This chapter begins by describing the legal and regulatory framework that existed in Brazil before 2002, when the Novo Mercado was created by the Brazilian Stock Exchange (Bovespa), and the problems that prevailed there at the time. It then presents the types of remedies that were chosen to address the types of problems observed, which constitute the main Novo Mercado rules. It is not a typical set of corporate governance rules, although it was largely influenced by the dominant concepts and prescriptions in this field. Finally, it analyses both how the adoption of these corporate governance provisions has influenced the Brazilian market and whether there is already an outcome after ten years.

This chapter describes the corporate governance framework of Malaysia under the new concept of Growth with Governance master plan for capital market development. The goal of the plan is to promote economic growth and vibrancy of the market that is underpinned by an efficient corporate governance system. Following an overview of the corporate governance developments in Malaysia and Corporate Governance Blueprint that was published in 2011 by the Securities Commission, the chapter analyses the key challenges faced by the emerging markets in the area of corporate governance, such as heavy reliance on regulatory discipline, lack of corporate governance culture and complying with the bare minimum standards.

This chapter addresses the current corporate governance issues, such as remuneration, independent directors, external board evaluations, approval of the related party transactions and transparency practices, from a business perspective. The chapter concludes with some recommendations on the minimum number of board members, corporate governance training for board members, requirement for having women on corproate boards and remuneration of independent board members.