Tuesday 27th April 2010

Dear Reader,

OK, so did you guess right? Here's the answer to yesterday's question...

MTR Director's Dodgy Degree
Choo-choo! From yesterday's story on Barrington University, we move down the track to unaccredited Kensington University, expelled from California and shut down by Hawaii, from which the MTR Operations Director has a degree in engineering. He is also an adjunct professor at a HK university!

Mengniu Dairy CEO's unaccredited MBA
Moo! Who's got a dodgy MBA then? The CEO of China Mengniu Dairy has, along with several other listed company directors we identify. (26-Apr-10)

The Post Office Investment Fund
Following yesterday's Audit Commission report on Hongkong Post, we look at the potential closure of rural post offices, removal of its mail monopoly and universal service obligation, and its cash-rich balance sheet and prime property. We also discuss the Government's tendency to stash pots of money away in different bodies rather than pass recurrent spending through the budget and the Legislative Council and manage its liquid funds centrally. (22-Apr-10)

Shareholders veto HKEx resolution
Following our recommendation, Webb-site.com is pleased to note that investors have sent a clear message, voting by 70.2% against a proposal to allow the company to bypass board meetings and pass resolutions with a simple majority of signatures. We now call on HKEx to make this right by amending the Listing Rules to prohibit such articles, which would weaken corporate governance. (22-Apr-10)

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