Exchange transfers regulatory oversight of RUSAL to SFC
SEHK, 24-Dec-2013
Rusal (0486): Barry Cheung Chun Yuen resigns as INED
Company announcement, 27-May-2013
"to focus on personal business matters". Amazingly, the Stock Exchange has started waiving its new rule on requiring one-third of the board to be "independent". Rusal was at 5/18 before Cheung resigned, and 27.8% is "very close" to one-third, they say. Presumably 3/10 (30%) or 3/11 (27.3%) is also OK? This effectively reduces the minimum to one quarter (25%).
CE accepts Barry Cheung's resignation from public service positions
HK Government, 24-May-2013
"on the grounds that Mr Cheung is under police investigation". Mr Cheung remains an INED of AIA (1299 and Rusal (0486). He is also Chairman of Harrow International School HK, amongst other things.
Rusal and the retail investor
Reports say the SFC wants to prohibit the retail offering of Rusal and/or require the company to adopt a massive board lot for trading in its shares. Both measures would in fact increase the risk for retail investors, as we explain. The SFC should stick to the principles of a disclosure-based market and focus on legislative reform to increase the deterrent to prospectus fraud. (20-Dec-2009)

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