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National Kidney Foundation: CEO with a Golden Tap    
 
Product Ref: 06/293C Company: The National Kidney Foundation

Product Type: Case Industry: Public Sector & Non-Profit

Related Product(s): Teaching Note
Authors: Amy Lau   Emily Ho   Shirley Chan
In April 2004, Singapore's Straits Times uncovered in an article that T.T. Durai, CEO of the National Kidney Foundation (NKF), had been drawing on public donations to pay for his generous salary, perks and expenses. The media also discovered that Durai had installed extravagant fittings, including a gold-plated tap in his office bathroom. Singaporeans, especially donors, were outraged at how NKF had mismanaged donor funds. Finally, after intense public pressure, Durai and the NKF Board resigned in July 2005. This case illustrates the importance of governance, transparency and public accountability among social enterprises and the consequences of weak internal controls over financial reporting.
Functional Area : Accounting & Control
Social Enterprises & Ethics

Issues: The role of governance in corporate environment, consequences of inadequate internal control mechanisms
Length: Text: 12 pages
Exhibits: 5 pages
Country: Singapore (Rep. of)

Pub. Year: 2006 Level of Difficulty: 1
         
This product type is available in the following language(s):      English   Simplified Chinese
         
Related Information: N/A
 
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