Thesun 2009-01-05 Page21 Long Wait For Key Information

theSun

21

| MONDAY JANUARY 5 2009

speak up! letter

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Long wait for key information MALAYSIA has a lot of data. The problem is much of the data is ensconced tightly within the confines of government offices. Another problem is information is disseminated publicly only after a considerable time lag; by the time it is published, the figures are of academic interest rather than useful. Additionally, although information may be legally required to be released expeditiously, enforcement by the relevant authorities is, at best, patchy and, at worst, non-existent. Indeed, the laid-back attitude of government departments on this issue underscores their lack of awareness that making timely information publicly available is the life-blood of good decision-making, particularly among top policymakers and entrepreneurs. Two examples will serve to illustrate this country’s informationanorexic environment. First, two public-listed companies – Tanah Emas Corp and Chin Well Holdings – released their results and declared their dividends in August last year. When their annual general meetings were held four months later, the majority shareholders of both companies vetoed the resolution regarding the payment of dividends – even though this resolution had been endorsed by both companies’ directors at their board meetings. Two issues are involved. First, public-listed companies are legally required to inform Bursa Malaysia immediately of any circumstances likely to materially affect their results, prospects, revenue or profit estimate previously announced. By extension, this suggests directors also share a similar legal requirement. In times of share price volatility, non-payment of dividends could affect significantly a company’s prospects. If so, aren’t directors who are or represent major shareholders obliged to disclose immediately to Bursa Malaysia their change of stance regarding the payment of dividends? The flip-flop by directors who are or represent major shareholders over the payment of dividends

Stop the Gaza killings

in Thai and English by the National mestic product (GDP), highlights one fact – the Economic and Social Development Malaysia is even more extraordinary long time Board, the quarterly report also of a laggard. Last Friday, lag of six months beincludes the names of officials Singapore became the tween the close of the responsible for compiling specific first Asian economy financial year and the tables, their email addresses and to publish its estimate holding of a public listed extension numbers. of 2008 GDP growth. company’s AGM. By Lack of timely information could However, its estimate is any yardstick, this time increase entrepreneurs’ uncertainty based mostly on Octoframe is excessive. about the business environment. ber and November data; Assuming a compaIn such a situation, they are more the island will issue a ny’s financial year-end likely to adopt a wait-and-see atmore comprehensive is December, it is legally MakingSens titude, a stance that could stymie report in February. required to announce by Tan Siok Choo policymakers’ hopes of making Thailand will anits financial results private investment the catalyst for nounce its fourth quarwithin two months economic growth. ter 2008 GDP on Feb 23, less than – that is, before end-February. The To paraphrase a judicial maxim, two months after end-December. company is given another two information delayed may well be a In contrast, Malaysia will publish months to publish its annual report business opportunity denied. its 2008 GDP figure in late March, (before end-April) and yet another more than one month after Thailand two months to hold its AGM (before but in line with the IMF standard end-June). The writer is a director of a publicof releasing quarterly data within Nothing, however, prevents a listed company. Opinions expressed three months after the end of the company from initiating photograin this article are the personal quarter. phy, compiling corporate data and views of the writer and should not Even more praiseworthy, Thaidrafting write-ups on items unrebe attributed to any organisation land’s quarterly GDP report contains lated to the financial results even she is connected with. She can be a one-year schedule indicating the before the latter is released. contacted at schoo@noordinsopiee. date and time for the release of Why isn’t it possible for annual com. future economic data. Published reports of public-listed companies to be published within 10 weeks – instead of the current 16 weeks – from the end of the financial year? This will enable an AGM to be held much earlier – for example, within 12 weeks instead of the current half-year grace period. Draw No: 01/09 Draw Date: 04/01/2009 Second, much of Malaysia’s JACKPOT PRIZE economic data is released far too late. October’s trade numbers, for RM7,500,000 example, were released only last month. Although this is a significant improvement over the previous 1ST PRIZE (RM 3,000,000) four-month delay, it is one or two 7090344 months later than that for several 2ND PRIZE (RM 1,000,000) 2742568 major Asian economies. Last Friday, South Korea released 3RD PRIZE (RM 100,000) 7975740 its trade statistics for the full year. Even Thailand and India are far 4TH PRIZE (RM 50,000) 7996614 quicker than Malaysia. Trade data for November was available on Dec 5TH PRIZE (RM 20,000) 3735881 30 for Thailand and on Jan 1 this year for India. 6TH PRIZE (RM 10,000) 1813631 If Thailand and India, whose bureaucracy is often perceived as 10 STARTER PRIZES (RM 3,000 EACH) less efficient than their Malaysian counterparts, can publish trade data 2037086 3622308 4597347 with just a one-month time lag, why 5948385 6615364 6795567 isn’t it possible for this country to 45 SPECIAL PRIZES (RM 2,000 EACH) do likewise? As for information on gross do-

LET US help put an end to this madness that is engulfing Gaza. The killings cannot be allowed to continue. It is too much. Even places of worship and ambulances have been attacked. As I write this Israel artillery continues to shell the Gaza Strip stepping up the offensive against Hamas. The offensive has entered its second week and desperate residents cower in their homes. And now humanitarian agencies warn that food, water and medical supplies are running short. It is a desperate situation, yet nothing concrete can be seen to end the killings, now numbering more then 400. We in Malaysia have asked for some action to end these attacks. And the world community and the United Nations must act quickly. They must act now, as more and more bloodshed occurs and even children are killed. The killing of civilians must be condemned by all peace loving people. The world is against any form of violence, yet we do not do much to bring an end to it. Why? This is a humanitarian issue and not a Muslim issue. People of all faiths must help to restore sanity. And the dignity of the Palestinians must be restored. Bulbir Singh Seremban

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