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| | CORPORATE GOVERNANCE UPDATES
- A review of corporate governance in UK banks and other financial industry entities (The Walker Review)
A review of the Corporate Governance in UK Banks is being carried out by David Walker, in light of the experience of the critical loss and failure throughout the banking system. Though the principle focus of this review has been on Banks, but many of the issues arising and associated recommendations therein, are relevant to the other financial institutions.
For more details, please refer to:
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- Austrian Code of Corporate Governance
The Austrian Code of Corporate Governance was revised in January 2009, with emphasis on the goal of the Code to meet the most modern International and European standards and to incorporate any changes to national law quickly into the code. In the revised Code changes are made to support the effort to regain the investors confidence, strengthen once again the orientation on the sustainable and long-terms creation of value rise in transparency and broadening of independence of supervisory board members.
For the Principles, please refer to:
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- Bucharest Stock Exchange Corporate Governance Code
The Bucharest Stock Exchange Corporate Governance Code, formulated in January 2009, is predominately applicable to companies whose financial instruments are listed on the Bucharest Stock Exchange, on voluntary basis. The present code replaces the BSE Corporate Governance Code adopted in 2001.
For the Policy, please refer to:
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- Progress Report: Review of the effectiveness of the Combined Code (July 2009)
Since the formulation of the Combined code on Corporate Governance, the FRC has reviewed the impact and implementation of the Code every two years. The third such review began in March 2009, in light of the significant change in the economic condition. Call for evidence on the impact and effectiveness of the Code has been done and necessary inputs received and series of subsequent meetings held. The issues identified are given in the progress report.
For more details, please refer to:
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- Corporate Governance Guidelines – Iceland
In 2004, the Iceland Chamber of commerce, the Confederation of Icelandic Employers and NASDAQ OMX Iceland published the first guidelines on corporate Governance in Iceland. Taking into account the international financial crises, similar guidelines of other countries, recommendation of OECD and also to permanently mend the governance in Iceland business sector, the earlier guidelines on governance was revised. The main addition and changes involved requirements for he independence of directors, communications and goal setting, the role of the Chairman of the Board, internal control and risk management, remuneration policy, as well as focusing on the disclosure of more detailed information. The revised edition, also discusses the code of ethic and CSR. The revised guidelines would provide the Icelandic business sector an opportunity to gain an edge internationally and is in line with goals of sustainability development and the development of resources.
For amended German Corporate Governance Code, please refer to:
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- PIRC's "Manifesto"
UK largest shareowner advisor, PIRC, issued a report, ‘Beyond The crises: PIRC’s manifestor for Corporate Governance and Capital Reform’, which calls for a wide range of investigations and public policy changes. Some of the changes recommended are the following:-
- Institutional investors could provide training and guidance to corporate directors on how to properly represent the interests of shareholders.
- Shareowners could finance research into the impact of incentive pay on the behavior of corporate executives.
- Definition of long-term compensation, which can include performance over less than 3 years.
- Seriously consider employee representation within the governance structures of listed companies.
- Insert a 'do no harm' clause, requiring fund managers and advisors to ensure their investment decisions are not causing systemic harm to the financial system.
- Requires all institutional investors, including the government, to disclose their voting records. "PIRC believes that there is a strong case that voting intentions by fiduciaries are disclosed before the relevant company meeting."
- Annual elections of all directors in listed companies.
For amended German Corporate Governance Code, please refer to:
click here....
- Senator Schumer Proposes Key Governance Changes for U.S. Public Companies
Senator Charles Schumer introduced The Shareholder Bill of Right Act 2009, which if adopted would impose new corporate governance requirements on U.S. public companies. Key corporate governance standards for U.S. public companies would shift from the purview of the states to the federal government.
For amended German Corporate Governance Code, please refer to:
click here....
- Mr. R Bandyopadhyay is new Secretary, MCA, Government of India
Mr R Bandyopadhyay, IAS, has taken over as Secretary, Ministry of Corporate Affairs, and Government of India, on September 2, 2009. He succeeds Mr Anurag Goel, who joined the Competition Commission of India as a Member. Before assuming office as Secretary MCA, R Bandyopadhyay was Secretary, Department of Public Enterprises, Government of India.
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