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6/19/2007

myth 145

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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