No, a public company limited by guarantee in Singapore does not have shareholders in the traditional sense. Instead of shareholders, it has members who act as guarantors and agree to contribute a nominal amount (usually a token amount like one dollar) in the event the company is wound up. These members are typically individuals or other corporate entities who have a vested interest in the company’s objectives, such as non-profit organizations, clubs, or associations. Unlike shareholders in a traditional company, members of a company limited by guarantee do not have ownership rights or receive dividends. Instead, they have voting rights and may participate in the decision-making process of the company.