Being an overcast and dull day I thought I will troll the SCM's website and see whats interesting!
1. I looked at their leadership team and noted that there is no one that is responsible for regulatory compliance and enforcement. I suppose the SCM is in a very privilege position as they don't need one, as a friend said, "when they say do, everyone dutifully does!". But then again there are so many enforcement actions, I can only conclude that there is a ghost department somewhere that is doing all the work.
2. Did anyone notice that in the CLSA/ACG report Malaysia's ranking fell to number 6 and everyone is blaming it on public governance, i.e. 1MDB, is it all to do with 1MDB or is there a trend?
In 2012 we were no 4, in 2016 the report said we made great strides/improvement, so logic dictates that we would move to 3, or 2 or 1, but no we were still no 4! and now we are 6. Is it all 1MDB, i think not, maybe Tan Sri Dato Sri Singh needs a deep look at the true state of corporate governance and not hide in the shadows.
3. Is the SCM seriously seriously concerned about Corporate Governance, if they are how come there are prospectus with unbalanced boards, seven (7) board members, three (3) are independent non executive, balance executive directors.
BNM is going towards a majority of independent non executive directors and SCM approves these. So Board minutes will read that the majority of the board approved the matters laid before the board, but hold on now, are these matters not put forward by the executive and they approve it.
Also don't forget under Bursa rules the AC is made up of non executive, majority independent, and every year the AC has to be evaluated by Nom Committee. Nom Committee's membership is..........non executive, majority independent. Alamak, how to do one ah!
SCM semua boleh!, maybe time for TSDS and his machans, and similarly CRO(BM) and her maciks to go, nine (9) year rule, in senior management!........cannot be doc heal thyself!
