Standard Chartered's Singapore investor is holding tight to its view that the board is too heavy with bank executives after the appointment of four independent directors.
According to a source familiar with the matter, the Singaporean state investment fund Temasek saw Standard Chartered's board appointments last week as "a step in the right direction", but added the board's make-up still falls short of what Temasek, the bank's biggest shareholder, would like to see.
Standard Chartered has produced 10 consecutive years of strong profits but the relationship with its main shareholder has come under strain with frequent market talk that Temasek is looking to offload its 6.4 billion pound ($10.4 billion) stake and as it pressures the bank over governance issues. Full story
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