{"id":138077,"date":"2019-01-15T09:01:09","date_gmt":"2019-01-15T01:01:09","guid":{"rendered":"http:\/\/www.fool.hk\/?p=1590"},"modified":"2020-12-16T16:18:07","modified_gmt":"2020-12-16T08:18:07","slug":"3-ways-to-protect-yourself-from-mismanaged-companies","status":"publish","type":"post","link":"https:\/\/www.hkmoneyclub.com\/en\/2019\/01\/15\/3-ways-to-protect-yourself-from-mismanaged-companies\/","title":{"rendered":"3 Ways To Protect Yourself From Mismanaged Companies"},"content":{"rendered":"

Nissan<\/a> CEO Carlos Ghosn\u2019s arrest in November for understating his pay shocked the world. \u00a0Nissan swiftly fired Ghosn, and committed to a full investigation and immediate steps to strengthen corporate governance.\u00a0 Nissan\u2019s stock price (7201: TYO) has dropped 10% since the arrest.<\/p>\n

It should be noted that at the time of this writing, Ghosn\u2018s case is still pending trial. \u00a0Nevertheless, the unfolding drama provides an excellent object lesson to retail investors on the importance of strong corporate governance, and what defenses can protect us when management runs amok.<\/p>\n

Government Regulation<\/strong><\/h2>\n

The Hong Kong Exchange<\/a> provides investors\u2019 first line of defense. It\u2019s the exchange\u2019s responsibility to enforce corporate governance and protect investors.\u00a0 That includes implementing the \u201cCorporate Governance Structure\u201d among all companies listed on the Exchange, and ensuring companies act in compliance with the Corporate Governance Code.<\/p>\n

Companies must adopt the mandated structure, which includes a Board of Directors, nine board Committees, a Company Secretary, three Consultative Panels, a Management Committee, and an external and internal auditor.\u00a0 The Code then gives detailed guidelines on the obligation and responsibility of each of these roles. \u00a0It also contains a list of disclosure requirements, including remuneration details, and any stock interests and short positions of the directors and senior management.\u00a0Companies that fail to comply with the Corporate Governance Code risk de-listing.<\/p>\n

Shareholder Activists<\/strong><\/h3>\n

Activist investors, who buy into companies in hopes of straightening out their operations, provide regular investors with a second line of defense. Traditionally, these activists focus more on the US than Asia, but that trend is certainly changing.\u00a0 In the last few years, a number of activist hedge funds have been raising their stakes in Asian companies, lobbying for shareholders\u2019 rights. \u00a0Profit motives notwithstanding, their banner issue is often governance.<\/p>\n

Witness Elliott Management\u2019s feud with Bank of East Asia<\/a> back in 2015; the former accused the latter of being mismanaged, and argued that it should be sold.\u00a0 It culminated into a lawsuit in 2017, with Elliott suing Bank of East Asia and its directors over a share placement.\u00a0As those legal proceedings dragon,\u00a0 Elliott still owns 8% of the bank.<\/p>\n

On a different scale, but no less important, Hong Kong\u2019s David Webb and his Webb-site Reports provide insightful commentaries and observations on companies.\u00a0 His famed report \u201cThe Enigma Network: 50 Stocks Not to Own\u201d in 2017 was a compelling read, causing quite a stir in the market.\u00a0 Most importantly, it exposed the potential problems these companies might pose to ordinary investors.<\/p>\n

Of these 50 stocks, some are \u201cbubble\u201d \u00a0companies with no actual business, engineered by the other listed companies that own them.\u00a0 Others exploited loopholes in the disclosure regulations to hide ownership interests, in order to amass voting power.\u00a0 All these masked the true operations of these listed companies, which could be harmful to the interest of small shareholders.\u00a0 After the report was published, the stock prices of 38 of these companies plunged suddenly, some by 90%.\u00a0 After the SFC launched an extensive investigation, four companies in the report were subsequently suspended from the HKEX.<\/p>\n

Signs of potential trouble<\/strong><\/h2>\n

If companies intentionally cheat, retail investors are less likely than regulators and industry experts to detect such foul play.\u00a0 But they can\u2019t completely protect you. To help safeguard your money, you\u2019ll need to serve as your own third line of defense.<\/p>\n

You can start by learning some of the common characteristics of companies with governance issues:<\/p>\n

    \n
  1. Too much power at the top, too many divisions beneath<\/strong>: <\/strong>Nissan suffered from an extreme concentration of authority in one person, and an ambitious yet delicate axial structure across three companies and two countries.<\/li>\n
  2. Results that defy reality: <\/strong>Toshiba, which plunged itself into a massive 2015 scandal after overstating seven years\u2019 worth of profits, provided too-good-to-be-true results even as the wider electronics industry took a beating.<\/li>\n
  3. Shadowy structures:<\/strong> The \u201cbubble\u201d companies spotlighted in Webb\u2019s Enigma Network report, many with stock prices well below HK$1, tended to involve complicated cross-holding structures designed to hide their operations from investors.<\/li>\n<\/ol>\n

    Any of the above characteristics don\u2019t necessarily mean that a company has governance issues\u00a0\u2013 but they all signal that Fools should exercise more caution than usual.<\/p>\n

    We live in an age of increasing transparency.\u00a0Companies that do not respect governance will eventually pay the price\u2013 but so will their shareholders.\u00a0 If we want to buy, hold, and profit from stocks for the long haul, we need to pay attention to the nuances of corporate governance just as closely as we examine financial and business fundamentals.\u00a0 While good governance doesn\u2019t exactly make a company, the lack of it can certainly break one.<\/p>\n

    *******************************************************************************<\/p>\n

    Want to know more about the Hong Kong market?<\/strong><\/p>\n

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    We\u2019ve recently published a Special FREE Report on the Hong Kong Market:\u00a0The 4 Rules for Winning in the Stock Market: A Foolish Guide for Hong Kong Investors<\/a>.<\/p>\n

    We highly encourage you to download a free copy right now\u2014click here now<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

    The arrest of auto legend Carlos Ghosn highlights why retail investors should care about \u2013 and watch out for \u2013 questionable corporate governance. 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