As one of the founder members of the then association for the minority shareholders of Mid-Med Bank plc and subsequently of the Malta Shareholders' Association, I congratulate the minister responsible for IT and investment for the stand he took to safeguard the government's minority interests in MIA in the controversy that arose over the company's decision on the allocation of a tax free shop at the airport.

Both shareholders' associations referred to above advocated, untiringly, the introduction of good corporate governance in the interest of minority shareholders in general.

Though the Malta Stock Exchange did introduce a Code of Good Corporate Governance, it ignored most, if not all, of the recommendations I put forward as chairman of the Malta Shareholders' Association (no connection with the Malta and Gozo Shareholders' Association).

I publicly expressed my views then, and I still maintain, that the code introduced by the stock exchange leaves much to be desired.

In fact, the minister's "serious doubts" over the MIA decision could very well be a confirmation of my belief.

Though the minister's stand was solely meant to protect the government's interest, the many small shareholders in Malta International Airport plc could stand to gain from such an action.

Whatever the final outcome of the controversy, the minister's action is commended. Surely such an action should serve to enlighten company directors on their obligation to exercise due diligence in the discharge of their duties.