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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.

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Outstanding issues

Respondents brought up the issue of how to strike the right balance between having a system incorporating key aspects of good governance practices into legislation, while also maintaining flexibility and not being overly prescriptive. This is in essence addressing the basic question whether a system of governance should be based on either rules – mandated standards – or principles – general guidelines. A system of principles-backed rules might be emerging, thereby merging the two approaches.

English

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