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Absolutely right.@Jake Sully wrote:This is an interesting topic. I always see the directors' shareholdings (DRS) and sale/purchase disclosures before buying.
If any of you try to reconcile DRS of yearly AR to AR using the individual company disclosures provided in CSE website, for most of the companies it will not tally.
So I assume the staff in the CSE are doing just a clerical work of uploading the company disclosures after the senior officer writes 'pls circularize'. They don't even do a random check to see the completeness of the company disclosures.
It's not practical to extend the rules beyond directors and their immediate family.
I don't know about the other firms but big4 has their own independence declaration for its staff both firm wise and client wise. So any 'professional' staff should not be breaching their independence declarations.
If the directors still want to exploit the insider info then they can use an unrelated third party like in the case of Galleon Rajaratnam.
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