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Corporate Governance in Asia 2011

Progress and Challenges

image of Corporate Governance in Asia 2011

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.

English

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Disclosure and transparency

The 1997 Asian financial crisis proved to be a watershed event adding to the urgency for strengthening disclosure rules and enforcement of accounting, auditing and nonfinancial disclosure standards. While jurisdictions varied widely in terms of accounting and auditing practices, the 2003 White Paper recommended full convergence with international standards as a goal to be achieved over time while recognising the practical challenges imposed by local conditions.

English

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