DESPITE the capital market's efforts to improve corporate governance, the appointment of independent directors, in many cases, remains one of form over substance, says Securities Commission (SC) deputy chief executive Datin Zarinah Anwar.
The persistent cases of minority shareholder exploitation demonstrated the failure of independent directors to give effect to the role and responsibility intended to be discharged by them, either by condoning the wrong of the executive director, or by being unaware of such wrong in the first place, she said.