WE are on the cusp of a potentially novel trend in corporate governance. For too long, it is always the shareholders demanding more disclosure, more transparency, better governance from the company's management. The board is used as the potent instrument which can enforce stronger accountability and responsibility from such management.

Enter Muddy Waters Research. This short-seller cum whistle-blower now rains down on companies to expose allegedly dubious business practices and lapses in corporate governance. It even has the audacity to proclaim its short position in the targeted company and its intent to bring down the stock price so as to make for itself a tidy profit. Its initial array of targets includes listed Chinese companies and recent attacks cover familiar global entities like Olam International and Noble Group.

Whistling duo