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corporate governance and misplaced trust
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Socaps



Joined: 24 May 2006
Posts: 24

PostPosted: Sat Dec 23, 2006 12:53 am    Post subject: Reply with quote

Hi Redbean,

ACRA and ICPAS must have a valid reason for withdrawing its recognition of BBA (Accountancy) to be awarded by NUS after reviewing its curriculum in its entirety. I don't think the inclusion of these subjects in question is the main reason. Perhaps they might find the degree too academic to qualify for admission into the Accountancy profession.

As a case in point I should like to enlighten forumers that my neice's BA(Hon.)(Accounting) degree obtained from a renowned university in UK more than 20 years ago did not qualify her for admission as a member of ICA or ACCA then. On going through its curriculum I could understand why.

The training of ethics is part and parcel of our life starting from the day we are born. I had such sessions when I was in primary school. Its importance cannot be gainsaid. People with high moral values would tend to have better work ethics in any profession or vocations.

Remember that Power begets Greed; and Greed is the root cause of Government and Corporate Failures. To avoid such tragedies, we must inculcate the sanctity of the Code of Corporate Disclosures and Governance on those in authority.

Merry Christmas.
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redbean



Joined: 07 Mar 2006
Posts: 14381
Location: singapore

PostPosted: Sat Dec 23, 2006 10:07 am    Post subject: Reply with quote

Hi Socaps,

Agree that ethics and morals should be inculcated through the young years and to continue in one's life. And also agree with you that power begets greed. And it seems that power is more powerful than all the moral and ethical training that one gets in life.

What is needed is also the rule of law and institutions to manage greed and corruption of power.

In the current issue, looks like NUS is doing all the right things but unable to handle power. I am not sure about this BBA(Accounts) degree. The Bachelor of Accountancy is a 4 year course if I am not mistaken while BBA(Accounts) is only 3 years. This could be the real reason, a short cut and entry into the accounting world.

They may have done their sums and calculated how many accounting and auditing modules are needed. The objection to corporate governance and ethics could be just a red herring.
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Matilah_Singapura



Joined: 08 Mar 2006
Posts: 728
Location: LAND OF SMILES & INSTANT GRATIFICATION, of Delightful Exploitation...and a true Buddhist spirit!

PostPosted: Sun Dec 24, 2006 3:57 pm    Post subject: Reply with quote

Socaps wrote:
Remember that Power begets Greed; and Greed is the root cause of Government and Corporate Failures. To avoid such tragedies, we must inculcate the sanctity of the Code of Corporate Disclosures and Governance on those in authority.


Actually there is nothing to do, except pay attention SELFISHLY to one's own life. Leave other to be greedy, as they too are already selfish, like yourself. If you interfere and try to "change" them by "inculcating" values, you become nothing but an interfering asshole, just like them.

You also deny them the RIGHT to be wrong, and therefore a CHOICE for them to learn from their mistakes.

Trying to change others because you've decided that your values are "better" them theirs is EVIL. Twisted Evil

Here are some suggestions:

To send corporations a "message" stop buying their stuff.

To send govt a message: stop voting entirely.


MERRY FUCKING CHRISTMAS! MATILAH SINGAPURA!
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redbean



Joined: 07 Mar 2006
Posts: 14381
Location: singapore

PostPosted: Sat Dec 30, 2006 9:51 am    Post subject: Reply with quote

My New Year Wish

How I wish that greed is non existence in the life of the super rich. Not that greed is a bad thing. Not that greed can be wished away. The poor and greedy must be poor and greedy all the time. They are poor and so must be greedy. And they must be greedy to give them a kick to want to work to have more.

But for the employees in huge corporations, I mean employees, people earning a living being employed, not the real owners of wealth, I wish that greed is not in their minds. For as long as greed is there, they can never be satisfied even if they are paid US$40 million as bonuses. They will only ask for more. And as the money are public money or money belonging to minority shareholders who did not have a real say, these greedy mercenaries will just keep piling up from money they don't own, other people's money.

But if greed is no longer in their mind, when they know enough is enough, when they know that what they are taking is obscene, then they may spend their time working for their shareholders' interests, for the interests of the public and people of the world. And they will not be spending time on how to scheme another chunk for themselves.

Many such high level executives are wasting too much of their precious time devicing ways or finding ridiculous formula to justify more pay for themselves when they already have enough money they did not know what to do.

Hopefully greed can be removed from their thoughts and they can become more charitable.
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Matilah_Singapura



Joined: 08 Mar 2006
Posts: 728
Location: LAND OF SMILES & INSTANT GRATIFICATION, of Delightful Exploitation...and a true Buddhist spirit!

PostPosted: Sun Dec 31, 2006 1:01 am    Post subject: Reply with quote



C'mon redbean, even the Buddha-Christ is laughing at you lah. Buddha suggested that it is rational to purify one's mind and act morally, Christ, was murdered by mob-democracy, but forgave not just his brutalisers, but all of mankind for ALL their sins...

And you, you wish for the end of greed in man?

WHY? Shocked

GREED is FUN! Laughing

Anyway, have a happy new year... and chill out!
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redbean



Joined: 07 Mar 2006
Posts: 14381
Location: singapore

PostPosted: Sun Dec 31, 2006 10:28 am    Post subject: Reply with quote

Everyone must have a wish or some kind of resolution for the new year. So I just make a simple wish.

How many wishes actually materialised or how many resolutions were not broken? Laughing

Hey, you can't deprived me for having a wish right? Even if it is naive and unrealistic....

And happy new year to you and everyone. Laughing
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Matilah_Singapura



Joined: 08 Mar 2006
Posts: 728
Location: LAND OF SMILES & INSTANT GRATIFICATION, of Delightful Exploitation...and a true Buddhist spirit!

PostPosted: Sun Dec 31, 2006 1:07 pm    Post subject: Reply with quote

OK OK....

I wish all states will collapse, and democracy vanish! Laughing

How? Can or not? Laughing
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redbean



Joined: 07 Mar 2006
Posts: 14381
Location: singapore

PostPosted: Mon Jan 01, 2007 11:21 am    Post subject: Reply with quote

A few days back I posted about US$40 million bonuses and today there is an article in the Straits Times titled, 'Fat bonuses for London bankers creating backlash.' The issues are the same, all the bankers are paying themselves crazy. And this has led to Tony Blair saying 'inequality matters. The big gap between those at the top and those at the bottom makes for a sick society'.

And Cabinet Minister Harriet Harman called for 'action to stop these excessive ridiculous bonuses'. This perceived culture of greed represented a serious problem for business, acknowledged Richard Lambert, director of the Confederation of British Industry.

I am not against individual enterprise and earning big bucks. But these fat bonuses are obscene and they are taken from the real owners and workers who have no control over them. It is left to a few sharks at the top to decide how much to share the loot. There is no control and accountability to the real owners, the minority shareholders, the small people in the streets.

What corporate governance when everyone is scratching everyone's back?

Power must be returned to the real owners of the wealth, and profits must be spread more downwards to the workers that are struggling to make ends meet. Why would these greedy honchos want so much money when a year's bonus is enough to last them several generations?

It is all greed and the lack of corporate governance to control the excesses.

In today's Straits Times there was another article about the role of independent directors and accountability. I don't think the problem is just in the independent directors.
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redbean



Joined: 07 Mar 2006
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PostPosted: Tue Jun 19, 2007 8:19 am    Post subject: Reply with quote

Finally David Gerald called it a myth

The independence of independent director is a myth. I have said that before and now David Gerald is putting it on record in the media. The mechanism in the appointment of independent directors in contrary to the objective of having independent directors.

David has agreed with my suggestions that an independent body must be appointed to provide directors unrelated to the organisation and its management. Only then can independent directors function independently and speak with a strong and impartial voice to self guard the interest of minority shareholders.

I have suggested that MAS or SGX appoint SIAS as such a body. David has included included SID and two accounting bodies. I personally do not favour SID or any other bodies. I still prefer SIAS whose members are minority shareholders and have a genuine interest to safeguard their own interests.

You need the owners, especially minority owners, to look after their own interest. Never trust anyone else.
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redbean



Joined: 07 Mar 2006
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PostPosted: Mon Jun 25, 2007 8:21 am    Post subject: Reply with quote

The St John Hospital case

This is simply a case of a CEO being underpaid. so he helped himself to the money to adjust his own pay.

All the charity organisations should quickly do a salary review and make sure that their employees, especially the mangement teams, are amply rewarded at market rate. They can chose to peg themselves with other big charity organisations.

How can they forgot about how Singapore or Singaporeans tick? Money and more money if they are to prevent such things from happening.
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redbean



Joined: 07 Mar 2006
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PostPosted: Tue Jun 26, 2007 8:40 am    Post subject: Reply with quote

After so many abuses and negligence of corporate directors reported in the media, and the ineffectiveness of independent directors, David Gerald has suggested that the system of appointing independent directors needs to be reviewed to make them independent, Adrian Tan, a corporate lawyer, wanted a commission to study whether there is such a need.

Haven't we have enough? Or do we want to spend money on a study to tell us that it is true, that there are problems that need immediate attention?

Do we need to pay for another Marina Bay?
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redbean



Joined: 07 Mar 2006
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PostPosted: Thu Jun 28, 2007 8:55 am    Post subject: Reply with quote

The issue of corporate governance is getting more attention. One principle that must not be violated, and for corporate governance to be effective, is that one cannot allowed the potential thieves to appoint his accomplices to guard the vault. Any system that allows this is flaw.

Another principle is to have people who have a vested interest in the money in the safe to be the watchdog instead of people who are making a living as guards. Guards or guardians too may help themselves when the alternative is more attractive.

You can always bribe the guards or guardians.
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redbean



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PostPosted: Tue Jul 17, 2007 8:33 am    Post subject: Reply with quote

Sylvia Lim rebuked by Jayakumar

Sylvia Lim opposed the new bill to allow the PM to nominate two members to the Legal Service Commission and raised the spectre of executive interference in the judiciary. It reminded Jayakumar of the Conspiracy Theory of abuse of executive power.

The last time this happened, an investigation was conducted and Jayeratnam was fined. Would we be seeing another investigation?

Given the high quality of the people in political office today, such abuses of executive power is only a conspiracy theory. There are all kinds of checks and balances to prevent it from happening. Quite safe at the moment.

Even in corporate governance in the private sector, when there are good people in charge, the present system will be more than adequate. For that matter, when a decent man is in charge of the old NKF, nothing of the like would have happened.

It all boils down to decent men in charge. What happens if loanshark Ah Seng got elected into power? Or say a George Bush equivalent is elected into power? Can our system prevent such an eventuality? Are there enough safeguards in our system to prevent a rogue govt from coming into power? Given the past experience, the people has been proven to be quite naive and can elect any thing into power. This possibility cannot be ruled out.

When that happens, and when too much power is vested into an office, would we be digging ourselves into a very deep shit hole.
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redbean



Joined: 07 Mar 2006
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PostPosted: Wed Oct 24, 2007 8:45 am    Post subject: Reply with quote

$364 million lost by Sembawang Marine

Another outcry for more corporate governance. After so many incidences of malpractice, the APB case etc, now Sembawang Marine is hit. Did we learn or is it all lip service? What happens to our corporate image as a squeaky clean country with excellent corporate governance? And it happens to GLCs!

Shall we keep stumbling along with all the incestious relationship in the corporate world? What is wrong is wrong and has to be weeded out once and for all. Now we do not know how deep rooted are such malpractices in our public and private organisations.

It took the NKF to shake up everyone. But APB did not have the same impact. Would Sembawang Marine do what NKF did to the corporate world?
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redbean



Joined: 07 Mar 2006
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PostPosted: Fri Nov 09, 2007 8:20 am    Post subject: Reply with quote

Another saga?

While begging has taken a different form and scale, corporate governance for such organisations are changing at an unusually slow pace. Thanks to NKF that more is being done to clean up the management of such charitable organisations.

When professionals take over the art of begging and transform it into a business concern, they somehow forgot to transform the management of the organisations and its funds by bringing in the same quality of professional management. So, while the process of introducing professional financial management to charitable organisations, we are going to uncover many unsightly things, so to speak.

The public must be prepared and braced up for such an eventuality as more organisations are dissected up for the full view of the donors. We may need a campaign to psychologically prepare the people so that they are mentally able to withstand the tsunami coming their way. More psychiatric clinics and pyschiatrists need to be roped in to help the people so that charitable organisations are not disadvantaged and donations do not stop coming to them.
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