Securities Investors Association (Singapore) or SIAS, a non-profit organization, was founded unexpectedly in June 1999, to champion the CLOB issue. A group of civic-minded citizens lead by Mr David Gerald got together and took on the challenge to free the frozen shares with an initial backing by 49,880 retail investors as members. Their resoluteness and unity helped to resolve the issue on our terms.
Today, SIAS is the largest organized investor lobby group in Asia, with almost 70,000 retail investors as members. It actively promotes Investor Education, Corporate Governance and Transparency and is the watchdog for Investor rights in Singapore. To-date, SIAS has successfully organized some 500 investor education programmes ranging from basic investment seminars for novices to certificate courses for investment savvy investors.
SIAS is the voice for minority shareholders and has already locked horns with corporations falling short of good Corporate Governance practices. However, its preferred approach to resolve investors’ right issues is to do so in the boardroom and not in the courtroom. Many SIAS members have sought protection also from errant traders. SIAS conducts dispute resolution sessions regularly to assist members to resolve issues.