Why is SIAS answering questions for listed companies?

[Runifyouhaveto]

Mr Sabnani said Mr Seah's position was a non-executive one; he only gives guidance to the group but it is the management team led by Mr Gupta which does the work.

He added that the local banks also get guidance from the Monetary Authority of Singapore, which will not let them fail. Local banks thus operate in a "cloistered" environment, even as they face competition from foreign banks.

The board had recommended bringing the chairman's pay closer to industry norms.

Christoper Cheong, DBS shareholder and committee member of Securities Investors Association Singapore countered Mr Sabnani with a passionate defence of Mr Seah's banking experience, ability and time spent in guiding DBS.

The resolution on directors' fees was passed with more than 32 per cent voting against.
All other resolutions were passed with overwhelming "for" votes of between 91 and 99 per cent.

http://www.businesstimes.com.sg/bre...st-rates-shareholders-tell-dbs-board-20140428



RUN don't understand this.

The question about director's remuneration is "passionately-defended" by another shareholder + SIAS committee member, rather than DBS Board.

Shouldn't SIAS be raising questions on behalf of the retail investors instead?

 

[Runifyouhaveto]

POSB savings now earn just 0.05 per cent interest; only sums above $1 million get 0.10 per cent........................Chief executive Piyush Gupta, responding, said the reality was that interest rates were very low and that the bank "actually absorbs some of the interest reductions", which is why DBS' return on equity was 10 to 12 per cent, when it could be between 12 and 13 per cent.

http://www.businesstimes.com.sg/bre...st-rates-shareholders-tell-dbs-board-20140428

Do i interpret correctly that by giving the 0.05%-0.1% interest to POSB savers, this has cost DBS's Return on Equity (ROE) to drop from 12-13% to 10-12%?

This is serious.

 

[Runifyouhaveto]

Shareholders tell DBS board: Higher rates for POSB savers
http://news.omy.sg/News/Finance/Shareholders-tell-DBS-board-Higher-rates-for-POSB-savers-257948

 

[scroobal]

If anyone knows about the banking industry, it's personalities and in particular DBS, it's Mano Sabnani. Credit to Mano for fighting for the moms and pops of HDBland. Mano has so many private properties that he does not have to bother.

Peter Seah was approached by the Batman and Robin team of PM and his Wife when he was CEO of OUB to push the sale of OUB to DBS. The dynamic duo even visited him at his place of work. This was the time when old man was lamenting why HSBC from HK is a world player while DBS with so much protection was playing marbles. He was pushing for the banks to consolidate. POSB was grabbed by DBS. Then the fucking Frenchman CEO of DBS then with falsified academic qualification made a slur while on a investor road trip in Europe about OUB and UOB, thinking that he had OUB in the bag with the political bosses driving the deal. All he'll broke lose.

Dhanabalan who was DBS chairman despite his height challenge had to bend down in apology and DBS paid a million dollars each to both banks for the insult. The next day, Wee Cho Yaw walks over to OUB and does the deal with Lien Ying Chow. DBS and Peter are out in the cold.

For his troubles, Robin takes him into her Singapore Technologies empire and he has been with her since.

$1.84m for a non-executive chairman who rides a bike with his buddies along Changi Costal Road as a form of retirement is a bit too much.

 

[SadPlumpGal]

I met Mr Mano Sabnani at a recent shareholder meeting.

I own only a few lots and am quite a newbie in this investing game but he stayed to answer a stupid question from me despite saying he had to go to a few other AGMs that day.

He is well-spoken and a lot of the other shareholders were in awe of him.

He also strikes me as a very humble man despite his enormous wealth. I didn't see anything ostentatious on him at all.

Too bad he is in his 60s or 70s - if there's a man like that in his 30s, I don't think I can keep my heart still.

 

[Runifyouhaveto]

Thank you scroobal and SPgal for sharing.

A visit to SIAS's website revealed that DBS is the only listed bank featured in their "companies spotlight" section
http://sias.org.sg/index.php?option=com_content&view=article&id=10&Itemid=50&lang=en

According to their website, DBS is also sole local-bank sponsor

 

[Runifyouhaveto]

Chief executive Piyush Gupta, responding, said the reality was that interest rates were very low and that the bank "actually absorbs some of the interest reductions", which is why DBS' return on equity was 10 to 12 per cent, when it could be between 12 and 13 per cent.

Congratulations! DBS's latest ROE is actually higher than 12%.
http://infopub.sgx.com/FileOpen/1Q14_press_statement.ashx?App=Announcement&FileID=294535
12.3% according to this morning's 1Q14 report

 

[Runifyouhaveto]

hahahaha, special promotion for 3 days!
http://www.posb.com.sg/personal/dep...t.page?pid=vanity_ posb_promotion_happylabour
1.38%pa for 6-mths Fixed Deposits, max. $10K

 

[borom]

Another example of unique Sillipore- where official of group purportedly to represent retail investors spoke up for listed company (isn't that x-Malaysian Karen Ngui's job?(Group Strategic Marketing & Communications -big name for PR!).

No different from NTUC siding with govt/companies and ministers siding with Pinoys and calling locals disgrace/bigots).

 

[scroobal]

Karen remains a Malaysian, never took up citizenship. In the early 90s, the cabinet took a stand where all PRs holding senior positions with Dept head responsibilities in GLCs must become citizens or lose their position. A Malaysian head of dept agreed for his no. 2 to place him and took the no. 2 position.

The order was never followed.

Another example of unique Sillipore- where official of group purportedly to represent retail investors spoke up for listed company (isn't that x-Malaysian Karen Ngui's job?(Group Strategic Marketing & Communications -big name for PR!).

No different from NTUC siding with govt/companies and ministers siding with Pinoys and calling locals disgrace/bigots).

 

[Confuseous]

Karen remains a Malaysian, never took up citizenship. In the early 90s, the cabinet took a stand where all PRs holding senior positions with Dept head responsibilities in GLCs must become citizens or lose their position. A Malaysian head of dept agreed for his no. 2 to place him and took the no. 2 position.

The order was never followed.

Karen is yet another of the numerous "Managing Directors" in DBS ie another Clown, especially when she was with Chase Manhattan Bank in the olden days.
They are no more than just department heads in the $750k salary band and above.

 

[SgGoneWrong]

hahahaha, special promotion for 3 days!
http://www.posb.com.sg/personal/dep...t.page?pid=vanity_ posb_promotion_happylabour
1.38%pa for 6-mths Fixed Deposits, max. $10K

Thanks RUN, im gonna put 10k there

 

[Runifyouhaveto]

Christoper Cheong, DBS shareholder and committee member of Securities Investors Association Singapore countered Mr Sabnani with a passionate defence of Mr Seah's banking experience, ability and time spent in guiding DBS.

DBS has been actively seeking CNH (offshore yuan) investors in recent years through currency-linked investments, eg. structured deposits.
http://www.risk.net/asia-risk/news/2027913/dbs-set-offer-cnh-structured-notes-singapore-close-settlement-backstop-address-china-policy
I believe DBS has very adequately-hedged their client's massive structured yuan deposits exposure because some of these clients are using >70% LTV to finance these structured yuan structured deposits/investments. However, there is always other underlying risks, eg. counterparty/credit/issuer/market risks for these paper financial instruments.



According to this introduction,
http://www.sp.edu.sg/wps/portal/vp-spws/schb.lif/?WCM_GLOBAL_CONTEXT=lib-sb/Internet/Future+Students/Student+Life/Lecturer+Profile+-+Christopher+Cheong
Christopher sits on SIAS + Stock Exchange of Singapore Committee on Education and Training. RUN was repeatedly tested on counterparty/issuer/credit risk of ETFs, futures, forward/spot contracts when he took the basic SGX SIP education course. He could have used his strong background and knowledge on derivatives to discuss about DBS's risk-management strategies for their CNH positions during the AGM.


China Burns Speculators as $5.5 Billion Lost on Yuan Bets
http://www.bloomberg.com/news/2014-04-01/china-burns-speculators-as-5-5-billion-lost-on-yuan-bets.html

 

[Runifyouhaveto]

Thanks RUN, im gonna put 10k there

LOL, i guess we should thank the shareholders who attended the AGM yesterday.

 

[Merl Haggard]

If anyone knows about the banking industry, it's personalities and in particular DBS, it's Mano Sabnani. Credit to Mano for fighting for the moms and pops of HDBland. Mano has so many private properties that he does not have to bother.

Peter Seah was approached by the Batman and Robin team of PM and his Wife when he was CEO of OUB to push the sale of OUB to DBS. The dynamic duo even visited him at his place of work. This was the time when old man was lamenting why HSBC from HK is a world player while DBS with so much protection was playing marbles. He was pushing for the banks to consolidate. POSB was grabbed by DBS. Then the fucking Frenchman CEO of DBS then with falsified academic qualification made a slur while on a investor road trip in Europe about OUB and UOB, thinking that he had OUB in the bag with the political bosses driving the deal. All he'll broke lose.

Dhanabalan who was DBS chairman despite his height challenge had to bend down in apology and DBS paid a million dollars each to both banks for the insult. The next day, Wee Cho Yaw walks over to OUB and does the deal with Lien Ying Chow. DBS and Peter are out in the cold.

For his troubles, Robin takes him into her Singapore Technologies empire and he has been with her since.

$1.84m for a non-executive chairman who rides a bike with his buddies along Changi Costal Road as a form of retirement is a bit too much.

Bro, Peter Seah's regular cycling buddy is KP Cheong, the patriarch of Hong Fok Ltd.

DBS is only a unit of Temasick and he gets $1.84m a year. So for the Whore to draw $12m - $18m a year is not very high.

 

[borom]

Bro, Peter Seah's regular cycling buddy is KP Cheong, the patriarch of Hong Fok Ltd.

DBS is only a unit of Temasick and he gets $1.84m a year. So for the Whore to draw $12m - $18m a year is not very high.

$600,000 is peanuts according to former Mrs PM-so just start from there.

Is Christopher related to KP?
And OUB was the main banker for Hong Fok and former OUB staff Chow Yew Hon was last year appointed as Director/NOMINATING COMMITTEE Chairman of HONG FOK CORPORATION LIMITED

 

[Runifyouhaveto]

Another example of unique Sillipore- where official of group purportedly to represent retail investors spoke up for listed company

Why did he reveal his SIAS's background?

I am confused. I think he should be on DBS's board instead of SIAS.

 

[scroobal]

I was surprised with Peter for taking that amount for a non-executive role. Maybe needed money to Buy neighbour the late Dr Nalla Tan's property to expand his own and build outhouse for his crazy lesbian daughter of his. The same one with the black Mercedes gang that fought with the Ah Lian gang at Boat Quay.

Same problem in Melbourne, had to send kaki to save her from being bashed up.

Bro, Peter Seah's regular cycling buddy is KP Cheong, the patriarch of Hong Fok Ltd.

DBS is only a unit of Temasick and he gets $1.84m a year. So for the Whore to draw $12m - $18m a year is not very high.

 

[Confuseous]

It seems that he had to take an afternoon nap in the office when he was with the ST group.
Wonder if he still does it?

 

[Runifyouhaveto]

I am curious about SIAS's opinions on a bank arranging bond issues for a CHC-proxy + offloading these bonds to their private banking clients.
http://sammyboy.com/showthread.php?179008-Market-Leaks-CHC-Shadow-Banking

There is nothing illegal about such practices but is it their due diligence to disclose to these clients that the purpose of "financing investments and general working capital" refers to lending millions to CHC?