Temasek Holdings Pte. Ltd. Friday said it advocates boards of its portfolio companies to be independent of management and not have excessive executive members, a day after Standard Chartered PLC (STAN.LN) said that the Singaporean firm--its largest shareholder--had misinterpreted U.K. governance rules.
Standard Chartered had made that comment about its top shareholder Temasek's misinterpretation after The Wall Street Journal reported the Singapore firm has expressed discomfort to the bank with its governance and is pressuring it to appoint more independent directors. The Wall Street Journal reported that to register its unhappiness with the bank, Temasek abstained from voting for the re-election of the nonexecutive directors to its board in May. Full story
