Corporate Governance in Asia 2011
Progress and Challenges
In 2003, the Asian Roundtable on Corporate Governance produced recommendations to improve corporate governance in Asia, based on the OECD Principles of Corporate Governance. This report summarises the results of a stocktaking exercise to determine progress made to date and the challenges remaining in the implementation of these recommendations. Included in this book are valuable insights into corporate governance rules and practices of listed companies in Asia, notably: shareholder rights, the protection of non-controlling owners, transparency and disclosure, as well as the role of company boards.
The role of stakeholders in corporate governance
While adopting some of the more advanced aspects of developed market insolvency regimes, a number of Asian economies still face challenges to put in place the fundamentals to actually implement them. The main task of public officials in protecting creditors’ rights includes enforcing the law. Improved enforcement requires strengthened institutional capabilities, which in turn require training, knowledge transfer, and leadership to eradicate corruption. To deal meaningfully with creditors’ rights, Asian regimes should also continue to work on the fundamentals of insolvency laws and procedures.