The huge costs of complying with corporate governance and regulation are starting to have a negative impact on business and could restrict growth, AXA Asia Pacific Holdings chairman Rick Allert said yesterday.
Mr Allert said there were signs that governance and regulation requirements were becoming overly prescriptive and bureaucratic.
"They are impeding business efficiency and adding to the cost of operations without bringing discernible advantages for customers," Mr Allert told shareholders at the annual general meeting.
"Left unchecked, this trend will have a negative impact on our customers and shareholders, and could hinder our ability to grow, and also could mitigate against the critical national interest in increased long term savings."
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