the independence and objectivity of credit rating operations; Transparency and timeliness of ratings disclosure CRAs should make disclosure and transparency an objective of their ratings activities; and

involved in preparing financial reports understand their roles and responsibilities relevant to the quality of the financial reports. Due to the in-depth understanding of both the nature of their business

general application, irrespective of national legislative frameworks or listing rules. As global recommendations, they should be read with an understanding that local rules and cultural norms may lead to

auditor’s understanding of his/her client. The planning and performing of these procedures, whether alone or in combination with tests of details, should be in accordance with the requirements of the relevant

conflicts of interest arising due to the relationships that may compromise or appear to compromise the independence and objectivity of credit rating operations; Transparency and timeliness of ratings

investment analyst by a regulator in an ASEAN country which is accepted by the SEC Office.1 1 an ASEAN country which is accepted by the SEC Office means a signatory to the Memorandum of Understanding on the

development of the financial reporting ecosystem; it is our belief that for the financial reporting to be reliable, the stakeholders in the ecosystem should be aware, and have a good understanding, of their

Principles. The Principles are developed with an understanding that corporate governance policies have an important role to play in achieving broader economic objectives with respect to investor confidence

/timeliness of the research • Evaluation of the objectivity and independence of the recommendations 10 MATERIALITY Governance Climate Change Location Company-specific Sector/Industry Investment Horizon CFA

understanding of their roles and building their readiness for discharging duties more efficiently and effectively. Additionally, the SEC reviewed the accuracy of financial reports of listed companies, supervised