Ethics & Governance Issues of Wing Tai Holdings
A) Company Information
Wing Tai Holdings Limited (Wing Tai) was incorporated in Singapore on 9 August 1963 and listed on the Singapore Exchange on 21 February 1989. Wing Tai started in Hong Kong as a garment manufacturer in the 1950’s. It later expanded its operations to Singapore and Malaysia in the early 1960’s and entered the property market in Singapore in 1978. Since then, Wing Tai became a major property player with a niche reputation for delivering premium developments with innovative design, finishes and workmanship due to its dedicated attention to detail and quality.
Wing Tai together with its regional business entities, USI Holdings Limited (Hong Kong) and DNP Holdings Bhd (Malaysia) formed the Wing Tai Asia Group.
Figure 1 shows the overview of WingTai Asia Group and the business they are in.
Wing Tai is one of Singapore’s leading property developers and Lifestyle Company widely recognized for quality in its property developments. They are recognized for developing distinctive, prime, luxury homes in District 9, 10 and 11. Some of their recent projects are Draycott 8 Clubhouse, The Light @ Cairnhill, Helios Residences, The Riverine by the Park and many more.
Other than its main business in property developments, Wing Tai has also gone into apparel retailing, hospitality management and food franchise operations. Figure 2 shows the overview of Wing Tai’s business.
Wing Tai’s engages both the agency theory and stewardship theory in their management. The agency theory is engaged as the shareholders employ the Board of directors and management to manage the company. At the same time, they also believe that the managers are good stewards of the company and they work hard to achieve high level of profits and shareholders’ returns.
B) Development of Corporate Governance in Singapore
After the Financial crisis in 1997, Singapore Government, mainly the Ministry of Finance (MOF), the Monetary Authority of
Wing Tai Holdings Limited (Wing Tai) was incorporated in Singapore on 9 August 1963 and listed on the Singapore Exchange on 21 February 1989. Wing Tai started in Hong Kong as a garment manufacturer in the 1950’s. It later expanded its operations to Singapore and Malaysia in the early 1960’s and entered the property market in Singapore in 1978. Since then, Wing Tai became a major property player with a niche reputation for delivering premium developments with innovative design, finishes and workmanship due to its dedicated attention to detail and quality.
Wing Tai together with its regional business entities, USI Holdings Limited (Hong Kong) and DNP Holdings Bhd (Malaysia) formed the Wing Tai Asia Group.
Figure 1 shows the overview of WingTai Asia Group and the business they are in.
Wing Tai is one of Singapore’s leading property developers and Lifestyle Company widely recognized for quality in its property developments. They are recognized for developing distinctive, prime, luxury homes in District 9, 10 and 11. Some of their recent projects are Draycott 8 Clubhouse, The Light @ Cairnhill, Helios Residences, The Riverine by the Park and many more.
Other than its main business in property developments, Wing Tai has also gone into apparel retailing, hospitality management and food franchise operations. Figure 2 shows the overview of Wing Tai’s business.
Wing Tai’s engages both the agency theory and stewardship theory in their management. The agency theory is engaged as the shareholders employ the Board of directors and management to manage the company. At the same time, they also believe that the managers are good stewards of the company and they work hard to achieve high level of profits and shareholders’ returns.
B) Development of Corporate Governance in Singapore
After the Financial crisis in 1997, Singapore Government, mainly the Ministry of Finance (MOF), the Monetary Authority of