According to the newspaper's sources, Temasek, which owns an 18% stake in Standard Chartered, registered its unhappiness with the bank when it abstained from voting for the re-election of the nonexecutive directors to the board in May.
Bloomberg, however, reports that Standard Chartered has said that Temasek’s abstention from the vote to elect non-executive directors in May was not a judgment of the individuals or the bank’s strategy.
'Temasek have assured us that their abstention does not imply any criticism of the individuals concerned, nor Standard Chartered’s performance or strategy', Doris Fan, a Hong Kong-based spokeswoman at Standard Chartered, said in an e-mail. 'Temasek has voted in favor of all other resolutions at the AGM in May'.
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