Corporate events that shook Singapore

Reforms reflect push to revitalise market, scandals highlight governance challenges

- Angela Tan Senior Business Correspondent

Singapore's corporate landscape in 2025 was marked by several significant events and scandals that underscored the city-state's resilience and the ongoing challenges in maintaining corporate governance.

Here is a list of pivotal occurrences:

EQUITY MARKET DEVELOPMENT PROGRAMME

The Monetary Authority of Singapore (MAS) and the Financial Sector Development Fund launched on Feb 21 the Equity Market Development Programme, a $5 billion initiative to deepen liquidity and broaden investor participation in Singapore-listed equities.

It includes mandates such as asset managers based in Singapore investing substantially in local equities, tax incentives for fund managers investing at least 30 per cent in Singapore equities, and corporate tax rebates for new listings.

In July, MAS said $1.1 billion had been placed with three asset managers Avanda, Fullerton and JP Morgan - under the first tranche of the programme.

This is one of the most consequential reforms in Singapore's capital market in recent years. It signals a push to revitalise listed equities, improve small and mid-cap participation, and enhance the asset management ecosystem here.

BOARDROOM DISPUTE AT CDL

In early 2025, City Developments Limited (CDL) executive chairman Kwek Leng Beng accused his son and chief executive officer Sherman Kwek of orchestrating a boardroom takeover by pushing through the appointment of independent directors and restructuring board committees without full board approval.

The spat raised issues over governance and independence of board members, rattling confidence in one of Singapore's largest property and hotel groups.