<TABLE id=msgUN cellSpacing=3 cellPadding=0 width="100%" border=0><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - DBS director with 152 directorships</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">6/8,10/9, forums.delphiforums.com/anymos (ANYMOS) <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">3:51 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>11823.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>[FONT=georgia,times new roman,times,serif]April 20, 2009
[/FONT][FONT=georgia,times new roman,times,serif]He's on 152 boards[/FONT][FONT=georgia,times new roman,times,serif]
[/FONT][FONT=georgia,times new roman,times,serif]DBS shareholder raises issue of Christopher Cheng's directorships at AGM[/FONT][FONT=georgia,times new roman,times,serif]
[/FONT]
[FONT=georgia,times new roman,times,serif]By Lee Su Shyan , ASSISTANT MONEY EDITOR[/FONT]
[FONT=georgia,times new roman,times,serif]THE disclosure that DBS Group Holdings independent director Christopher Cheng Wai Chee (above) is a director of 152 companies has left some investors uneasy. [/FONT]
[FONT=georgia,times new roman,times,serif]It has also highlighted the way some business people here accumulate large numbers of board seats, raising the fear that they are spreading themselves too thin to carry out their duties effectively. [/FONT]
[FONT=georgia,times new roman,times,serif]The issue was raised at the recent DBS annual general meeting when a shareholder asked about the sheer number of boards that Mr Cheng was involved in. [/FONT]
[FONT=georgia,times new roman,times,serif]Hong Kong-based Mr Cheng is the chairman of Hong Kong-listed USI Holdings, a unit of Singapore-listed Wing Tai Holdings. [/FONT]
[FONT=georgia,times new roman,times,serif]He is the brother of Wing Tai chairman Cheng Wai Keung and its deputy chairman Edmund Cheng. [/FONT]
[FONT=georgia,times new roman,times,serif]Many of Mr Cheng's directorships relate to Wing Tai's extensive interests in Hong Kong and China. Wing Tai started as a garment manufacturer in Hong Kong in the 1950s and has expanded into property development and management. It is also into fashion retail with the G2000 and Topshop brands. [/FONT]
[FONT=georgia,times new roman,times,serif]USI in Hong Kong has property businesses and also handles contract manufacturing for international clothing labels. In addition to being the chairman of USI, Mr Cheng also sits on the board of Savile Row tailor Gieves and Hawkes, which is owned by USI. [/FONT]
[FONT=georgia,times new roman,times,serif]His other board seats include various appointments in Hong Kong, such as being a director of the Hong Kong General Chamber of Commerce, the Securities and Futures Commission and the China Economic Research Foundation. [/FONT]
[FONT=georgia,times new roman,times,serif]But he sits on only six listed-company boards, including Singapore-listed Kingboard Chemical. The bulk of his directorships are shell companies. [/FONT]
[FONT=georgia,times new roman,times,serif]http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_365940.html [/FONT]
</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
[/FONT][FONT=georgia,times new roman,times,serif]He's on 152 boards[/FONT][FONT=georgia,times new roman,times,serif]
[/FONT][FONT=georgia,times new roman,times,serif]DBS shareholder raises issue of Christopher Cheng's directorships at AGM[/FONT][FONT=georgia,times new roman,times,serif]
[/FONT]
[FONT=georgia,times new roman,times,serif]By Lee Su Shyan , ASSISTANT MONEY EDITOR[/FONT]
[FONT=georgia,times new roman,times,serif]THE disclosure that DBS Group Holdings independent director Christopher Cheng Wai Chee (above) is a director of 152 companies has left some investors uneasy. [/FONT]
[FONT=georgia,times new roman,times,serif]It has also highlighted the way some business people here accumulate large numbers of board seats, raising the fear that they are spreading themselves too thin to carry out their duties effectively. [/FONT]
[FONT=georgia,times new roman,times,serif]The issue was raised at the recent DBS annual general meeting when a shareholder asked about the sheer number of boards that Mr Cheng was involved in. [/FONT]
[FONT=georgia,times new roman,times,serif]Hong Kong-based Mr Cheng is the chairman of Hong Kong-listed USI Holdings, a unit of Singapore-listed Wing Tai Holdings. [/FONT]
[FONT=georgia,times new roman,times,serif]He is the brother of Wing Tai chairman Cheng Wai Keung and its deputy chairman Edmund Cheng. [/FONT]
[FONT=georgia,times new roman,times,serif]Many of Mr Cheng's directorships relate to Wing Tai's extensive interests in Hong Kong and China. Wing Tai started as a garment manufacturer in Hong Kong in the 1950s and has expanded into property development and management. It is also into fashion retail with the G2000 and Topshop brands. [/FONT]
[FONT=georgia,times new roman,times,serif]USI in Hong Kong has property businesses and also handles contract manufacturing for international clothing labels. In addition to being the chairman of USI, Mr Cheng also sits on the board of Savile Row tailor Gieves and Hawkes, which is owned by USI. [/FONT]
[FONT=georgia,times new roman,times,serif]His other board seats include various appointments in Hong Kong, such as being a director of the Hong Kong General Chamber of Commerce, the Securities and Futures Commission and the China Economic Research Foundation. [/FONT]
[FONT=georgia,times new roman,times,serif]But he sits on only six listed-company boards, including Singapore-listed Kingboard Chemical. The bulk of his directorships are shell companies. [/FONT]
[FONT=georgia,times new roman,times,serif]http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_365940.html [/FONT]
</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
