In this paper, we examine whether corporate governance mechanisms play some role in determining the cash balances held by Singapore corporations. We document that board size, insider dominance of the board, and non-management blockholder ownership are important determinants of cash holdings. We further find that the incremental value of holding excess cash is negative even after controlling for board size or insider dominance. These findings are consistent with the agency view of cash holdings. Managers in firms with poor corporate governance have more discretion over corporate cash policies, and the value reduction imposed on these firms may reflect minority shareholders' recognition of the possibility of managerial entrenchment.