Temasek ramps up pressure over Standard Chartered turnround: FT

SINGAPORE (Jan 21): Standard Chartered’s largest investor Temasek has grown frustrated with the slow pace of chief executive Bill Winters’ turnround, according to a report by The Financial Times of UK, and is stepping up pressure on the UK-listed bank ahead of his pivotal strategy update in February.

The Singapore state investment company, which owns about 16% of StanChart, was reported by FT to be asking for more frequent and detailed briefings from top executives and even floated the prospect of taking a board seat in a meeting last year, two people with knowledge of the discussion told the daily.

That would be an unusual step for the US$300 billion ($408 billion) group, which rarely takes non-executive positions or gets involved in the day-to-day operations of its portfolio companies, indicating the level of their concern, the people said.

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