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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » SEC Annual Report: No show of Indrani and thankless to ex-DG Malik

SEC Annual Report: No show of Indrani and thankless to ex-DG Malik

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ravindu7silva


Stock Analytic
Stock Analytic
In what is perhaps a case of sheer oversight or disregard for detail and courtesy, the 2011 Annual Report of the Securities and Exchange Commission (SEC) has failed to recognise the Immediate Chairperson and Director General who were part of the organisation for almost entirety of the year under review.

On record former Chairperson Indrani Sugathadasa and Director General Malik Cader were on the job for 11 of the 12 months of 2011, yet the SEC’s Annual Report has not only been conspicuous by its silence but gone thankless to former DG whilst the former Chairperson too had been downplayed.
The SEC’s 2011 Annual Report released yesterday hadn’t included Sugathadasa in the profiling of Commissioners. The best practice would have been to include her with a note indicating duration of her stewardship during the year (11 months) as it is done in annual reports. The same could have been done for Cader too in the profiling of senior management of the SEC in the Annual Report.
Top career civil servant Sugathadasa served as Chairperson of the SEC from early May 2010 to 30 November 2011, for 19 months. The only reference to past Chairperson and thanks came from Acting Director General Prof. Hareendra Dissabandara, though he failed to mention his predecessor and longstanding senior official at the Secretariat Malik Cader.
The usual best practice is that if a senior executive and in this case Director General has left the organization just before the release of the Annual Report, the incumbent administration makes it a point to include the person/s as part of records.
Cader left the SEC on 1 November 2011 after being the Director General for one year, which was the climax of his 13-year stint at the SEC.
Analysts said that including reference or description of immediate past Chairman and Director General may not be required by law, but is part of best practices.
“Though these ex-members of the SEC may not personally want any recognition or acknowledgement, the onus is on the organisation to duly record same, especially since it is concerning the Chairman and the Director General, the two topmost positions in the organisation and the period under review in the Annual Report were under their leadership of it,” they added.

http://www.ft.lk/2012/06/07/sec-annual-report-no-show-of-indrani-and-thankless-to-ex-dg-malik/



Last edited by Kumar on Thu Jun 07, 2012 1:30 pm; edited 1 time in total (Reason for editing : Source included)

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This is an annual report. for last year perfomance wise we are the worst market in the world. so why are we thanking any one. they were paid salary not to make worst maket in the world with over 7% (IMF) GDP growth IN THE COUNTRY.No need to thank making worst market in the world. I am also need to say they are not the only responsibal party for the market down turn. but they one of the main players for the market down turn.

ravindu7silva


Stock Analytic
Stock Analytic
"Nodanna kama maha mudali kamatath wada lokuya"

The editor of the FT should check past SEC annual reports and should talk about it. In the past also they have published only exsiting Chairman/DG reviews. How come a person who is not in an organization talk about it and its future plans.

This is the same editor who went to Japan for an investor forum organised by a private party and came back and published an article saying that the market is down becuse the SEC has started investigations. His view is all those high networth investors who manipulated the market should not be investigated.

Shame on you Editor Daily FT

kamal9perera


Stock Analytic
Stock Analytic
I agree, Editor Daily FT has a hidden agenda. Last week when the Chairman of the SEC informed the Ministry of Finance about a cessation of a Commission member for non attendance for 3 consecutive commission meetings editor FT said there is a crack in the SEC. Any idiot can understand the SEC stance. The SEC chairman clearly mentioned that in his reply to the Editor
Editor FT has an agenda and he wants everyone to support it. That is his for his own benefit and not for the market. Check out the articles that he publishes now
His stance is
• Don’t regulate
• Don’t investigate those big time investors since they give me advertisements
• if you don’t listen to me I will attack you for unnecessary things
It’s a shame; it’s high time to boycott this stupid paper. Any way it is being circulated only in the Western Province

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