EVERGREEN FIBREBOARD BHD
KLSE (MYR): EVERGRN (5101)
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Jupiter
73 posts
Posted by Jupiter > 2018-03-24 12:29 | Report Abuse
Mauxi, you are not doing yourself or anyone any favor by repeating baseless and obviously wrong info.I will summarize what I posted before on this same topic of audit committee and 'false accounting'.
Evergreen's group level accounts are audited by a reputable external auditor. Including the auditors of the subsidiaries, there are 3 firms looking at all/parts of the group's accounts. They also engage 3rd party reputable audit firm to be their internal auditor. You can say Evergreen engages 4 audit firms.
The audit comm composition has been changed to better comply with good corporate governance. Henry is founder's grandson (previously Mauxi referred to Henry as founder's son) so he is not an independent director. Hence he excused himself from the AC. Jonathan has been with the group for quite a number of years, hence he might be SEEN as not being independent enough. Hence, he excused himself. Bear in mind that he didnt have to resign and if Evergreen was really trying to be funny with their numbers, wouldnt they have retained a 'friendly' party in the AC? Note that both Henry and Jonathan still sits on the board, ie they did not abandon Evergreen. Jonathan is a lawyer. If there is something funny going on in Evergreen, dont you think he would have resigned from ALL posts? Why take the risk of remaining on the board? Nirmala was brought in to fill out the AC and also to comply with better international practice of having a more gender balanced board composition. The above are all done in accordance with (might even have exceeded) good corporate governance requirements.