With so much creative accounting going on in NKF, ACCS,
CitiRaya, CAO, and cheating happening in SIA, NTUC and F&N etc,
why did MTI veto the new Corporate Governance Code.
Furthermore, the appointments of independent directors seem
ineffective to check on malpractices. If ministers do not set
examples by going for tougher compliance standards, how are they
going to stop such blatant acts as shown in the NKF where even the
board of directors cannot administer their legal functions.
Something has gone terribly wrong with our Company Act and
regulations? How are the government to protect the innocent public
investors or a few powerful CEOs in GLCs etc. It is time to
re-think the whole gamut of laws and regulations governing running
of companies as is being done to the Management Corporation where
the treasurers can only serve up to a maximum of 2 terms and he is
not the sole signatory of cheques.