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David Gerald: SIAS Head on Happiness, Longevity And The Future of Investor Rights In Singapore

  • Legacy
  • 2 months ago
  • R. Sivanithy

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David Gerald: SIAS Head on Happiness, Longevity And The Future of Investors Rights In Singapore
If you want to know my recipe for a long life, don't hold grudges – settle differences amicably and reduce your stress,
says 80-year-old David Gerald Jeyasegaram, founder, president and chief executive officer of the Securities Investors Association (Singapore) or SIAS.
I've also found that doing what makes you happy is another ingredient for a long working life,
he adds.

"For me, what makes me happy is helping people."

There is no retirement as far as I'm concerned. Retirement in your 60s is not wise in my view – if you look after your health and your brain works well, then why retire?
he says.
Forming SIAS and braving the odds
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SIAS was formed in 1999 in response to one the darkest chapters in the history of Singapore’s financial market when the Malaysian authorities in 1998 took unilateral steps to stop trading of Malaysian stocks on an over-the-counter segment of the stock market known as Clob International.
Clob was designated as an illegal market and an order was made to migrate shares back to the Kuala Lumpur Stock Exchange. Malaysia froze about US$4.47 billion worth of shares.
Nine months had passed, with much talk about the need for someone to provide leadership and form a grouping to represent the interests of Singapore investors,
recalls David.

"I thought well, in Singapore there are many eminent lawyers, accountants, financial experts and politicians who could do it but it was not happening. Nobody came forward and shareholders were stranded. Just imagine how it was like for 172,000 shareholders to find their assets frozen with no one to help them."

With no one coming forward, David finally decided to take charge of the situation in May 1999.
We will garner support, get the Clob investors behind me and we will approach the Malaysian authorities with one voice. Right from the start, I decided to try and resolve the issue behind closed doors and not the courtroom, but the boardroom, by forming SIAS.
And he had a plan:
Daunting though it may seem, if we rallied together and sought expert help, I was sure we could recover something. It proved to be the biggest challenge of my life!
David confides.
David Gerald: Lawyer turns crusader
Born in Johor, David was raised in Sri Lanka for 13 years before moving to Singapore in 1959, becoming a citizen in 1972.
He had had plenty of experience running organisations and associations, having been, among others, the president of the University of Singapore’s Law Society, president of the United Nations Association of Singapore from 1974-76 and president of The Apex Club East from 1971-72.
This leadership experience, together with his law career, turned out to be a great foundation for his future work at SIAS.
David Gerald: SIAS Head on Happiness, Longevity And The Future of Investors Rights In Singapore - Mr Gerald with David Marshall
David Gerald with Singapore's first elected chief minister David Marshall
Credit: David Gerald
I was an active litigation lawyer trained by David Marshall in criminal law,
recalls David.

"It was hectic training, dealing with murder cases, drugs and kidnapping. I would be in the office at 7.30am and work till midnight! I think many of today's young, with emphasis on 'work-life' balance, wouldn't be able to take such hours."

The manoeuvring behind the scenes
He had to leave private practice in order to form SIAS and take on the challenge of trying to represent the interest of the large group of affected investors. It was a mammoth task and involved negotiating with several parties who came forward, not all of whom had offers that were above board.
During the period when various businessmen approached me with their proposed solutions, there was one Datuk who said that the best way to resolve this was to form a company in Malaysia. He and I would be the directors and we would resolve it with a closed-end fund, and I would stand to gain S$350 million, same as him. And he said you win, your investors win, and I win.
David recollects:
David of course, turned him down.

"I could see myself in Changi Prison! I asked him to finish his tea, showed him the door and told him I wouldn't be seeing him again."

How an eventual settlement was reached has been well-documented, first in a book celebrating SIAS’s 10th anniversary in 2009 and most probably again in a forthcoming book to mark its Silver Jubilee this year.
Suffice it to say that it took many months of arduous negotiations, dozens of meetings with Malaysian officials, even royalty, and several press conferences.
Once the dust had settled on the Clob issue, at the request of then-Deputy Prime Minister Lee Hsien Loong, SIAS in 2000 started educating the public on the right way to invest, instead of how money was poured into Clob stock based on rumours, tips and speculation.
SIAS: Beyond educating investors
Since then, thousands of investors have benefited from these courses, most of which are provided free of charge. The association also expanded its efforts to champion two other pillars – Investor Rights and Corporate Governance.
David Gerald: SIAS Head on Happiness, Longevity And The Future of Investors Rights In Singapore - Stock Market
In upholding investor rights, SIAS pursues a strategy it pioneered during the Clob days, namely of resolving issues “in the boardroom, not the courtroom”, one that fits with David’s philosophy of sorting problems out amicably and as stress-free as possible.
In an Asian society like Singapore, this non-confrontational approach where SIAS works together with stakeholders, boards of directors and regulators to resolve contentious issues has proven very successful and has helped many small shareholders obtain higher prices than originally offered when the companies they had invested in, are taken over and privatised.
For example, SIAS’s intervention and its appeal for better terms of offer in the cases of Tiger Airways, Boustead Projects and Lian Beng, led to the companies in each instance revising their initial offers higher.
In the area of corporate governance, SIAS works with closely with regulators, namely the Monetary Authority of Singapore and the Singapore Exchange to raise standards of disclosure and conduct among listed companies.
Today, its annual awards aimed at recognising companies that practise transparency and treat their shareholders well have become one of the main events on corporate calendars.
The SIAS of 2024 is recognised as an institution of public character or a charity. Its first chief patron was Singapore’s ex-president Tony Tan, who retired earlier this year. His successor is also an ex-president of Singapore, Madam Halimah Yacob who assumed the role of chief patron in July 2024.
Longevity and succession
Having run SIAS for 25 years, how does David keep the drive alive, especially in his golden years?
Doing the right thing is important for my mental well-being,
says David.

"Helping people gives me great joy and peace of mind. Even when I cease to be CEO of SIAS, I will still continue serving the community, by doing charity work, counselling and giving advice."

Speaking of relinquishing his role, David has a plan in place for his succession.
There is a selection panel which has been appointed to evaluate potential candidates,
says Mr Gerald.

"There has to be a due process, and once that is completed, an announcement will be made."

What other tips does he have for longevity?
Never procrastinate when you’re ill,
he advises.

"Go and see a doctor as soon as you can. I'm a great believer in multivitamins and CoQ-10, which is a natural antioxidant. Also, regular exercise – I do brisk walking of between 3-4 km every day."

David Gerald: SIAS Head on Happiness, Longevity And The Future of Investors Rights In Singapore - Mr Gerald's Family Photo - With wife and sons
David Gerald with family
Credit: David Gerald

"And last but not least, avoid stress and friction, whether it's over my work in SIAS, or at home with my wife and family."

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R. Sivanithy

R. Sivanithy

From journalist to educator, he makes sense of dollars-and-cents issues.

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