1. Mandate an Independent Board Governance Review

• The Core Issue: Mr. Tan alleged that the Chairman attempted to bypass the Nominating Committee (NC) to force his early exit and improperly pressured the Audit Committee to punish senior management regarding a strategic review by Jefferies.
• The SGX Action: The review must evaluate whether the controlling shareholder, Heliconia, exerts undue or disproportionate influence on the Board, and whether independent directors are genuinely permitted to exercise unhindered oversight.

2. Strict Monitoring of the Strategic Review and Asset Valuations

• The Risk to Minority Shareholders: Controlling shareholders may have alignment or structural goals (like a full privatization or restructuring) that conflict with minority investors who want long-term exposure to CSE' s main growth engines.
• The SGX Action: RegCo must enforce absolute transparency on any corporate action arising from the Jefferies strategic review. SGX should closely vet any prospective asset sales or divisional spin-offs to ensure fair valuation via rigorous independent financial advisor (IFA) opinions, protecting minority equity from being hollowed out at an unfair discount.

3. Strict Oversight of the New LID and NC Appointments

• The Risk: If the replacement process is heavily driven by the Chairman and Heliconia, the " independence" of the new appointments will be fundamentally compromised from day one.
• The SGX Action: SGX RegCo must actively review the credentials and appointment process of the incoming LID and NC members. They should ensure the new appointees have the legal and structural teeth to stand up to the controlling shareholder and that the board refresh is not used as a tool to pack the boardroom with compliant proxies.

4. Enforce Whistleblower Protections for Senior Management

• The Risk: If executive management is paralyzed by fear of retaliation from controlling factions, the operational health of the company will rapidly deteriorate, destroying minority shareholder value.
• The SGX Action: RegCo should check that CSE Global&rsquo s internal whistleblower frameworks are entirely separated from the Chairman' s office, ensuring that management can express honest operational boundaries without fear of arbitrary dismissal or reprisal.

The Takeaway: In Singapore' s unique ecosystem&mdash where major listed companies frequently feature state-linked or highly concentrated controlling blocks&mdash SGX RegCo' s ultimate mandate is ensuring that " Independent Director" is a functional shield for minority investors, not a ceremonial title. Passing letters back and forth is not enough enforcing structural boundaries is required.