Directors must choose substance over form – but the form has to have substance

High-flying water treatment firm Hyflux most probably failed to conduct a proper risk assessment before the ill-fated diversification. — The Straits Times

DO all listed company directors in Singapore properly discharge their fiduciary duties, particularly the preservation of minority interests?

Corporate governance advocates, including the Securities Investors Association of Singapore (Sias), would reply that quite a number do not – there are simply too many governance shortfalls that the market has witnessed over the years to conclude that boards in general have indeed worked hard to serve their stakeholders.