It was the start of the Securities Investors Association of Singapore, or Sias. But the association, with membership of 54,000 and growing, has evolved into an institution in its own right. Sias is now regularly consulted on major deals, and its members are given discounts at major brokerages and special access to IPOs. Recently, three lead managers set aside 5 percent of shares earmarked for private placement for the group's members. And frankly, corporate governance is getting to be a big thing among international fund managers.
Every little bit helps.
One of the keys to Sias's success has been the blessing of the authorities. The group has won enthusiastic support from the Monetary Authority of Singapore and the Singapore Stock Exchange, who realized pretty quickly that better corporate governance and investor education were likely to serve, rather than hinder, the city's ambitions of becoming an Asian financial hub. Sias's effectiveness also owes much to the feistiness of individual investors. I go to every company meeting to make my opinions known. Of course, it's very serious business.