SINGAPORE (Nov 14): A roundtable to discuss the feasibility of introducing a dual-class shares structure in the local market is taking place today.

Titled “Roundtable on Dual-Class Shares Structure and the Singapore Context”, the roundtable is organised by the Singapore Exchange (SGX) in conjunction with the National University of Singapore (NUS) Faculty of Law.

The roundtable aims to gather feedback on an issue that has generated debate from stakeholders.

Featuring six speakers and moderated by Professor Hans Tjio of NUS Law who is Co-Director of the Centre for Banking & Finance Law, the roundtable discussion will be followed by a half-hour question-and-answer session with members of the audience.

The speakers featured are Ang Hao Yao, private investor and member of the Corporate Governance Committee of the Securities Investors Association (Singapore); Goh Eng Yeow, Senior Correspondent, The Straits Times; Associate Professor Lawrence Loh, Director, Centre for Governance, Institutions and Organisations, NUS Business School; Patrick Grove, Co-Founder & Group CEO, Catcha Group; Stefanie Yuen Thio, Joint Managing Director, TSMP Law Corporation, as well as Associate Professor Wan Wai Yee, School of Law, Singapore Management University.

Loh Boon Chye, CEO at SGX, and Professor Tan Cheng Han, Chairman at Centre for Law & Business, NUS Law, will issue opening remarks, while Tan Boon Gin, Chief Regulatory Officer at SGX will conclude the roundtable with closing remarks.

“As a business owner who is also a tech entrepreneur, the possibility of SGX introducing the dual class shares structure is greatly exciting. This doesn't just represent a credible alternative; I'd go as far as to say it's a potential game changer. When I think about the defining characteristics of our investing climate today, I'm looking at VUCA (volatility, uncertainty, complexity and ambiguity). The introduction of this structure represents an opportunity for me to plan for the longer-term growth of my company. It means stability and security which allows me to maintain a future-oriented approach to my business decisions. This, needless to say, stands to benefit investors who've placed their trust in us as well,” says Catcha’s Gove.

On the other hand, “dual class shares raise issues over entrenchment of control and these shares are not available to the public. So far, the discussion is over the safeguards which should be put in place if they are introduced here. But we should also ask if the investing public understands the issues involved and whether they are ready for these substantially different voting rights in a listed company,” says Goh.

Shares of SGX closed 13 Singaporean cents lower at S$7.03.