Like all of us in the animal kingdom, I am more than prone to my fair share of shooting from the hips. So, as a resolution for 2017, I have told myself that I will count to 10 or even 100 or even sleep on things for more than 10 days before I rush head first with my comments.
Ok I have waited, as the older folk would say, "there are things that need to be said, keeping quiet does no one any good". So in no particular order,
1. Who regulates the Regulator.
Mr. Tan Sri Dato Seri Chairman (of the SCM), can you please tell us whether you are going to take action against your frontline regulator Bursa Malaysia for making a false and misleading statement.
You see in the early part of 2017 I received a screenshot that senior management changes had taken place in Bursa Malaysia, that the then CRO had now been made CCO (Chief Commercial Officer - whatever that means). There were many that were elated that this dowager was no longer CRO as she was a person that only took action against the less connected and bully-able.
In the just concluded sustainability conference, the CCO (previous CRO) continued to be passed off as the CRO, and was reported as such in Focus Malaysia. Present in all the photo shoots together with the old yet again CRO was the CEO of Bursa, in other words, he aided and abetted.
So Mr. Tan Sri Dato Seri Chairman, in my humble opinion if what I say is true then action must be taken, and a strong message sent out that who you are is irrelevant, that if you fall foul of the high standards, action will be taken against you.
Looking forward Mr. Tan Sri Dato Seri Chairman to your unbiased resolution of your wayward front line regulator.
2. MWSG
As the mat sallehs' would say, "For crying out loud!" Can someone please explain the purpose of this most questionable of organisation. I always thought that with the phrase "watchdog" that it will have some bite provoking substance and be of value to the minority shareholder and all shareholders generally. Personally I think that the organisation should be renamed MSLDG (minority shareholders lapdog group).
Did anyone read that this organisation had come out with the Asean CG Scorecard! There are two things that I noticed and it straight away got my diminishing grey matter into hyper drive.
a. In most groups there is a common group management that draws up policies etc etc and that culture permeates throughout the organisation, so naturally you would see that a common thread and this is manifested in high CG disclosure and performance.
Hence I noted that there were groups where all the listed entities were cited in the Top 100. However there were certain companies that are part of a group, yet their sister listed vehicle is not included. Now does that not pose questions especially when there is common senior management, whats the message here, half well run, the other half not well run and shareholders taken for a ride. Didn't the chappies in MWSG/MSLDG challenge and ask the necessary questions?
b. I noticed that a company that not long ago was IPOed for over Rgt4.00 and now labouring below Rgt2.00 was listed both for , now wait for it "Good Disclosure and Overall CG and Performance. Come MWSG/MSLDG gives us a break, don't you know that no report is better than a laughing report.
So Mr. Tan Sri Dato Seri Chairman, since in the introduction it says that this organisation is licensed under CMSA 2007 and funded by the Capital Market Development Fund, it must come under your purview and hence there is another need for a investigation or at least getting them to do what they were intended.
Mr. Tan Sri Dato Seri Chairman you better do things quick, MACC is scoring so many points while you are only seen performing ceremonial duties.
Finally and what I thought was the best one during the period of indulgence (unnecessary eating and consumption of the fermented fruit juice)
3. The need for a body that is to register CFOs
Over the December lala time we heard that the Chairman of the Accounting or is it Auditing body proposed that all Chief Financial Officers should be part of a body that will educate these chappies (CFO) in the fine art of IFRS. MASBs and other accounting conventions.
So for the Chairman that proposed this, I have just two questions (by the way the Chairman is a Dato Seri, and Executive Chairman of a Big 4 -auditing practice),
1. The company prepares the financial statements, you the auditor audits them and if there are disagreements you have avenues to address and even redress the situation, with the ultimate qualification as your most powerful tool.
Hence are you suggesting that the large majority of CFOs are not in compliance with the requirements. If that be the case, then should there not have been an increase in the number of late filings and/or qualifications. Maybe Dato Seri Chairman needs to have another news conference to provide more detail.
2. I have it from reliable sources that those that live in glass houses should not throw stones, I understand that there have been a number of infringement especially in the areas of governance amongst the practice and within individual big firms that only resulted in slaps on the writs or being swept under the carpet. If that be the case should not it be better to clean ones own industry/home before venturing into other places?
Maybe in this situation the recently appointed Chairman of the AOB can have a look see, but Mr. Tan Sri Dato Seri Chairman the AOB also comes under you, again more work, sigh it never rains but pours.
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