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STANLEY HO’S LEGACY Image: António Mil-Homens Ho retained the Chairman title at SJM until 2018 when his


retirement from the SJM board led to Pansy – also Chairman and CEO of Shun Tak Holdings – be appointed a Chairman in the gaming operator with Timothy Fok – the son of his late business partner Henry Fok – named Co-Chairman. His retirement also saw Angela Leong appointed Co- Chairman, with SJM’s CEO, Ambrose So elevated to Vice- Chairman, while Ina Chan – Ho’s 3rd spouse and a key shareholder of STDM – became a director of SJM. Stanley Ho’s sister, Nanette Ho also stepped down from the board. SJM’s 10 board seats are know comprised of Pansy Ho, and


her sisters Daisy and Maisy, together with Timothy Fok, Eric Fok and Jeremy Fok, Ina Chan, Angela Leong, Patrick Tsang and SJM executive director David Shum.


“I virtually promised the moon and have fulfilled all my promises”


‘In our view, instead of using Stanley Ho’s retirement back


in 2019 as an impetus to make governance and management changes, the company opted to further entrench the status quo, i.e., dysfunction, while placating various interests,’ the brokerage indicated in a note issued after Ho’s death ‘A hydra-like three-headed co-chairman group and the


elevation of entrenched management was not an indication that any shakeup at the company for the benefit of independent shareholders was forthcoming. The byzantine corporate ownership and governance structure of SJM was


not alleviated by this agreement. The current board is comprised of three Co-Chairmen with varying interests’ Bernstein considered that six of SJM’s 10 board members


were what the brokerage described as the ‘Pansy Ho Alliance’. ‘While some investors have been optimistic about radical


changes in management and governance on the back of the “Pansy Ho alliance” we have remained cautious until we see substantive changes for the better, which we have not seen to date,’ the consultancy company added.


JULY 2020 27


Image: António Mil-Homens


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