“There are many issues and concerns that affect independent minority shareholders and a socially responsible organized voice to fight for their rights is a paramount need,” noted K.C. Vignarajah, well-known good corporate governance campaigner and spokesperson for the AIS.
He said the AIS emerged following a widely acclaimed Business Times poll on the stock market in which respondents overwhelmingly called for the setting up of an independent body to represent the rights and responsibilities of investors who don’t have any controlling interests in listed companies.
A group set up to formalize the AIS is due to meet again later this month ahead of a proposed meeting of a larger body of dedicated independent investors in early February.
Mr. Vignarajah said they are currently examining several applications that have been received for membership of the association and these would be finalized at the next meeting. He said the delay in formalizing the association stems from a keenness to form the AIS as near a perfect body as possible to withstand all types of pressures from vested interest and the market mafia. They are currently going through the legal process ahead of registration.
“We hope to complete this process in a few weeks,” he said.
The group which includes respected business professionals and ‘truly’ independent shareholders has also had two meetings of a larger grouping of investors.They also held a briefing for the media in October to explain the formation of the association and the reasons behind it which included fighting against mafia-type deals in the stock market.
“The Business Times has acted actively as a dedicated facilitator of the group, while the need for such an organization has also received wide and enthusiastic print and electronic media support. We are grateful to all of them,” he said.