首页 >> 行业热点新闻 >>关于公司治理 >> 国有企业的公司治理法规

Developing Corporate Governance Codes of Best Practice

时间:2011.12.28

    Good corporate governance makes good, hard-nosed business sense. Countries with strong corporate governance practices attract capital. Today’s domestic and international investors are likely to shy away from countries that do not guarantee investor rights, that do not provide for
adequate corporate disclosure, and that do not ensure sound board practices.


    Whilst globalization of economies has increased, and international corporate guidelines have been adopted, each country has its own values, societal norms, way of doing business, and special circumstances. Thus, to guide policymakers, market players, and corporations in adopting sound corporate governance practices at the local level, every country should endeavor to develop its own corporate governance code. It was with this knowledge that the Guidelines for Corporate Governance in the Commonwealth were written.


    Of course the principles and guidelines of a country code need to follow international governance standards. Yet, while applying their minds to incorporate international principles, concepts, and developments into a country code, crafting committees must also integrate the special
circumstances that pertain to that country.


    When developing a corporate governance code, it is preferable to have the support of the government as well as the business community. This does not mean that a corporate governance code should be enforced by way of statute, but it does mean that the code crafting committee and the various taskteams that draft the code need to be handpicked so that business leaders, regulators such as stock
exchanges, professional bodies such as lawyers and accountants, labor unions, and organized business such as chambers of commerce are all represented on the committee.


Many countries have now adopted corporate governance codes of best practices, but the governance of a company is a dynamic matter. A written code of best practice does not become the law of the Medes and Persians that altereth not. In fact, the code must be revisited, improved, and revised as the conduct of business changes in response to changing mores in society.


In short, the establishment of a code of best practice in a country is a continuous labor of love. It takes time and effort, and there have to be willing participants who want to do it in the interests of their country. Having regard to international institutional investment taking place across an electronic, borderless world, however, every country today should endeavor to establish its own code within the parameters of internationaly approved principles and guidelines of corporate governance.

 

Contents

Volume 1 - Rationale

MODULE 1
Importance of Corporate Governance
Defining corporate governance . . . . . . p. 1
Why is corporate governance receiving so much attention? . . . . . . . . . p. 6
How does corporate governance affect growth and development? . . . . p. 6
Increased access to financing . . . . . . . . p. 7
Higher firm valuation . . . . . . . . . . . . . . . . . . . . p. 9
Better operational performance . . . . p. 12
Reduced risk of financial crises . . . . . p. 14
Better relations with other stakeholders . . . . . . . . . . . . . . . . . . . . . p. 17


MODULE 2
Defining Codes of Best Practice
Types of best practice codes . . . . . . . p. 21
Codes of best practice for generic business activities . . . . . . . . . . . . . . . . . . . . . p. 21
Codes of best practice for listed companies . . . . . . . . . . . . . . . . . . . . . . . p. 22
Codes of best practice for specific types of companies . . . . . . . . . p. 24
Codes focusing on specific aspects of corporate governance . . p. 25
The environment of codes of best practice . . . . . . . . . . . . . . . . . . . . . . . . p. 27
International standards and guidelines . . . . . . . . . . . . . . . . . . . . . . . . . . p. 29
The status of codes of best practice . . . . . . . . . . . . . . . . . . . . . . . . p. 30
Codes and laws compared . . . . . . . . . . p. 32
Complying with codes . . . . . . . . . . . . . . . . p. 32

MODULE 3
Why Codes Are Useful
Building confidence . . . . . . . . . . . . . . . . . . . p. 37
Preventing financial crisis . . . . . . . . . . . . p. 37
Curbing corporate scandals . . . . . . . . . p. 39
Raising standards and driving reform . . . . . . . . . . . . . . . . . . . . . p. 44
Building consensus for reform . . . . . . p. 44
Adapting international standards . . . p. 44
Monitoring progress and guiding implementation . . . . . . . . . . . . . . . p. 47
Measuring corporate governance practices . . . . . . . . . . . . . . . . . p. 48
Guidance for company codes . . . . . . p. 50

ANNEXES
1 - Further reading . . . . . . . . . . . . . . . . . . . p. 54
2 – Examples of laws that affect corporate directors . . . . . . p. 56
3 – The German scorecard approach . . . . . . . . . . . . . . . . . . . . . . . . . . p. 58
4 – Summary of General Motors’ board guidelines . . . . . . . . . . . . . . . . . p. 60
5 – Comparison of selected corporate governance codes of best practice . . . . . . . . . . . . . . . . . . p. 65

Volume 2 - Process

MODULE 1
Initiating
Initiating and leading the process . . . . p. 1
The role of capital market institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 2
The role of the government . . . . . . . . . . . p. 3
The role of private organizations and professional associations . . . . . . . . p. 5
The role of the business community and financial sector . . . . . . . . . . . . . . . . . . . . . p. 7
Forming the crafting committee . . . . . . p. 8
Selecting a chairman . . . . . . . . . . . . . . . . . . . p. 8
Appointing a project manager . . . . . . p. 10
Appointing the committee’s secretary . . . . . . . . . . . . . . . . p. 12
Selecting the members of the committee . . . . . . . . . . . . . . . . . . . . . . . p. 13
Hiring consultants and experts . . . . . p. 15

MODULE 2
Managing
Getting started . . . . . . . . . . . . . . . . . . . . . . . . . p. 17
Developing a master schedule . . . . . . p. 17
Developing terms of reference . . . . . . p. 20
Dealing with difficulties . . . . . . . . . . . . . . . . p. 23
Dealing with outside resistance . . . . . p. 23
Dealing with internal challenges . . . . p. 26

MODULE 3
Consulting
Stakeholders and their level of involvement . . . . . . . . . . . . . . . . . . . . p. 31
Engaging stakeholders . . . . . . . . . . . . . . . p. 31
Prioritizing stakeholders . . . . . . . . . . . . . . p. 34
Time and resources . . . . . . . . . . . . . . . . . . . p. 36
Methods of consultation . . . . . . . . . . . . . p. 37
Consultation tools . . . . . . . . . . . . . . . . . . . . . p. 39
Consultation events . . . . . . . . . . . . . . . . . . . p. 44
Raising awareness through the media . . . . . . . . . . . . . . . . . . . . . p. 47

MODULE 4
Researching and Drafting
Researching the content of the code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 49
Setting up subcommittees or working groups . . . . . . . . . . . . . . . . . . . . . p. 49
Reviewing international best practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 51
Assessing the country’s corporate governance framework . . . . . . . . . . . . . . . p. 55
Assessing the country’s corporate governance reform needs . . . . . . . . . . . p. 57
Drafting and finalizing the code . . . . . p. 59
Selecting the main drafter . . . . . . . . . . . p. 59
Style and format . . . . . . . . . . . . . . . . . . . . . . . p. 60
Integrating consultation feedback . . p. 62
Reviewing and approving the code . . . . . . . . . . . . . . . . . . . p. 65

MODULE 5
Implementing and Monitoring
Launching and implementing the code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 67
Arranging the launch and disseminating the code . . . . . . . . . p. 67
Implementing the code . . . . . . . . . . . . . . . p. 70
Reviewing and updating the code . p. 73
Keeping the code current . . . . . . . . . . . . p. 73
Permanent corporate governance committees . . . . . . . . . . . . . . p. 75
Measuring the impact of the code . p. 77
Dealing with unsatisfactory results . p. 81

ANNEXES
1 - Sample tasks for a consultant contract . . . . . . . . . . . p. 85
2 – Sample engagement letter for a consultant . . . . . . . . . . . p. 86
3 – Evaluating the committee’s performance . . . . . . p. 88
4 – Sample letter for a telephone interview . . . . . . . . . . . p. 89
5 – Specimen letter of appreciation . . . . . . . . . . . . . . . . . . . p. 90
6 – Sample press release . . . . . . . . . . . p. 91
7 – U.K. code of practice on consultation . . . . . . . . . . . . . . . . . . . p. 93
8 – The Millstein report (1997) . . . . . p. 99
9 – Summary of a corporate governance country
assessment . . . . . . . . . . . . . . . . . . . . . . p. 102
10 –Corporate governance challenges identified by the regional corporate
governance roundtables
(2004) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 110
11 –Monitoring and enforcing corporate governance best practices in the
United Kingdom . . . . . . . . . . . . . . . . p. 112
12 –The review of the OECD principles of corporate governance . . . . . . . . p. 114

 

 

 

 


{literal}
{/literal}