may face legal and financial penalties. Speaking at the SIAS Investors’ Choice Awards on October 21 in Singapore, Chee highlighted that repercussions extend beyond company leadership to affect shareholder value and investor interests.
“Consequences and penalties do not just impact the company’s directors and management. They also affect the value of investments and shareholder interests,” Chee stated, emphasizing the role of regulators, the Singapore Exchange (SGX), and banks in advocating for investor rights.
Chee stressed the importance of robust corporate governance, which entails conducting business responsibly and in full compliance with the law. “The Government takes this very seriously. When companies are found to have contravened our laws based on facts and evidence, we will take the necessary enforcement actions against the errant firms and individuals,” he added.
David Gerald, founder, president, and chief executive of the Securities Investors Association Singapore (SIAS), echoed these sentiments by urging investors to scrutinize environmental records before committing funds. He pointed to the significant damage caused by forest destruction linked to haze, which impacts public health. “Investors who fund such companies, even indirectly, share some responsibility for these outcomes,” Gerald said. He pledged that SIAS would continue to educate investors on environmental, social, and governance (ESG) risks, promoting the selection of companies with sustainable practices to secure long-term returns while supporting a healthier environment.
In a related announcement, Chee, who also serves as deputy chairman of the Monetary Authority of Singapore (MAS), revealed plans for MAS to assist SIAS in developing initial public offering (IPO) guides. These guides aim to distill critical information from public offer documents, helping investors identify relevant issues and make better-informed decisions. Chee clarified that the guides will not provide investment recommendations but will complement investors' assessments by encouraging pertinent questioning.
Highlighting the active IPO environment, Chee noted that the Singapore Exchange recorded 10 new listings by the end of August 2026, raising approximately SGD 1.4 billion. He remarked on increasing interest from diverse sectors such as real estate investment trusts, technology, digital infrastructure, and advanced manufacturing in choosing Singapore as a listing venue.
Despite global economic uncertainties, Chee emphasized Singapore’s stable fundamentals and the importance of fostering well-governed companies alongside informed investors to sustain long-term confidence. “Our IPO ecosystem must inspire confidence among both issuers and investors,” he said, underscoring the complementary role of IPO guides and enhanced research coverage.
The SIAS Investors’ Choice Awards honored 45 recipients across seven categories, recognizing excellence in corporate governance, sustainability, transparency, and shareholder communications. Notable awardees included the chief executives of Thakral, SGX, and Keppel for outstanding leadership, alongside Jardine Matheson Southeast Asia and SATS receiving the Singapore Corporate Governance Award for large caps. Keppel and SGX were distinguished for their efforts in diversity. In journalism, Business Times senior correspondent Julie Chan was named Financial Journalist of the Year, while Young Zhan Heng received the Most Promising Journalist of the Year award.
MAS and SIAS have maintained a long-standing partnership focused on investor education, promotion of good governance, and raising awareness about investment scams, signaling continued collaboration as Singapore’s financial markets evolve.