Why MTI veto recommendations on corporate governance code?

• robertteh

  21 Dec 05, 17:53

  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.
• oxford mushroom

  22 Dec 05, 05:08

  Originally posted by robertteh:

  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.
  

  I do not know the details of the new Corporate Governance Code, but surely any corporate governance policy will not allow the regulator of a multi-billion dollar institution like Temasek Holdings to be regulated by the CEO's husband.....