2 ST journalists win Sias awards for furthering investor education, Income-Allianz scoop
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ST's senior business correspondent Chor Khieng Yuit (left) and senior correspondent Joyce Lim both picked up awards at the SIAS Investors' Choice Awards on Sept 17.
ST PHOTO: DESMOND WEE
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SINGAPORE – Two journalists from The Straits Times were recognised for their investor education efforts and financial reporting at the Securities Investors Association (Singapore) (Sias) Investors’ Choice Awards 2024 ceremony on Sept 17.
Senior correspondent Joyce Lim, 49, won an award for breaking the story of the year on home-grown insurer Income Insurance holding talks with German insurer Allianz
The offer by Allianz to acquire a majority stake in Income sparked concerns that Income’s social obligations would be diluted.
In response, NTUC Enterprise assured the public in July that it will continue to back Income Insurance and keep it on track to serve its social objectives,
Ms Lim said that there had been rumours about Income selling its stake even as far back as 2023, but it remained mere market speculation until an official application for the partnership was filed with the Monetary Authority of Singapore.
“Merger and acquisition deals are often closely guarded, with only a few senior management insiders aware of the details, making the story particularly challenging to break,” she said. “I’m grateful to my trusted sources, who provided invaluable insights, helping to piece together the facts and bring this story to light.”
She added that the recognition also underscores the critical role journalism plays in fostering transparency and encouraging open dialogue on significant national issues.
Meanwhile, senior business correspondent Chor Khieng Yuit, 47, bagged the Investor Education Journalist of the Year award for stories ranging from insurance options to millennials buying exchange-traded funds.
She said: “I hope we will all be more aware and alert when we encounter financial products or investments, so we can all make better financial decisions.”
She added that she wants to focus more on financial literacy for children, as she believes financial education should start from as young as pre-school and primary school.
Ms Chor and Ms Lim were among 12 individuals and 50 companies that won awards in seven categories.
Other winners include Lianhe Zaobao business correspondent Tan Chee Yun, who won the Financial Journalist of the Year award, and The Business Times journalist Megan Cheah and Money FM 89.3 presenter Chua Tian Tian, who both won awards for Most Promising Journalist of the Year.
Meanwhile, Lianhe Zaobao associate business editor Hu Yuan Wen bagged a special award.
The journalists received their awards at a ceremony held at the Ritz-Carlton, Millenia Singapore, during which Sias also celebrated its 25th anniversary. Guests included President Tharman Shanmugaratnam and Emeritus Senior Minister Goh Chok Tong.
In his speech at the event, Sias founder, president and chief executive David Gerald said investor education and investor rights have remained some of the organisation’s key focus areas throughout its 25 years of operation.
Sias founder, president and chief executive David Gerald said investor education and investor rights have remained some of its key focus areas throughout its 25 years of operations.
ST PHOTO: CHONG JUN LIANG
The organisation was set up in 1999 at the height of the Asian financial crisis, he recalled, when about $7 billion worth of frozen Clob shares largely held by Singaporean retail investors were threatened.
Clob was a secondary market in Singapore that traded mainly in Malaysian shares.
“Instead of being cowed, we stood together and charted a solution,” Mr Gerald said.
Since 2000, Sias has conducted 4,500 investor education programmes, benefiting about 350,000 investors, he noted.
“Rather than threaten legal action or resort to fist-thumping belligerence, Sias has always advocated reasoned moderation, negotiation or mediation and discussion,” he said, referring to Sias introducing the culture of resolving issues in the boardroom and not the courtroom.
“You will appreciate that this approach has yielded positive results in Singapore. We cannot afford a combative and disruptive capital market. Sias prefers to resolve disputes responsibly, with reasonableness.”
He noted that, as a result, substantial shareholders of companies launching corporate actions now regularly approach Sias to help with engaging shareholders and investors at dialogues.
“This demonstrates openness and transparency, as well as encourages dialogue and better communication.”
Sias also started the initiative of asking companies three questions regarding their published annual reports on the three areas of corporate strategy, financial results and corporate governance. This is aimed at raising awareness among shareholders about issues and red flags, Mr Gerald said.
He added that about 74 per cent of listed companies have responded to Sias’ three questions.
He announced that Sias will be launching a new programme called Invest Singapore to equip more people, especially first-time investors, with knowledge about investing in the Singapore market. The programme will include workshops and campaigns to raise public awareness.
At the dinner, a book was also launched to mark Sias’ 25th anniversary. Written by Mr Aaron Low, the book, Boardroom Knockout: How Singapore’s Investor Watchdog Fights For Minority Investors, looks at scandals in the local market and how shareholder activists faced down big corporations.
