That risk is all the more prevalent because the Securities and Exchange Commission this month allowed companies to disseminate price-sensitive information on social networks.

WSJ: Current Account: Capital Market Tech Snags Grow Alarmingly Frequent

The Korea Stock Exchange's only sanction against companies which fail to file earnings statements and other price-sensitive information on time is to suspend trading in the transgressor's shares for one day.

ECONOMIST: Asia��s stockmarket nightmare

The lack of progress on reforms and the reporting of price-sensitive information from companies like San Miguel through the media rather than the stock exchange is likely to deter all but the most courageous of investors.

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So even if the chief executive does not impart confidential price-sensitive information in the course of the paid-for meeting, the impression created that this might be happening would be seen as putting more moral or less well-heeled investors at a disadvantage.

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