good practice
international governmental initiatives
OECD Principles on Corporate Governance 2004
http://www.oecd.org/document/49/0,2340,en_2649_37439_31530865_1_1_1_37439,00.html
Originally developed in 1999 and revised in 2004, the OECD Principles on Corporate Governance have achieved international recognition as a distillation of global best practice. They are designed to help both member states and developing countries “…evaluate and improve the legal, institutional and regulatory framework for corporate governance and to provide guidance and suggestions for stock exchanges, investors, corporations and other parties that have a role in developing good corporate governance.”
Principles for Corporate Governance in the Commonwealth: Towards Global Competitiveness and Economic Accountability 1999
http://www.ecseonline.com/PDF/CACG%20Guidelines%20-%20Principles%20for%20Corporate%20Governance%20in%20the%20Commonwealth.pdf
The Commonwealth Association for Corporate Governance (CACG) was established in April 1998 in response to the Edinburgh Declaration of the Commonwealth Heads of Government meeting in 1997 to promote excellencein corporate governance in the Commonwealth. This edition of the CACG Guidelines represents the culmination of nearly two years research and development, which commenced following the Commonwealth Technical Policy Workshop held in 1998.
UNECA Guidelines for Enhancing Good Economic and Corporate Governance in Africa 2002
http://unpan1.un.org/intradoc/groups/public/documents/uneca/unpan009243.pdf
Good economic and good corporate governance are fundamental preconditions for the renewal of Africa. Current deficiencies in Africa’s economic and corporate governance structures indicate the imperative to develop guidelines to assist the continent’s countries to move toward improving their economic and corporate governance mechanisms. These guidelines have been prepared by the UN’s Economic Commission for Africa in response to a request by the Heads of State and Government Implementation Committee (HSGIC) of the New Partnership for Africa’s Development.
international non-governmental initiatives
Asian Corporate Governance Association http://www.acga-asia.org/
The Asian Corporate Governance Association (ACGA) is an independent, non-profit membership organisation dedicated to working with investors, companies and regulators to implement effective corporate governance practices throughout Asia. ACGA's scope of work covers three areas: i) research: tracking corporate governance developments across 11 markets in Asia and producing independent analyses of new laws and regulations, investor activism and corporate practices; ii) advocacy:
engaging in a constructive dialogue with governments, financial regulators and stock exchanges on practical issues affecting the implementation of better corporate governance practices in Asia; iii) education: organising conferences and seminars that foster understanding of the competitive benefits of sound corporate governance and ways to implement it effectively.
European Corporate Governance Institute http://www.ecgi.org/
The ECGI is an international scientific non-profit association. It's primary role is to undertake and disseminate impartial and objective research on corporate governance and undertake any other activity that will improve understanding and exercise of the highest standards in corporate governance. The ECGI offers a guide to corporate governance codes, principles and recommendations by country.
International Corporate Governance Network http://www.icgn.org/
The ICGN is a loosely organised network that provides investors, companies, academics and finance experts with a forum for expressing ideas regarding global corporate governance practices.
national initiatives
France: The Bouton Report - Promoting Better Corporate Governance In Listed Companies
The Bouton Report was issued in September 2002 to promote better corporate governance among listed companies in France. The report includes recommendations relating to (i) the role and operation of the board of directors (creation, composition and evaluation of the board of directors and of the audit, compensation and nomination committees); (ii) the independence criteria for board members and auditors; and, (iii), the nature and content of financial disclosure. The French Financial Security Act also prohibits statutory auditors from providing certain non-audit services and defines certain criteria for the independence of auditors.
Germany: The Cromme Commission
http://brief.weburb.dk/frame.php?loc=archive/00000160/
In September 2001, the German Justice Minister appointed the so-called Corporate Governance Commission (the Cromme Commission) to develop an action plan for improving standards of corporate governance for companies listed on the German stock market. In February 2002, the Cromme Commission presented its first version of the German Corporate Governance Codex (following the principal guidelines listed in the German Corporate Governance Code). This Codex of best practices contains standards and disclosure duties required for good corporate governance.
South Africa: King Report on Corporate Governance in South Africa
http://www.ecgi.org/codes/documents/executive_summary.pdf
The King Report on Corporate Governance (1994) - and its updated version, released in 2002 – is a groundbreaking document in the area of corporate governance. It emphasises going beyond financial and regulatory aspects of governance, advocating an integrated approach including principles of good social, ethical and environmental practice. It argues that the effectiveness of a corporation’s governance is best judged by its capacity to engage with and satisfy the concerns of a range of stakeholders.
USA: New York Stock Exchange Corporate Governance Rules 2003
http://www.nyse.com/pdfs/finalcorpgovrules.pdf
This document contains the final corporate governance rules of the New York Stock Exchange approved by the U.S. Securities and Exchange Commission on November 4, 2003.
UK: Combined Code on Corporate Governance
www.fsa.gov.uk/pubs/ukla/lr_comcode2003.pdf
Boards of directors need to have a clear understanding of their roles and responsibilities. The United Kingdom Combined Code (2003) clearly spells out the role of the chairman and directors. It represents in clear, unambiguous language the requirements for effective corporate governance.
business associations / company based initiatives
General Motors Board Guidelines
Developed by the GM board in 1994, these guidelines are widely viewed as a seminal expression of a board’s voluntary efforts to improve its own governance.
International Chamber of Commerce (ICC) Rules Against Extortion and Bribery
http://www.iccwbo.org/home/statements_rules/rules/1999/briberydoc99.asp
The ICC has a Standing Committee on Extortion and Bribery that promotes the ICC's Rules Against Extortion and Bribery in international business transactions. These voluntary rules encourage cooperation between business and governments worldwide, specifically targeting large scale extortion and bribery involving politicians and senior officials. The seven basic rules address extortion, bribery and kickbacks, agents, financial recording and auditing, responsibilities of enterprises, political contributions and company codes.
investor guidelines and initiatives
CalPers Governance Principles, Policies and Practices
http://www.calpers-governance.org/principles/
The highly influential American pension fund, CalPers, offers an innovative approach to active shareholding. Through its website, clear advice is offered on how its own governance principles are applied in and adapted to major financial markets.
Hermes Investment Strategies: Focus Asset Management
The UK-based fund management firm, Hermes, has created a management mechanism designed to enhance its capacity to effect meaningful corporate governance change.
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