SMU Associate Professor of Finance Jeremy Goh, who researches corporate governance, said: "When [the] CPF [Board] puts a stock on the list, the man in the street may have the perception that somebody has done the due diligence." It would be draconian for the CPF Board to disallow investments in individual shares altogether. But the current criteria are arguably too lax. Associate Prof Goh suggested that the CPF Board consider using some kind of corporate governance measure as a screening tool. He was commenting on the recent fiasco involving three local stocks which wiped billions off investors’ portfolios.