THE stock exchange - like any corporation or government - has its fair share of vested interests, power blocs and factions.
The belief that the imprisonment of former exchange chairman Ronald Li Fook-shiu single-handedly transformed the exchange from a gentleman's club into an audited company is an illusion.
Just 12 months ago, during the stock exchange council elections, the cracks in the broking community were exposed.
What was supposed to be a secret ballot turned into a public farce. Candidates wooed voters with long, paid-for lunches or invitations to lavish social events.
A list of favoured candidates backed by one faction appeared and was distributed to voting members. Almost immediately, a second list appeared with a different set of candidates backed by a rival faction.
It was made clear to certain members which candidate they should support.
On polling day, exchange chief executive Paul Chow Man-yiu intervened in the sealed-off voting area to remove brokers distributing lists inside the venue, in contravention of the exchange's articles of association.
