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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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The responsibilities of the board

The OECD Principles provide that “board members should act on a fully-informed basis, in good faith, with due diligence and care, and in the best interest of the company and the shareholders.” Board members require experience, competence and knowledge in order to be “fully informed.” Several Asian organisations and associations have developed or are developing voluntary board member education programmes. Education and training should cover board members’ basic legal and governance duties, along with areas such as financial literacy, the monitoring of internal control systems, business strategy development, risk policies and budgets.

English

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