THE disclosure that DBS Group Holdings independent director Christopher Cheng Wai Chee (above) is a director of 152 companies has left some investors uneasy.
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I think DBS has to seriously re-look at the way it is running the business.
Considering the fact that there are 24 hours in a day, and supposing this chap is built like a robot without the need for sleep, it translates to 9 minutes of time he can allocate to each of the 152 companies each day.
What does this leave him regards to his employment at DBS?
I believe it is time for change at DBS and nothing short of the type of change we are seeing at AWARE will do.
The establishment isn’t ready or willing to accept change, based on the reactions of the AWARE old guard. Unless one of the MPs move for action on this, things are likely to stay the same. And with Parliament prorogued for now, expect nothing to happen.
What is this nonsense?
Why would a person hold so many directorships?
Greedy?
“Mr Christopher Cheng is the Chairman of USI Holdings Limited, a diversified listed company involved in apparel, manufacturing, distribution and retail in Europe, Asia and the United States and property development and telecommunications in Hong Kong. He is also Chairman of Winsor Properties Holdings Limited and Wing Tai Corporation Limited.
Mr Cheng plays an active role in public service. He is the Chairman of the Hong Kong General Chamber of Commerce and is a council member of the Hong Kong Trade Development Council. He presently serves on the following public organisations: Public Service Commission, The Town Planning Board, Court of The Hong Kong University of Science and Technology and Council of the University of Hong Kong. Mr. Cheng is also a charter member on the President’s Council on International Activities of the Yale University and a member of the International Council of the University of Notre Dame. He is a member of the Advisory Council of the One Country Two Systems Research Institute Ltd., Director of the China Economic Research Foundation and Chairman of Versitech Ltd., a company established by the University of Hong Kong specializes in technology transfer and incubation.
Mr. Cheng holds a BA in Business Administration from the University of Notre Dame, Indiana, USA, and an MBA from Columbia University, New York. He was appointed a Justice of the Peace in 1985 and awarded an O.B.E. in 1992.”
Seriously I think he should be employed in government. He is very talented.
Minus away the Sat, Sun and public holdiays, I think he can only visit each company once a year. Good money just by receiving the directorship fees!
hongjun
#1-4
The qn to ask is “How many of these are subsidiaries of USI Gp where boss?”
This is another example of “wayang” in Singapore… I think.
All show but no substance.
What does the word ‘independent’ really mean?
Similarly, what is an “independent” auditor ?
Is the ‘independent’ auditor being paid and the service provider of the client who is the one who writes the check?
The world is really a piece of sh…….. shiny sparkle in the universe.
Why talk about this now ST?
I believe people have been holding numerous seats for a long long long time.
What is so news about this thingy?
Why raise this now and not before?
i wonder can he buy shares in all these companies given that he may know somethings about these companies?
I do not know, honestly. anyone knows?
Many of our Mini-stars are also holding directorships. Is anyone able to compile a list?
The question is, how many of our leaders, CEOs of Singapore Inc. companies are directors and which one? It should be compulsory to make it transparent, we will be surprised. Could TOC do an article on this?
If you were to read DBS annual report, you will notice all directors are having multiple appointments.
hongjun
Guinness book of world records?
I think his name worth million $$$ that is why many companies want him to be their director. The rich getting richer and the poor getting poorer.
What a nonsensical positions these clowns are holding.
Don’t believe me ? Just ask who responsible when things under him cock up. The usual answer similar to GAHMEN : “I don’t know anything because it does fall under me”. You have to ask if he responsible for anything in the first place other than collecting paycheck. Director ? The one that “direct” money to his own pocket ?
Christopher Cheng Wai Chee is really so independent, how is it that he cannot even forsee the toxic minibomb’s mislead and misrepresentation, so is he responsible for it too or just “I don’t know, I just implement money-making product and collect paycheck here !”
aiyoyo
so many position, can handle huh? better than elites lor…
anyway life is short enjoy la
aiyoyo
Well obviously DBS feels he is much better at multi-tasking than one of their VPs.
Likewise, what does Lucas Chow and Peter Seah know anything about Health ??And yet they are now holding high positions in the Health Ministry ! My hunch is that they belong to the pappylee gang.
The proper duty of an independent director is to provide INDEPENDENT scrutiny of the integrity of the company. It is not a title for decoration of the independent director and thereby for him to just collect director’s fees.
How much scrutiny can an independent director of 152 companies give to all his companies?
Are there really no other people in Singapore that the companies can trust to the extent that they have to pick this man and this man alone, and no other person is found suitable?