Home -> Law Blog Directory -> Corporate & Securities Law Blogs -> Jim Hamilton's World of Securities Regulation

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

Corporate & Securities Law

: Jim Hamilton's World of Securities Regulation

Singapore High Court Examines Shareholder Right to Company Accounting Records

By Jim Hamilton

ADVERTISEMENTS

The Singapore High Court has noted that apart from the annual audited accounts and accompanying reports, a shareholder normally has no access to the accounting records of the company. The annual audited accounts and accompanying reports are the primary means by which the directors of a company account for their stewardship. Hence, the requirement that the accounts present a true and fair view of the company?s financial affairs. However, the court went on to say that directors do nit have an absolute right to deny financial information to shareholders in all circumstances. There is neither statutory nor common law authority to justify such an absolute position. There there is in principle no absolute bar against granting shareholders, in limited egregious circumstances, access to specified financial information. Additional information for shareholders may be warranted in egregious circumstances revealing a pattern of behavior that was dismissive of the shareholders? concerns and that marginalised their participation once they began probing into suspicious transactions. In other words, the denial of information formed a key element in the overall oppression and unfair treatment of the shareholders. Lian Hwee Choo Phebe v. Maxz Universal Development Group, Singapore High Court, Sept 8, 2010.

Full post as published by Jim Hamilton's World of Securities Regulation on September 24, 2010 (boomark / email).