atans1

HoHoHo: Time for StanChart’s CEO to go?

In Banks, Emerging markets, S'pore Inc, Temasek on 11/10/2018 at 4:51 am

Another one for the repair shop is UK-listed Standard Chartered. After damaging revelations about the bank breaching US-led sanctions against doing business with Iran, it had already paid a $667m fine to avoid criminal charges in 2012. This week another $1.5bn in fines from US authorities was highlighted after allegations that the bank continued to defy certain sanctions. Even without the added headache, Lex adjudged that chief executive Bill Winters has done a poor job of preserving shareholder value — never mind building some — since he joined just over three years ago. The shares are down 40 per cent.

Emphasis mine. FT’s Letter from Lex summarising it’s article that’s behind a pay wall.

Time for Temasek, the controlling shareholder, to talk to other top 10 shareholders about removing him? Pigs will fly first. The CEO that ran the bank into the ground was kicked out because another top 10 shareholder,Aberdeen Asset Mgt, as it then was, organised a campaign against him.

But then Temasek’s paper general CEOs would also have to go if they are judged by best practices ang moh private sector standards,

Related post: HoHoHo: StanChart’s CEO is worse than our paper generals

 

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