To exhort listed companies and their top executives to follow ‘good business practices’, regulator Sebi cleared new corporate governance norms that require them to justify CEO salaries, put in place whistle-blower policies and have orderly succession plans. Continue Reading →
Tag Archives | international
In 2012 Cambridge University launched a Masters degree in Corporate Law (the MCL), which offers students the opportunity to engage in detailed study of the legal and regulatory framework within which companies are governed and financed.
The MCL, a full-time nine-month program, is taught by the Cambridge Law Faculty’s team of corporate lawyers, widely recognized as one of the strongest in the corporate law field. The MCL, the first entirely new degree in Law to be established by Cambridge University since the nineteenth century, has been designed to combine Continue Reading →
The next European Academy of Management conference will take place in Valencia (Spain) between the 4th and the 7th of June 2014. The conference will be held at the Valencia Conference Centre and the Faculty of Economics of University of Valencia. The theme of the conference, Waves and Winds of Strategic Leadership for Sustainable Competitiveness, is aimed to open an interesting and fruitful dialogue about how management research and education can contribute to the enhancement of new waves and winds of strategic leadership that will stimulate a balanced and sustainable view of competitiveness in our societies. Continue Reading →
These are some fairly raw notes from the June 2013 ICGN Annual Conference in New York City. I was unable to attend the second day but the first day was great. Don’t miss the 2014 ICGN Annual in Amsterdam, 16-18 June.
Opening Remarks by Jon Feigelson, Senior Managing Director, General Counsel and Head of Corporate Governance, TIAA-CREF and Roger W. Ferguson Jr., President and Chief Executive Officer, TIAA-CREF. Continue Reading →
KOLESNIKOFF Governance touts itself as “the only professional provider of independent proxy voting and governance research on ASX listed companies and capital markets which is accessible by all investors.” According to their website:
We fill the void in professional corporate governance and proxy voting research available to Australia’s retail, self-funded and self-managed superannuation fund (SMSF) investors, who have previously had no way to access costly reports prepared for institutional clients. Continue Reading →
I look forward to seeing many of you at ICGN‘s forthcoming Annual Conference, hosted by TIAA-CREF and taking place from 26th-28th June at the Grand Hyatt Hotel in New York. A summary agenda is accessible via this link for more information. Please visit the ICGN website where you can register. See my 2010 coverage. Continue Reading →
PIRC and Robbins Geller Rudman & Dowd LLP are pleased to announced that the Corporate Governance and Responsible Investment Journalism Awards 2013 are now open for entries. These awards are intended to recognise those journalists who are helping record and clearly explain the issues emerging in these vitally important areas. Continue Reading →
A three-year engagement by PRI signatories has resulted in improved transparency and disclosure of anti-corruption strategies, policies and management systems by several global companies with significant exposure to corruption risk. Continue Reading →
Governance scholars debate the relative importance of country characteristics and firm characteristics in understanding variations in corporate governance practices of firms in emerging economies. One of the main questions is whether weak or incomplete public institutions dictate the governance quality of firms located in these countries. Results of analysis in this paper provide evidence that many emerging economy firms distinguished themselves above and Continue Reading →
Guest post from Glenn Furuya, courtesy of Pacific Business News, 1/18/2013, page 31. The article caught my eye soon after returning from the funeral of my wife’s great aunt, Kay Kramer (98), who embodied the three cultures Furuya discusses below, both in the flesh and through her work and life.
Having read hundreds of publications and worked side-by-side with many successful leaders in Hawaii for over 30 years, I believe that Hawaii’s cultural context contributes significantly to effective leadership.
Although few outside these Islands may recognize it, many of our leaders possess a “hard-wiring” that produces outstanding results. Many who have heard my presentation on island-style leadership agree. The following five examples will give you a feel of the inherent potential of island-style leadership. Continue Reading →
Chevron’s subpoena of e-mails in this case goes well beyond the individual players and is a threat to the communication rights of all shareowners. Action: Please take 60 seconds right now to send a message similar to the following to Chevron:
I write to protest Chevron’s subpoena seeking emails and communications from Trillium Asset Management and Simon Billenness to hundreds of organizations, investors and individuals active in challenging Chevron on its oil pollution crisis in Ecuador.
Your action is without precedent. Never before have shareowners faced such a legal challenge for merely communicating with each other. This is a brazen attack on shareholder rights. I urge you to reconsider your position and withdraw your subpoena.
I share the following from the Needmor Fund and Zevin Asset Management on behalf of everyone who is concerned with the rights of shareowners and the rights of people: Continue Reading →
Shriram Subramanian, the Founder and MD of InGovern Research Services, in a recent interview with “Report Insights” highlighted the importance of proxy advisory firms in Indian capital markets. The extracts of the interview can be read in InGovern’s monthly publication: Governance Watch – December 2012 Newsletter
Does Singapore have what it takes to be #1… in the world? The latest CG Watch Market Scores for corporate governance compiled by the Asian Corporate Governance Association revealed that Singapore tops the table in the region, with a score of 69.
Hong Kong and Thailand round out the top three, with 66 and 58 points respectively, closely followed by Japan and Malaysia, which with 55 points each. Continue Reading →
I was delighted to see that one of the stocks in my portfolio, Infosys ($INFY), has been ranked #1 in corporate governance by IR Global Rankings (“IRGR”). (Infosys is number one for corporate governance practices: IR Global Rankings, The Economic Times, 12/13/2012) That sounds like quite an achievement. Unfortunately, when I tried to find more about the basis of the award, I couldn’t really verify the assessment. From what I know, Infosys has better corporate governance than most, but is it really the best? Continue Reading →
Jay M. Hoffman and Melissa Ghislanzoni of Miller Thomson in Toronto recently posted Empty Voting – Waiting for a Regulatory Response. While focused on Canada, the post applies equally to the US. The recent Telus decision of the British Columbia Court of Appeal “appears to signal a green light for the continuation of empty voting, at least until a regulatory response is implemented.” That case involved Mason Capital Management LLC, a US hedge fund. The Court found no violation of law, ”to the extent that cases of ‘empty voting’ are subverting the goals of shareholder democracy, the remedy must lie in legislative and regulatory change.” Continue Reading →
A range of videos on the subject. The most recent EU proposal sets out a 40% “objective,” with unspecified sanctions against companies flouting the rules. The proposals would require companies to have clear, gender-neutral criteria for choosing non-executive directors and that if candidates are found to be equally qualified, then preference should be given to women. As long as companies have suitable systems in place, it appears they will not be penalized if they do not manage to meet the 40% level by 2020. (EU defends women-on-boards plans, BBC, 11/14/2012) Continue Reading →
4th International Conference on Corporate Governance in Emerging Markets, August 23-24, 2013 at the Indian School of Business, Hyderabad, INDIA. Submission Deadline: February 28, 2013 Continue Reading →
The International Finance Corporation (IFC), a member of the World Bank Group, in conjunction with the International Center for Journalists, has produced A Guide to Reporting on Corporate Governance designed for reporters and editors with experience covering business and finance. The goal is to help journalists develop stories that examine how companies are governed, and spot events that may have serious consequences for the company’s survival, shareholders and stakeholders. Continue Reading →
Since the Cadbury Report was published in 1992 in the UK, there has been increasing emphasis not just by UK regulators but also by regulators from other countries, including the USA and Continental Europe, of the role of boards of directors in corporate governance. However, 20 years down the line it is still uncertain whether boards of directors are able to fulfill the important role they have been assigned by regulators. For example, the academic literature on the impact of board composition, in particular the proportion of outside, non-executive directors, is as yet inconclusive as very few studies have Continue Reading →
Abstracts from a few papers posted this month to the Social Science Research Newtork.
Hall, Thomas W. and Jörgensen, Fredrik A., Ownership and Performance in Europe (2012). Forthcoming, Review of Business. The authors consider the relationship between performance and ownership concentration in a large number of publicly traded and privately held companies located in smaller European economies (Austria, Belgium, Finland, Ireland, and Ukraine). Continue Reading →
The European commission is threatening radical measures to increase the number of women in boardrooms. Under proposed legislation, publicly listed companies in Europe will be fined if fewer than 40% of their non-exec board positions are occupied by women come 2020. Continue Reading →
The year old public interest association, Finance Watch, has become a regular at Brussels regulatory events and was described recently as “influential” by the Financial Times. That’s a great start for their ambitious program with its mission to make finance serve society. Wouldn’t that be nice? Continue Reading →
The Asian Corporate Governance Association (ACGA) released “CG Watch 2012,” their sixth joint survey on corporate governance in 11 Asian markets undertaken in collaboration with CLSA Asia-Pacific Markets since 2003. Continue Reading →
The Global Unions’ Committee on Workers’ Capital (CWC) is an international labor union network for dialogue and action on the responsible investment of workers’ capital. The CWC Secretariat is hosted at the Shareholder Association for Research and Education (SHARE), a leader in responsible investment services for institutional investors. In her capacity as International Program Director at SHARE, Priya Bala Miller executes strategic planning, coordination and program development for the CWC. Prior to joining SHARE, Priya worked with UN agencies and international NGOs as an advocate for corporate social responsibility and sustainability. Continue Reading →
India’s InGovern Research Services Pvt. Ltd. ”assists financial institutions and investors that have financial, investment or reputational exposure to public-listed companies in India by providing our clients with corporate governance reports, proxy analysis and proxy voting solutions.” Their recent report, Analysis of Mutual Funds Voting for 2011-12, finds little progress when it comes to mutual funds participating in corporate governance and taking their fiduciary responsibilities regarding proxy voting seriously. Continue Reading →
International Corporate Governance stands out as textbook that looks at the topic from a truly global standard. Author Marc Goergen first came to my attention in the 1990s as a member of the European Corporate Governance Network (ECGN), since renamed the European Corporate Governance Institute (ECGI). He brings both breadth and depth to a wide range of topics presented in lay terms. Continue Reading →
The following is a guest post by by Sonia Jaspal from her blog, Sonia Jaspal’s RiskBoard, originally posted on June 12, 2012. I’ve added a few links, a couple of ads and reformatted the post slightly. Continue Reading →
BNN’s The Street is delivering an in-depth look at the growing number of shareholder uprisings. Activist investors are speaking out out at CP Rail, Yahoo, Astral Media and elsewhere. And, they’re not just taking on management. They’re winning their battles too. Click here for more. Continue Reading →
Corporate Governance and the Global Financial Crisis: International Perspectives by William Sun, Jim Stewart, and David Pollard addresses the worldwide crisis that cost Americans an estimated average of $188,000 per household. We will be paying back that debt for decades… or perhaps more accurately, our children will be paying back that debt. Yes, we’ve passed the usual spate of laws after a financial crisis and regulations are still being written, but almost nobody I talk to, except perhaps those on Wall Street, thinks we have solved the issues. This book discusses some of the weaknesses, such as executive pay, risk management, board practices, regulation capture, the failure of shareowners to obtain and/or exercise rights, etc. Perhaps more importantly, many of the contributing scholars offer possible solutions. Continue Reading →
Shareholder Democracies?: Corporate Governance in Britain and Ireland before 1850 addresses a central issue. Current governance structures often allow managers to pursue their own interests. According to some, a dissemblance of democracy has led to “elitism and self-interest in the boardroom,” resulting in Continue Reading →
Investing in Japan by Steven Towns carries the subtitle, “There is no stock market as undervalued and as misunderstood as Japan.” Towns might be right. He guides the reader to plenty of undervalued companies but Continue Reading →
To do more jumbo deals in a tougher world, Indian firms need to tackle a glaring area of weakness. This is their complex structures, which mean cash flows are spread thinly, and their dislike of issuing equity for fear of diluting their controlling shareholders. Both factors combined make it hard to marshal resources without resorting to risky levels of debt. India’s second-biggest group, Reliance Industries, scores well on the first count, and has the financial firepower to spend perhaps $15 billion safely. But few others do. On February 25th Vedanta, a London-listed natural-resource firm with assets mainly in India, launched an operation to merge its domestic units and clear up a sprawling empire. More firms need to do the same.
That’s the conclusion of Running with the bulls: Are Indian firms really going to take over the world?, The Economist, 3/3/2012. Although they’ve gotten a lot of press, India’s share of global cross-border deals by value has been relatively small, about the same as buyers from Brazil and Russia, well China. Moving away from holding chains with dominant shareonwers may hold a key to enabling more promising acquisitions.
More than 400 participants turned out for the 2012 Forum of Corporate Governance for Listed Companies, which opened at the Shanghai International Conference Center on March 1. Continue Reading →