Tong Eng Group's Daniel Teo made Sias' honorary chairman

SEP 04, 2018

MARISSA LEE


THE Securities Investors Association (Singapore), or Sias, has named property tycoon Daniel Teo as its honorary chairman.

The three-year term began on Aug 1.

Mr Teo is a director of the Tong Eng Group as well as chairman and managing director of the Hong How Group, both of which are family businesses.

He succeeds the late Magnus Böcker, who died in July 2017.

Sias' honorary chairman is independent and non-executive. He has the power to intervene if he believes the Sias president or committee has acted in breach of the association's constitution, or is not acting in the interest of the association.

Mr Teo told The Business Times by phone: "I think their (Sias') mission is correct - to help the small shareholders. Small shareholders are at a disadvantage sometimes and they have nowhere to turn to. I think Sias has been doing a good job; my role is more of a countercheck."

On the state of corporate governance in Singapore, he said: "I think we still have a lot to learn. In fact, I just signed up to take some courses with the SID (Singapore Institute of Directors)."

Sias president and chief executive David Gerald said in a statement: "Mr Daniel Teo accepted our call to be our chairman as he appreciates the work Sias is doing for the citizens, helping them with their financial well-being and with their difficulties on their investments."

Mr Teo was the president of the Real Estate Development Association of Singapore (Redas) for numerous terms, the last of which ran from 1998 to 2001. He was also the world president of the International Real Estate Federation from 2000 to 2001.

Mr Teo is also an active promoter of culture and the arts in Singapore, Sias said. In 1981, he was the founder member of the Singapore Cultural Foundation, which has since merged into the National Arts Council.