Something that I have been banging on about for years is the lack of independence of Mark Weldon and his New Zealand Stock Exchange [NZX.NZ] and the very lose structures built around Mark's fiefdom that are supposed to protect shareholders, mostly smaller ones like me.
Its partner in crime, the Securities Commission, has as much bite as Jaws with dentures and is as hands off as a doctor treating a patient with swine flu when it comes to any enforcement.
In Bruce Sheppard's column this last Wednesday he manages to articulate my feelings with alot more detail, finesse and institutional fact.
"The listing rules allowed NZX to grant waivers, of the rules. Shit, this meant that NZX could enforce its rules on everyone else but waive them for themselves. Worse as NZX investigated breaches and prosecuted them, judged the results of the prosecution and fined the offenders, this too created a terrible conflict. How would NZX treat itself if it were to breach the rules?" Read the full article here.
The waiving of NZX "rules" has been high in stockmarket news of late as they have been so busy waiving their own rules for various capital raisings that smaller shareholders are wondering whether it will be their company next that will dilute their shareholding in favour of bigger shareholders.
Essential reading for every small shareholder.
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c Share Investor 2009
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