Standard Chartered Bank PLC said Thursday that Temasek Pte. Ltd., its largest shareholder, misinterpreted U.K. corporate governance rules when it abstained from voting at a May meeting to re-elect some bank board members.
The emailed statement from Standard Chartered hints represents a rare disagreement between the U.K. bank and the Singapore state investment body. It also comes a day after The Wall Street Journal reported that Temasek, which owns an 18% stake in the U.K. bank, has expressed discomfort with the bank's governance and is pressuring it to appoint more independent directors.
To register its unhappiness with the bank, Temasek abstained from voting for the re-election of the nonexecutive directors to the board in May, a person familiar with the situation said. Full story
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