Business
‘Boardroom Knockout’: How Singapore’s investor watchdog fights for minority shareholders
By Ifham Nizam
The story of David Gerald and the work he has done for minority investors has been nothing short of extraordinary. Here is a man who had no experience in investing, or in stock markets, but was willing to risk his reputation to stand up against the Malaysian government, internationally known author, Aaron Low said. The author of a landmark book titled, ‘Boardroom Knockout’, featuring share market issues, Low spoke to The Island Financial Review recently in an exclusive interview.
Extracts from the interview:
Q: What inspired you to tell the story of David Gerald’s early experiences centering on injustice in Ceylon and on how they shaped his career and mission?
A: The reason why he did so is simple: justice. When the Malaysian government shut down the Central Limit Order, a system that facilitated the trading of Malaysian shares by Singaporean investors, more than 172,000 investors in Singapore found their funds locked up and frozen in a foreign land. The total? More than S$7 billion.
I asked him why he would even contemplate such a move. After all, he was already in his 50s and approaching what would be the prime of his career as a litigator. He told me that he has always been inspired by a sense of justice. When he was a boy growing up in Ceylon, he saw a group of soldiers brutally assaulting a young man, who was also deaf and mute. Shocked, Gerald wanted to do something for the youth but was frozen by fear. That, he said, was a turning point and he swore he would not let anyone down again – even if that meant taking on a foreign government.
Q: How did David Gerald’s legal work under Singapore’s celebrated criminal lawyer, David Marshall, influence his later advocacy for small investors?
A: If the incident with the youth in Ceylon sparked his desire to pursue justice, his work with David Marshall brought the fight for justice to life. Marshall was Gerald’s mentor and the epitome of what it was to be a criminal justice lawyer. His passion for legal work and commitment to his clients inspired Gerald to do the same.
You can see this in the work he does at SIAS – all of it is geared towards helping the mom and pop investors, who are not the most sophisticated of stock market players.
Q: The founding of SIAS in 1999 was a pivotal moment for small investors in Singapore. What were the biggest challenges SIAS faced when tackling the CLOB issue with Malaysia?
A: The biggest issue that SIAS faced was that they couldn’t even get the Malaysian government to engage them! I mean, it’s not surprising right? Why would the federal government of Malaysia want to even pay attention to a small group of amateurs?
So the first thing that SIAS needed to do was to get recognition that it was a serious player that represented the aggrieved investors. Gerald knew this, which was why one of the first things he did was to get thousands of people to sign up as SIAS investors.
The second big challenge was that the issue was toxic cocktail of tense history between Singapore and Malaysia as well as anti-foreigner sentiments, in the aftermath of the Asian Financial Crisis.
Q: Could you elaborate on SIAS’s approach to resolving corporate governance issues, especially its preference for negotiation over litigation?
A: SIAS has become such an important institution in Singapore’s corporate landscape. Let me put it this way: Asians hate public confrontation. Losing face is as bad as losing money – and in an ugly public fight, chances are both parties will lose both.
Instead, perhaps inspired by consultative communalism, SIAS has decided to go with a “let’s talk about it” approach. Part of the reason why it did so was simply the recognition that SIAS was never going to be so well-resourced to take on corporations that had hundreds of millions of dollars in its bank accounts to fight off lawsuits.
Another, and arguably, more important reason, is that seeking consensus has the highest probability of achieving something when nothing else works. The truth is that angry minority investors turning up at corporate annual general meetings is a common sight. But it is also common that these same investors hardly get anything for their troubles, except maybe that they feel good for a few minutes venting their frustrations in the open.
SIAS prefers to work with companies behind closed doors, over tea and not threats, to resolve issues amicably. SIAS can do so because it carries the weight of thousands of minority shareholders with them; companies also much prefer talking to a rational party rather than emotional angry individuals. This way, the hope is that a compromise may be met. Maybe the company won’t pay the book value of $10 for a company but it is willing to up its price to $7.50 from $5 if SIAS can broker a deal with investors.
I think corporates like to deal with them, while minority investors trust SIAS. This balance is not an easy one to achieve and it took SIAS many years before it could find its equilibrium.
Q: What lessons can today’s corporate leaders and investors learn from SIAS’s unique approach to resolving conflicts outside courtrooms?
A: That life is nothing but a series of compromises because we are all deeply flawed in one way or another. No one is perfect and even good people do bad things in a time of weakness and temptation.
So instead of judging, approach each situation with empathy, honesty and truth. It’s a high ideal but sometimes laying all your chips on the table is the best way to resolve the worst of conflicts.
Business
Ceylon Chamber’s Investment Summit 2026 to steer Sri Lanka beyond stabilisation
Sri Lanka’s national economic discourse takes center stage today as the country’s premier private-sector body, The Ceylon Chamber of Commerce, hosts the Sri Lanka Economic & Investment Summit 2026 at the Shangri-La Colombo.
Convening on October 12 and 13, the two-day summit brings together an influential gathering of senior policymakers, international financiers, multilateral development partners, and private-sector captains to chart the island’s next phase of macroeconomic growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” this year’s forum marks a critical inflection point in the nation’s post-crisis trajectory.
As Sri Lanka shifts its emphasis from immediate financial stabilization toward sustainable, long-term expansion, the summit aims to address the structural imperatives necessary to secure high-impact foreign direct investment (FDI), deepen regional trade integration, and unlock emerging sectors of economic activity.
The core agenda over the two days focuses on building resilience across volatile global market cycles while executing targeted policy reforms. Key working sessions will examine:
Regional Value Chains & Trade Integration: Leveraging Sri Lanka’s strategic Indian Ocean geography to capture higher-value export flows and commercial linkages.
Energy & Infrastructure Transformation: Accelerating renewable energy integration and modernizing national utility policy.
Digital Economy & Public Modernization: Deploying digital technologies across public administration and financial services to enhance operational efficiency and transparency.
Sectoral Priorities: Modernizing healthcare infrastructure and agricultural value-addition to build a robust domestic economic base.
A defining feature of this year’s summit is the strong convergence between state policy and global commercial expertise. Keynote addresses and panel discussions will feature prominent leaders, including Prime Minister Dr. Harini Amarasuriya and T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd.
They will be joined by senior delegations and policy experts from major global institutions, including:
= The Asian Development Bank (ADB)
= The International Finance Corporation (IFC)
= Standard Chartered Bank
= Zydus Lifesciences
The active participation of the country’s highest executive and legislative leadership across both days underscores a clear policy commitment to private-sector-led growth. By establishing a direct, high-level platform for dialogue between investors and policymakers, the Ceylon Chamber’s summit seeks to refine regulatory frameworks, improve the ease of doing business, and establish a clear, predictable environment for capital formation in the years ahead.
Business
White House blocks Microsoft from foreign worker hiring programme
Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.
US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.
Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”
Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.
“No company in the US has abused this system more than Microsoft,” Vance said.
He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.
The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.
Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.
The BBC has contacted all of the companies for comment.
The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.
A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.
Business
ComBank unites stakeholders to prepare agri sector for El Niño
In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.
Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.
The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.
To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.
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