Opinion | Wen's gone, Wu's not. So what matters more than integrity?
Huishang Bank director opted to quit amid probe, but Agricultural Bank director is staying on despite professional misconduct ruling
Huishang Bank is nowhere near Agricultural Bank of China in terms of size, status or influence. Yet it did something last week that seems beyond its giant rival.
Independent director Wen Jinghui resigned after informing the bank that he was being investigated by the China Securities Regulatory Commission.
Huishang provided no specifics but public records show that Wen, an auditor, signed off on the financial statement of mainland listing applicant Henan Tianfon Energy-saving Panel. The commission had earlier announced a probe into Tianfon's allegedly "inflated" numbers.
Less than two weeks before Wen stepped down, Agricultural Bank announced that its independent director Anthony Wu Ting-yuk - a former auditor - had been found guilty of professional misconduct by the Hong Kong Institute of Certified Public Accountants.
Yet, Wu remains a director and chairman of the bank's risk-management committee. The bank said it was "of the view that its business, operations and financial status have not been affected" by the institute's verdict on Wu.
Which is more serious: an investigation … yet to prove one’s guilt, or being declared guilty?
The listing rules say: "Every director of a listed issuer must satisfy the exchange that he has the character, experience and integrity and is able to demonstrate a standard of competence commensurate with his position as a director."
