Tag Archives | international

Risk Managers Needed on Audit Committees

Overall, the number of U.S. Foreign Corrupt Practices Act (FCPA) enforcement actions increased by 85% in 2010. Over the course of the year the U.S. Department of Justice brought 48 criminal cases and the SEC filed 26 new actions. The trend has continued in 2011. In February, 2011, Tyson agreed to a $5.2M settlement. A […]

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Parasitic Capitalism

The US can print the same money it borrows in. It doesn’t ever have to default as long as it retains this privilege. But its creditors now know that the US can’t be trusted. This is why America’s trusted friend and car pool partner in space, Vladimir Putin, has said Americans, “Are living like parasites […]

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Sustainable Development Index Coming to Shanghai Stock Exchange

Last year, the International Finance Corporation (IFC) produced a report, the goal of which was to help the Shanghai Stock Exchange (SSE) improve the quality of sustainability reporting by Chinese companies. While SSE was “one of the first stock exchanges to issue a directive for companies to publish a sustainability report,” IFC noted, “Existing frameworks […]

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Extracurricular Reading

From August 2011 Harper’s Index: Portion of employers who say they conduct criminal-background checks on potential employees: ¾ Chance that an American adult has a criminal record: 1 in 4 Percentage of applicants offered undergraduate admission to Harvard this year: 6.2 Percentage of applicants accepted for employment on McDonanld’s National Hiring day in April: 6.2 […]

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Video Friday: 6 Degrees Warmer: Mass Extinction?

Will we actually be frightened enough to do something more than install solar panels on our roof, buy a Prius and recycle our garbage? It doesn’t take an economist to understand the basic economic principle that you can’t grow an asset if you have destroyed the asset base. This fundamental principle seems to make perfect […]

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IFC Integrates Corporate Governance Analysis

The International Finance Corporation (IFC), a member of the World Bank Group, claims to be the first development finance institution to require a systematic corporate governance analysis of every investment transaction as part of its due diligence. According to their press release, all new IFC investments will be subject to a focused corporate governance analysis […]

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Call for Papers on Institutional Investors & Sustainability

I’m on the editorial advisory board of the Critical Studies on Corporate Responsibility, Governance and Sustainability series of books to be published by Emerald and so am helping them scour the world for contributing authors. The next book in the series will be edited by Dr. Suzanne Young, Associate Professor, La Trobe University, Australia, and Professor Stephen Gates, […]

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InGovern Proxy Analysis Launched in India

A new proxy vote analysis service, InGovern Corporate Governance Platform, allows institutional investors to analyze various companies, follow the agendas of shareholder meetings, exercise votes and collaborate with other investors. Research based on “objective criteria” – Governance Radar – is also embedded into the platform, according to a press release from Bangalore. This is a […]

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India: Class Action, Insider Trading & CSR

Companies Bill 2009 proposes to introduce the concept of class action suits for the first time in India, which would empower investors to sue a company for “oppression and mismanagement” and claim damages. Among other things, it also proposes to tighten the laws for raising money from the public and seeks to prohibit insider trading […]

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Handbook on International Corporate Governance

Christine A. Mallin has edited an updated version of her 2006 book by the same title. Contributors are all well respected authorities and include: C.L. Ahmadjian, M. Ararat, L. Cabeza-García, M.J. Conyon, S.B. Dahiya, S. Gaia, J. Gillies, P.-Y. Gomez, S. Gómez-Ansón, M. Huse, R.P.C. Leal, C.A. Mallin, L. McGregor, A. Melis, O. Melitonyan, A. […]

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EU May Mandate CorpGov Measures

A “say on pay” could be introduced across Europe, along with potential quotas for the number of women in boardrooms, as a result of proposals outlined by the European commission. British companies have been required to put their remuneration policies to a shareholder vote since 2003 when pharmaceutical company GlaxoSmithKline became the first company to […]

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Enthusiasm for Free Market Drops

When GlobeScan began tracking views in 2002, four in five Americans (80%) saw the free market as the best economic system for the future–the highest level of support among tracking countries. Support started to fall away in the following years and recovered slightly after the financial crisis in 2007/8, but has plummeted since 2009, falling […]

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PhD Student Wanted to Research Uk Stewardship Code Implementation

Oxford Brookes University Business School wants to test the proposition that Shareowner Engagement is having an impact. They are looking for a PhD student to investigate the Stewardship Code, which “aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance […]

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Rising Concern about China

Public concern is growing about China’s increasing economic power, according to a new global poll conducted for BBC World Service. Negative views of China’s growing economic power rose–and are now in the majority–in France (up from 31% to 53%), in Canada (up from 37% to 55%), in Germany (up from 44% to 53%), in Italy […]

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EU Offers Prize for ESG Integration

The overall objective of this call for proposals is to enhance market reward for sustainable and socially responsible enterprises, so facilitating the transition towards a sustainable economy. The specific objective is to build the capacity of mainstream investment actors to better integrate environmental, social and governance information into their valuations of enterprises. This call for […]

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Philippine BOVESPA, Race to the Top

The Philippine Stock Exchange Tuesday said it has secured the support of the International Finance Corp. to establish the Maharlika Board, a listing segment for companies to voluntarily commit to corporate governance practices beyond those required by law. The IFC, the investment arm of the World Bank, is helping the PSE set up the Maharlika […]

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Governance After the Financial Crisis

Corporate Governance in the Wake of the Financial Crisis: Selected International Views is a publication of the United Nations Conference on Trade and Development (UNCTAD). It contains commentary and analysis by leading experts from around the world, including the OECD, World Bank, ICGN, IOSCO, The Corporate Library, PRI and others with a forward by Mervyn […]

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Shareowner Rights By Country

Shareowner Rights across the Markets: A Manual for Investors from the CFA Institute compares the rights of shareowners in 10 developed markets and 12 emerging markets in both brief tabular form and through detailed explanation. Each report summarizes current practices, recent developments, legal and regulatory frameworks by jurisdiction, as well as providing helpful references to […]

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Financial Sustainability: Restoring Market Stability, Corporate Value & Public Trust (ICGN Mid-Year 2010)

Disclaimer: Given Dodd-Frank, proxy plumbing and all those comments I want to provide the SEC, the report below doesn’t do the ICGN Mid-Year Conference justice.  I wrote this up more than a week later with poor notes and memory. Comments, corrections and substitute photos are solicited. Sharing Perspectives Across the Atlantic. Phil Angelides, Lord McFall […]

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Does Corporate Governance Matter to Economic Development?

The editors of Corporate Governance and Development: Reform, Financial Systems and Legal Frameworks (The Crc Series on Competition, Regulation and Development), Thankom Gopinath Arun and John Turner answer with a resounding yes. As they indicate in their introduction, If finance matters for economic development, then corporate governance must also affect economic development for at least […]

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Review: An Islamic Perspective on Governance

An Islamic Perspective on Governance (New Horizons in Money and Finance) by Zafar Iqbal and Mervyn K. Lewis reads like a carefully constructed dissertation setting forth a theory of justice, taxation, government finance and accountability, governance and corruption grounded in Islam. Indeed, it originated as an academic piece and is unlikely to find the wide audience […]

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Japan's Example

Will America experience a “lost decade” of economic stagnation like Japan in the 1990s? Will Obama’s strategy of “grow now, ask questions later” to jump-start consumption lead to a sustained uptick or a bigger bubble later? Corporate Governance in the 21st Century: Japan’s Gradual Transformation by Nottage, Wolff and Anderson doesn’t give direct answers, but […]

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Corporate Rescue Law

With the growing number of bankruptcies in industries ranging from financial, manufacturing, to retail, what could be more timely than Corporate Rescue Law – an Anglo-American Perspective? Gerard McCormak’s review of practices in the two countries concludes there is more convergence than is generally recognized. the us moving is in a UK direction with regard […]

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Global Strategy: Creating and Sustaining Advantage Across Borders

Global Strategy: Creating and Sustaining Advantage across Borders (Strategic Management) by Andrew Inkpen and Kannan Ramaswamy integrates academic research and case studies to inform readers about global avenues to competition. Political instability, corrpution, inadequate infrastructure, and closely knit ownership structures are addressed. For example, readers are advised that leapfrogging offers the best window for an MNE […]

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Governance and Risk: Benchmarking Corporate Governance Risks

Governance and Risk by George S. Dallas (Editor). This handbook presents the most comprehensive framework for corporate governance as a risk factor that I have ever seen. I have several books on my shelves that compare corporate governance systems in the US, UK, Japan, Germany and France but this one also includes Brazil, China, India, […]

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Review: Political Power and Corporate Control

According to Gourevitch and Shinn, “corporate governance – the authority structure of a firm – lies at the heart of the most important issues of society”… such as “who has claim to the cash flow of the firm, who has a say in its strategy and its allocation of resources.” The corporate governance framework shapes […]

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Governance and Ownership

Governance and Ownership (Corporate Governance in the New Global Economy Series), Robert Watson, editor (Edward Elgar, 2005). This is an excellent collection of 20 papers, most published in the late 1990s, enhances our understanding of the relationships between ownership corporate ownership governance. Issues investigated include: diversity of ownership forms and corporate control implications effectiveness of […]

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Review – Investor Capitalism: How Money Managers Are Rewriting The Rules Of Corporate America

Investor Capitalism: How Money Managers Are Changing the Face of Corporate America. Managerial capitalism ascended during the century’s middle decades. “The decisions they made often affected the lives of thousands of people, yet they were seemingly accountable to no one.” The large holdings of institutional investors and the growth of indexing as a major investment strategy have  prevented the […]

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