Twenty years ago this month, Jardines, the Asian conglomerate, stunned Hong Kong by deserting its home to relist its companies in Singapore.
“Hong gone” said The Economist, in a reference to the Chinese-based name for such trading houses. The Financial Times, meanwhile, suggested the move could allow the company to operate without its share price functioning as a barometer of Anglo-Chinese relations as the British handover to China loomed.
Jardines has now caused a further stir by seeking to reduce scrutiny of its governance practices. It plans to downgrade its top-quality premium UK listing to a standard one to avoid new UK rules aimed at curbing the influence of controlling shareholders.
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