Are things improving at YuuZoo or is it more of the same with no real change?
The company continues to be queried by the Singapore Exchange for its disclosures and its responses to these queries have only raised more questions with no substantive answers in sight.
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ON October 2, YuuZoo Corporation (YuuZoo) announced that it has added two new independent directors from Finland and five new members to its top management team. It added that with the two new board appointments, four out of the six board members are from Finland, which it said is ranked No 1 on the 2017 list of the World's Most Transparent Countries and is outstanding in corporate governance based on the 2017 World Corporate Governance Index.
Good corporate governance is not just about adding board members with impressive profiles (or from reputable countries). Companies such as Enron, Satyam and Theranos, just to name a few, had boards stacked with impressive names but that did not prevent them from imploding in scandals.
The fact that YuuZoo has a founder and chairman from Finland has not stopped serious and unanswered questions being raised about its corporate governance, disclosures and accounting practices.
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