Datapulse's compliance review: holistic or compromised?
Putting Wayco deal, recent appointment of directors together with a review of other past events carry the risk of diluting the depth of the review with regards to what's relevant.
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ON February 23, SGX issued a Notice of Compliance to Datapulse Technology, which directed the company to undertake an independent review of its internal controls and corporate governance practices on the following:
SGX's notice makes specific reference to the company's announcements on December 11, 12, 15 and 28, 2017 and January 30, 2018. Clearly, SGX's intent was for the review to focus on issues relating to these announcements.
However, on March 11, when the company announced the appointment of RHTLaw Taylor Wessing LLP to undertake the review, it said that the review will cover the adequacy of the company's internal policies, processes and procedures to the evaluation and approval of mergers and acquisitions, and conflict of interest since November 23, 2000. It was also expanding the review to include the terminations, resignation and removal of directors for the same period. It said that this will make the recommendations more "holistic".
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