SINGAPORE - Singapore’s former president Halimah Yacob has been appointed as the chief patron of the Securities Investors Association (Singapore), or Sias, the organisation said on Aug 29.
The chief patron is a distinguished person, outstanding in contributions to better Singapore, Sias said. Madam Halimah’s role is non-executive – however, she will bring prestige, and lend guidance and advice to Sias where necessary. She succeeds Dr Tony Tan Keng Yam, also a former president of Singapore, who served as Sias’ chief patron from October 2017 to July 2024.
At the Sias welcome lunch, Madam Halimah said: “Sias has played a key role in empowering ordinary Singaporeans to make better-informed decisions on investments, through its easily accessible programmes and services, in addition to the other valuable support that it provides to small investors.”
She added that Sias recognises that small retail investors today are bombarded by numerous financial products and services which can overwhelm and confuse them, and lead to poor investment decisions and losses.
“There still exists a great asymmetry in knowledge, information, and skills between small retail investors and those selling financial products,” she said.
She noted that Sias’ efforts in aiding retail investors to better understand the principles of investing and financial literacy are helpful. “But technology is altering the investment landscape drastically with the use of sophisticated artificial intelligence algorithms and robo-advisers, which have great implications on how investment advice and financial planning will be conducted,” she said.
She added that Sias will have to consider these developments in its educational programmes and services to retail investors to discuss the inherent risks that come with such conveniences.
Sias can also help retail investors to understand and be better informed about companies’ green efforts, she said.
Madam Halimah also applauded Sias’ efforts in upholding the rights of minority shareholders, helping them to secure better exit prices in recent situations, such as when companies like Tiger Airways, Boustead Projects and Lian Beng were taken private.
“Sias faces constraints and challenges in carrying out its tasks. There is still scepticism over the effectiveness of its approach in dealing with disputes involving small retail investors. It will have to do more to engage, explain and persuade such investors that its current approach is in their best interest,” she added.
Sias president and chief executive David Gerald said at the welcome lunch that Madam Halimah has actively championed for better wages, welfare, and work prospects, and she has taken a special interest in the needs of lower-wage workers and working women, for instance.
In these ways, what she stands for are similar to the virtues pursued by Sias, he added, which are about looking after the rights of small individual investors while preserving their dignity, and ensuring a level playing field for persons of all races and religions.
Sias also announced the appointment of City Developments Limited chief executive Sherman Kwek as a patron.
Mr Gerald said Mr Kwek showed leadership and commitment to sustainable urban development, and that his dedication to corporate responsibility also aligns perfectly with the ethos of Sias.
Mr Kwek’s role will be similar to Madam Halimah. He will also provide funding ideas to Sias, Mr Gerald said.
