3/04/2011

Independent Director jailed

This is the first time that an independent director was jailed. In the past they simply resigned and disappeared when trouble was brewing. That was an easy escape route for this profession. Would this jailing of independent directors be a signal that collecting director fees is not going to be a cup of tea and independent directors will now be held accountable and be put in jail if they failed in their duties? I really hope so. Oh some are crying foul, $50k or $60k not enough to risk being jailed! My two big balls! If one is doing his job well, there will not be any jailing and $50k or $60k is a big sum of money. And some even claimed that there is a shortage of independent directors. Really, just because some are sitting in 8 or 10 boards? The fact that people are rushing to grab as many independent directorship as possible is proof that it is a very lucrative job and many people are willing to do it as a full time job. Now part timers are aplenty, hoarding 5 or more directorships and pretending that they are able to cope with the demand of the job and its responsibilities. Let’s be serious, and make this a responsible profession and independent directors be made to work for their keeps. Imagine some could be taking hundreds of thousands and quickly resign the moment they see trouble coming. This is making a mockery of the system and the good money paid. If nobody wants to be independent directors because money not enough and risk too high, just let me know and I will be able to recommend to them qualified professionals who are more than willing to do the job, including your goodself.

14 comments:

Wally Buffet said...

Mr. Bean,

Like you, I too would want to be an independent director and raking in another few hundred thousands a year just to attend board meetings and looking "serious" and acting "serious" at the appropriate time.

But sorry mate, this "profession" ain't open to any Tom, Dick or Harry who comes along to "volunteer".

It is a close knit circle of kakis where membership is by "selection" and invitation only.

I hope this guy enjoys his stay at the resort. All his "independent" comrade peers must now be worrying till their balls shake less the law comes knocking to attend a kopi session. Never in their wildest dreams did they think they had to do jail time for something very commercial and as mundane as just watching that there is no hanky panky at board level decision making.

You guys think that this episode is just an aberration in public corporate governance? Think again because save for the really really blue chip household names listed, this case is just the tip of the iceberg and for the S-Chips, pandemic IMHO.

Fuck all of them and hope they rot in hell!

My money is only invested in solid, gilt edged blue chips, trusted for generations, whose directors, independent or otherwise are so trustworthy and honourable that nothing, and I mean nothing will lead them astray.

Start ups and penny stocks? They're for the birds and dead ones at that!

Hehe. :o)

Anonymous said...

If there are so many governments in the World not trusted by their citizenries. What and why the hell should directors be trusted?

Businessmen are by and large no better than conmen and embezzlers.

It's not an exaggeration to say that this country must have been superbly managed to have so few law breakers and evil men.
Me am so lucky to be born and staying here.

Cheers!

patriot

Anonymous said...

You are right there. A farcical arrangement of ka ki lang. I pay you to scratch my back and you be happy scratching it at my becks and calls.

A close circle of you know what.

Anonymous said...

Redbean Sir;

me am damn envious of civil servants and their masters getting 8 months or more bonuses.

Me works dutifully and diligently at six decades old and only gets a little workfare mostly to my CPF which is as good as water three kilometres away when i am dying of thirst.

When me read reads that some could even get more than half a million SIN Dollars, me imagines the amount their masters are going to be rewarded, for once i care and wonder why they're deserving the SINful amount.

patriot

Chua Chin Leng aka redbean said...

In paradise, the sinners are those that cannot make the millions that the talented are able to make.

And the poor are those that are earning less than a million or just a few millions. So it is necessary to give them a few more millions, otherwise they would not be able to buy the next landed property. Every 10% inncrease in price is a few hundred thousands. It is very difficult for them you know.

Don't begrudge people earning a few millions. There are more talented that earn even more.

Matilah_Singapura said...

I agree with Wally. Fuck that cunt and the white horse he rode in on.

Chua Chin Leng aka redbean said...

You rascal, for a moment I was so elated that Gaddafi has found my blog.

Anonymous said...

Hahaha

'Independent' directors? What is their job and who elected them?

If I may say so, if a company is indulging in shady activities and cooking its books, I think that company will first make sure the independent director chosen will be one that have both eyes closed to such activities, and be willing to just collect his fees, before the company will welcome him.

This case is just the tip of the iceberg as pointed out by Wally.

Wally Buffet said...

Hey Matilah,

Can we have Mr. Gaddafi making a statement by showing his finger?

That would show the Yanks that he may just survive this little crisis and keep his oil.

Hehe. :o)

Matilah_Singapura said...

I think the Chinese are going to get his oil.

Matilah_Singapura said...

Yo, wassup bitches?

I got the power. Everybody dance now...

Gonna make you sweat, bitches

...I'm a bad-ass Jew-eating motherfucker. I shit America before breakfast.

Chua Chin Leng aka redbean said...

If he is not careful and loses power, he will share the same fate as Saddam Hussein. He will come under the justice of the mighty West, like all unfriendly Arab leaders.

Wally Buffet said...

Hehe,

Good try but the Colonel don't seem to be showing the right finger!

And the link reports the video is unavailable in Sinkapoore. Stupidity in the face of proxy surfing.

Matilah_Singapura said...

They continue to steal from me!