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Corporate Governance Case Studies edited by Mak Yuen Teen (CPA Aus)
24-11-2018, 03:13 PM. (This post was last modified: 24-11-2018, 03:13 PM by weijian.)
Post: #21
RE: Corporate Governance Case Studies edited by Mak Yuen Teen (CPA Aus)
Annus horribilis for minority shareholders

It’s still a bit early but let’s see how 2018 has gone so far for minority investors on SGX.

In my opinion, it has been a horrible year so far. Thankfully, I am only a small shareholder in a handful of companies, sometimes becoming one so that I can attend shareholder meetings as a proper shareholder to ask questions. But for many others, they may not be quite so lucky.

http://governanceforstakeholders.com/201...reholders/

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26-01-2019, 04:43 PM. (This post was last modified: 26-01-2019, 04:43 PM by weijian.)
Post: #22
RE: Corporate Governance Case Studies edited by Mak Yuen Teen (CPA Aus)
Another interesting event by Prof Mak to be documented down here..

Administrative oversight, inadvertent omissions, administrative inadvertences: what next?

In the case of Y Ventures, it is interesting that the company announced on 31 August – just 17 days after the incorrect results announcement – that the chief financial officer had resigned “to pursue other career opportunities”. His effective date of resignation was the following day – in other words, he was out in a hurry.

http://governanceforstakeholders.com/201...what-next/

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19-04-2019, 04:25 PM. (This post was last modified: 19-04-2019, 04:25 PM by weijian.)
Post: #23
RE: Corporate Governance Case Studies edited by Mak Yuen Teen (CPA Aus)
While i do take issue with the way the study is made - it looks for problematic companies and then analyzes them (committing the error of confirmation bias), but the first rule of investing is "Don't Lose Money" and so it might not be a bad thing to commit type 1 errors (false alarms).

Top warning signs of a company in trouble: report

There are at least 16 early warning signs and red flags signalling potential woe in the companies you invest in – and learning what they are could make you a savvier investor.

A new report by corporate governance advocate Mak Yuen Teen purports to help investors spot early signs of trouble, using a model that analyses a company’s business model and its key events and transactions.

http://governanceforstakeholders.com/201...le-report/

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19-04-2019, 11:19 PM.
Post: #24
RE: Corporate Governance Case Studies edited by Mak Yuen Teen (CPA Aus)
I think it’s always more illuminating if one looks at the cash flow

For example having a lot of cash yet have a lot of debt and saying it’s net cash position. Then pay script dividend instead of cash dividend or tap capital markets. Low interest earning despite huge cash. Irrelevant or exorbitant M&A to try to cover the hole

Then there is of course the character of management whether they are for themselves or shareholders. For example a rough rule of thumb is when top management take home more than ⅓ of net profit. Are the structuring always benefit their own vested interest eg placement or rights issue.

Loss of sponsor or ID or auditors or SGX query is generally tad too late
=========== Signature ===========
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)

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05-10-2019, 09:46 AM. (This post was last modified: 05-10-2019, 09:46 AM by weijian.)
Post: #25
RE: Corporate Governance Case Studies edited by Mak Yuen Teen (CPA Aus)
This is probably an open secret, i suppose?

When should cessation of directors and key officers be announced?

Beyond the issue of timeliness of announcement of the cessation of the senior finance executive, it is a concern that in the space of five days, we have seen the departure of the most senior finance executive from four recent Catalist listings. SGX should look into whether any of these cases involved the appointment of a senior finance executive on a fixed term contract, with the aim of ensuring a successful listing after which the senior finance executive will leave. Investors in these companies should certainly keep a close eye on these companies as turnover of senior finance executives is often a warning sign of trouble ahead.

https://governanceforstakeholders.com/20...nounced-2/

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