The publication published by the Basel Committee on Banking Supervision might just be the desired global benachmark for Corporate Governance.
While opinions start rolling in and we are on the watch for changes in the global landscape of Corporate Governance maybe fueled by this publication, we wanted to notify you that the full text is available at the BCBS, or on our mirror:
http://www.dehnenblog.com/corporate_governance/wp-content/bcbs-principlesenhCG.pdf
As of 1 January 2010 directors and company management in Vietnam face an entirely new level of liability for violations of the Securities Law. Already burdened with a great deal of personal liability for ensuring the proper conduct of their responsibilities, management in Vietnam may now be arrested and imprisoned for their actions. (more…)
In Paraguay, Corporate Governance regulations are set forth in the Civil Code. Pursuant to this juridical instrument shareholders are given the right to oppose to Resolutions of the Annual Meeting and to decisions of the Board of Directors. (more…)
The new Uruguayan Securities Act, N° 18.627 (“Act”), was published in the Uruguayan Gazette on December 16, 2009 and expressly stroke down the former Securities Act (16.749) of 1996 which, when was passed, had improved the Uruguayan securities market as a complement of the General Corporation Act (16.060), mainly in terms of issuance of bonds by openly-held corporations and book-entry securities. (more…)
I) Introduction
This paper studies the connection between the tax management and corporate governance. It examines ways in which they interact in order to objectively explain the relevance of taxation in the capability of a company to improve their value, in benefit of its shareholders. The objective of the paper is to promote a debate in one of the less studied areas in corporate governance by presenting the lecturers diverse situations and aspects regarding the role of taxation in grounds of what it is considered good corporate governance. (more…)
Corporate Governance Rules in Argentina – Introduction
The concept of “Corporate Governance” as such, came about in Argentina in 2000 (just before the massive devaluation of the Argentine peso and crisis of its stock market) with the enactment of decree No 677/2001 (the “Transparency Decree”). Before, the concept of “Corporate Governance” had not been envisaged in Argentine legislation.
The idea of the Transparency Decree was to strengthen the argentine stock market (and boost confidence in such market) by setting forth certain rules (corporate governance rules) that would provide more security to investors. (more…)
Business formation and management in China has a long and winding history tracing back thousands of years. It went through ancient private development, the more recent communist planned economy and now the process of re-privatization. In the current stage, China has a mixed private and state-owned economic structure, a step in the transition to a more complete market economy. Given the increasingly open market economy, the CPC still retains firm control of all Chinese political matters, which unavoidably involves state control of certain major industries, and to a lesser extent, the economy as a whole. (more…)
On 19 August 2009, the Supreme Court of the State of New South Wales in Australia imposed civil penalties on former James Hardie Industries Ltd (JHIL) directors and officers, including seven non-executive directors, who the Court found had failed to exercise their powers and discharge their duties with an appropriate degree of care and diligence. Each non-executive director was fined $30,000 and disqualified from managing a corporation for a period of 5 years.
Companies in the James Hardie group manufactured and sold asbestos products. As a result of decisions made at a JHIL board meeting in February 2001, a Foundation with assets of $293 million was set up (more…)
The recent amendments of the 2004 Italian Company law (the “Reform”), have introduced, inter alia, a number of interesting developments with reference to limited companies in Italy, in particular to the Italian S.R.L. companies (Società a responsabilità limitata), modifying the relevant provisions of the Italian civil code, and limiting them to those institutions with a more limited number of members (linked very often – but not necessarily – by a sort of “intuitus personae”), whilst the S.P.A. (società per azioni) better refers to wider company body. (more…)
Following the high profile losses suffered by the banking industry in 2008 and the general kickback which has occurred in relation to remuneration policies of executives, both in the banking industry and more generally, there are likely to be very significant changes in the way publicly traded companies in the UK, ie companies whose shares are traded on the Official List of the London Stock Exchange, are governed in the next 18 months. (more…)
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