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When boards battle: Who really protects the little guy?
In consultation with Robson Lee
Robson Lee
Senior corporate finance lawyer
When corporate giants clash, who protects the small investor left watching from the sidelines? And when the dust settles, how much of the fallout lands squarely on the shoulders of the directors who didn’t see it coming? In this episode of BT Podcasts from The Business Times, host Howie Lim sits down with senior corporate finance lawyer Robson Lee to decode Singapore’s evolving corporate governance landscape where accountability, control, and compliance often collide. At the heart of the discussion is the Singapore Code on Takeovers and Mergers, the rulebook designed to prevent power grabs in disguise. It’s meant to protect minority shareholders from being steamrolled when majority players act in concert to seize control. But as Lee points out, theory and practice don’t always align. When shareholder coalitions skirt the line, retail investors can be left holding the bag while the boardroom reshuffles quietly behind closed doors.
Produced by: Howie Lim, Claressa Monteiro & Chai Pei Chieh Edited by: Howie Lim & Claressa Monteiro
graphics: HYRIE RAHMAT
Why listen
Lee breaks down what every investor and every director should understand:
Spot the warning signs: How to tell when “requisitioned meetings” and sudden leadership changes might actually mask a coordinated takeover attempt.
Follow the money: Why Singapore’s regulators may soon give small investors a fighting chance, from MAS-backed legal funding to possible ombudsman support.
Protect your position: The key steps minority shareholders can take when corporate control starts shifting and what happens if directors don’t play by the rules.
Balance, not bureaucracy: Why stronger oversight doesn’t have to kill dynamism, but ignoring the rules can destroy trust overnight.
Ultimately, this episode asks a simple question with complex implications: how much protection does the small investor really have when the boardroom turns into a battlefield?
If you own even a handful of shares, this conversation matters. Because the next “board shake-up” headline might not just be market news, it could be your money, your vote, and your rights on the line.
This episode of BT Podcasts was produced in consultation with Robson Lee.
This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice.
For questions or thoughts about the show, feel free to email btpodcasts@sph.com.sg
More about:
Robson Lee
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Produced by: HOWIE LIM, Claressa Monteiro & CHAI PEI CHIEH Edited by: HOWIE LIM & Claressa Monteiro
graphics BY: CHARMAINE MARTIN
