The print and electronic media play an extremely important part in the campaign to ensure good governance in all facets. Well-managed, widely held public listed companies and good cooperative societies are an integral part of spreading the income and wealth of our well-endowed country.
Intellectuals, professors, doctors, lawyers, dedicated leaders have contributed. My recent contribution, quoted below, was to re-emphasise my taglines: “GGS – ATTT” meaning “Good Governance Structures” encompassing “Accountability, Transparency, Truth & Trust”. *ee4Cs – “enhance, empower, Creative, Competitive, Caring Capitalist enterprises (including vital human capital of skills, experience, wisdom), which shares equitably the profits/benefits with shareholders. *dd3Cs – “debilitate, destroy, Corrupt, Crony, Capitalism”.
Following are excerpts of my submissions made at meetings to Delist Shares.
Denial of true copies of vital valuation reports re Delisting
Dear Chairman & the Board, fellow shareholders, the Controlling Interest & Related Parties (CI&RP), Auditors/Valuers and so-called “Independent Directors” nominated/elected, and their remuneration decisions made by the CI&RP. Is there any independence?
- It gives me great pleasure, and privilege, to do my intrinsic duty of upholding the interests of the Authentic Independent Minority Shareholder (AIMS), to build a fair equitable and egalitarian Enterprise Society (ES) which will enhance the image/value of our SEC/CSE, economy and our country. Our country needs Foreign Investments, Foreign Currency, etc. for the very survival of its citizens at this critical juncture. It is well established that good investors will come only when the Lankans have confidence in their stock market.
- There are groups of ‘Mercenary Crony Minority Shareholders’ (MCMS) organised by the CI&RP to persuade SEC/CSE to commit heinous crime to impoverish the AIMS while unjustly enriching the CI&RP, by delisting valuable companies offering viciously planned, artificially depressed exit prices!!
- I was firmly denied copies of the expert’s valuation reports. The Secretaries/officials/stockbrokers made personal calls to the shareholders to get their proxies. It was a mighty campaign by CI&RP to deny essential requirements of the Authentic Independent Minority Shareholders (AIMS) to make a well-informed decision. They had an obedient team of valuers/opinion givers to try and achieve Delisting objective choosing appropriate methodology. The Malaysian Chief Representative claimed high qualifications (Chartered Accountant/Chartered Valuer). He stated that the valuation should be accepted as final and should not be challenged. It is dictatorial in concept, which is familiar to us, and has been strenuously resisted by all decent right-thinking persons/institutions. It was also pointed out that most bribery, corruption, and fraud in state owned enterprises (SOEs) and corporates have been executed by well qualified persons!!
- Some “Independent Directors” (IDs) are still serving for 12-30+ years. However, somewhat mildly Independent Directors were eased out from Directorships early.
- In the background of my family motto of “Always have the courage to ensure fairness and equity in all thought, deed, and expression”, I tried to ensure happiness of other shareholders. Even the CI&RP will enjoy true happiness when they realise that they have done the right thing by the smaller partners in the business.
- I have no enemies; only friends whom I challenge to do good along with me. Hope the CI&RP will join me in this endeavour. If they fail, it’s the bounden duty of SEC/CSE to protect the rights and interest of the shareholders and investing public, and obtain adequate compensation. Deterrent fine and punishment should be meted to the errant CI&RP as individuals without affecting the company.”
K.C. Vignarajah
(Acting in the best interest of the AIMS, investing Authentic IMS public, companies, SEC/CSE, economy and our country)
Goodwill to all, Malice to None,
The Courage to always do the correct thing,
Fairness and Equity in all thought, deed and expression.
Defend the defenceless, help the helpless;
Give voice to the voiceless, and hope to those without it,
Service to fellow beings is the best form of service to God
Web: http://vignaaims.wixsite.com/publicinterest.
