CTO: Reasons for not adopting CGC in 2010
24/5/2012 10:26
The Board of Directors of C.T.O Public Company Ltd would like to inform the investing public on the reasons for not adopting the Corporate Governance Code in 2010. The Company did not adopt the Corporate Governance Code for the following reasons, which are valid for the non adoption of the Code in 2011 as well:
“The Company has not adopted the Corporate Governance Code since its shares are trading in the Alternative Market of the CSE, where the enforcement of the Corporate Governance Code is optional.
The Company has not yet complied with the provisions of the Code since its enforcement would require a change in the Board of Directors.
The implementation of the Code requires increased cost as well as a well-trained person who will act as Compliance Officer. In this period and based on the size of the Company, the cost will not be efficient”.
“The Company has not adopted the Corporate Governance Code since its shares are trading in the Alternative Market of the CSE, where the enforcement of the Corporate Governance Code is optional.
The Company has not yet complied with the provisions of the Code since its enforcement would require a change in the Board of Directors.
The implementation of the Code requires increased cost as well as a well-trained person who will act as Compliance Officer. In this period and based on the size of the Company, the cost will not be efficient”.
