The Securities and Futures Commission (SFC) today published the latest issue of its Enforcement Reporter in which it reminded the senior management of listed companies about the high standards expected of them. Directors and senior executives are urged to honestly and diligently discharge their duties to prevent fraud, manage conflicts of interests, promptly disclose inside information and always put the company's interests before their own in order to protect the interests of all shareholders as well as to protect themselves from investigation and enforcement action.
The newsletter also outlines some of the SFC's enforcement powers under the Securities and Futures Ordinance relating to senior management accountability and summarises some of its recent cases relating to directors and senior executives.
In addition, the newsletter reminds directors and senior executives of the SFC's recent guidance on valuations in corporate transactions, which warns against relying on a valuation to justify the amount of consideration in a corporate transaction when it is clearly imprudent or unreasonable to do so.
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