Lian Beng says the disclosure of the employees' remuneration might result in challenges in a highly competitive business environment with a limited talent pool.LIAN Beng Group has declined regulators’ request for the company to disclose the remuneration of employees singled out as family members of a director, the chief executive or a substantial shareholder, citing potential impact on the group’s ability to attract and retain key and middle-management talent.
SGX, which is hardening its stance on remuneration disclosure, said that if the company refused, it should give a robust explanation for why the disclosure would not be in its interest. These employees have been with the company since the 1990s, save for Ong Lee Yap, who started in 1988. “It may encourage inappropriate peer comparison, and provide an opportunity for competitors to use the information to their advantage,” Lian Beng said in a bourse filing on Tuesday . “The information is therefore treated as sensitive and confidential to ensure stability and business continuity.”