These recommendations include: A Simple Due Diligence Disclosure Document, Management Attestation, Standardized Financial Reporting Requirement, and Consistent Regulation of Financial Intermediaries.

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Ordinary shareholders across Asia are starting to take action to force local corporate elites to improve financial disclosure, stop appointing incompetent relatives and pals to top management and board positions and cease treating public companies as vehicles to enrich themselves instead of all shareholders.

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Pillar 2 focuses on the governance and risk management systems, while the third pillar revolves around the disclosure of a firm?s financial condition.

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