Improving Corporate Governance:

Since 1Q05, all listed companies have been required to disclose IFRS statements (except banks and insurance companies).

The CMB requires that all companies (except banks), distribute a minimum of 30% of their distributable profit as dividends in 2006.

The CMB announced corporate governance principles and new disclosure requirements in 2005. Companies are required to disclose corporate governance measures in their annual reports.

All of these improvements may create new interest in some long neglected small cap. stocks.