• Kenny

Honestbee is a lesson in startup corporate governance

Shareholding structures don't need to be complex for corporate governance to go wrong. Honestbee's legal spat against its founder highlights that basic corporate governance in any company, whether small or big, is equally important.


Good corporate governance involves transparent processes, proper checks and balances and a culture of being able to have the board, at times, ask the founders the difficult questions. But when all the powers in decision making lie in one or two persons, this can be an extremely challenging task.


Ethics and personality traits are the most difficult aspects to do due diligence. At the end of the day, the most fundamental question is: Did he ultimately had the intention of defrauding investors right from the start? Or did he get 'lost' along the way and let greed get the better of him?

References:

https://vulcanpost.com/693129/honestbee-letter-of-demand-singapore/

https://vulcanpost.com/679033/honestbee-ex-ceo-joel-sng-handover-email/

https://www.techinasia.com/honestbee-series-a-funding

Tags

Pinned

Wednesday, December 31, 2003

Learning, knowledge and staying up to date with the news and what's going on in the world is your own personal responsibility. The same...

Saturday, July 4, 2020

There’s nothing you should regret in life - all the good things that you have today are a result of everything that has happened....

Thursday, July 23, 2020

IB isn't just about getting through the gruelling late nights and delivering on the number crunching. It was also about the harsh and...

Sunday, July 26, 2020

Good investors are first and formost by nature: business people. They should be entrepreneurs, owners of businesses or have been placed...

Sunday, October 18, 2020

In 1990, a psychologist quoted in the New York Times reported that people “turn on the TV when they feel sad, lonely, upset or worried,...

Connect

  • My LinkedIn Page
  • My Twitter
  • Instagram

More