atans1

The point of independent directors, commissioners, NMPs etc

In Corporate governance, Political governance on 12/12/2014 at 11:19 am

Here’s an extract from the Observer that puts the point of independent directors, members of commissions and NMPs into some perspective:

Shortly after commodity trading firm Glencore floated on the London Stock Exchange, its chief executive (and largest shareholder) Ivan Glasenberg addressed an industry dinner in London. During his speech he told a story about his company’s search for the independent directors needed to represent external shareholders once the company had gone public, which involved an adviser presenting him with a list of potential names for chairman.

“I read them and I said to him, ‘I don’t know any of these people’,” Glasenberg recalled. “To which the adviser replied, ‘That’s kind of the point’.”

With PM’s demanding a blank cheque in the coming GE, he’s obviously belongs to the Glasenberg school of tot. But Glasenberg led a team that made money for investors in Glencore, before and after it floated. Can PM say of the same of S’poreans who for voted the PAP? Excluding his ministerial team of course.

  1. His whole point was that he and his backers retain power to make money first and to hell with the rest?

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