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12/20/2005

nkf board of directors

"As for the Board(nkf board) itself, the report noted that since its incorporation in 2001, it only saw two departures and the directors were never replaced. Out of 21 members in the former board, only eight attended the foundation's annual general meetings, and all of them sat on the Executive Committee. Effectively, that meant the former Board was further concentrated in the hands of five directors, of whom four were given executive powers. According to the report, the Audit Committee was ineffective because it hardly met regularly. From June 2002 to January 2005, there was only one informal meeting in 2004 to discuss the revival of the Audit Committee. " the above were quoted in the channelnewsasia website. members of the board must be very busy people and have very little time to meet. is this a result of them being in too many boards and wearing too many hats because there are not enough talents to spread around? and that these directors have to sacrifice themselves, overworked and would willingly give up their board representations if there are talented people to replace them? i feel very sorry for them. so busy, not enough time to attend board meetings, no time for family, no time to enjoy their money, and probably will work themselves to death. it is not a good thing to be a talent in this country. so much sacrifices. and now worrying if they will be sued for negligence. even if they are not sued, people will have the impression that they are neglecting their duties. not sure if they still collect director's fees. is there anything wrong with corporate governance in the country?

3 comments:

Speedwing said...

Hi Redbean, I just cannot believe that the NKF Board of Directors were all unaware of what was happening in the Durai empire?!!!?? and for such a long time too!!!!

Hard to believe.

redbean said...

who would believe that these highly qualified and experienced people be led around like children without knowing what is going on.

and accountability is something that the authorities must pursue. this will be a reminder to all who accept offices of trust and think they can sleep and collect director's fee without responsibility. the message must be loud and clear. it is time for a total cleanup, not just nkf.

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