International Corporate Governance

Strategic Action Plans for Management and Investors
2. Auflage 2004
ISBN: 978-1-84374-054-4
Verlag: Euromoney

Buch, Englisch, 216 Seiten

A timely new edition of Euromoney Books' ground-breaking title, International Corporate Governance, this is an essential guide for issuers and investors holding international portfolios.

The book has contributions from leading practitioners, academics, lawyers, bankers, ratings agencies, institutional investors, asset managers and consultants from across the globe.

Compliance issues for corporates and investors have become more complex in an increasingly regulated environment where the stakes have been raised considerably. This book considers corporate governance issues facing issuers and investors in the US, Europe, Japan and China, including:

What are the financial and economic impacts of different corporate governance approaches?
How should corporates and investors react to corporate governance scandals to best protect their key investments?
What steps should institutional investors take to affect the governance in their key investments?
How has Sarbanes-Oxley raised the cost for US companies?
What are the issues flowing from the increasing imposition of Anglo-US corporate governance across the globe?
How comprehensive is the EU Action Plan for corporate governance?
How are new techniques, from governance ratings to internet message boards affecting governance and shareholder value?

Autoren/Hrsg.

Lufkin, Joseph

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensorganisation, Corporate Responsibility Unternehmenskultur, Corporate Governance
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte

Inhaltsverzeichnis

Editor’s acknowledgements

Contributors’ biographies

Introduction

Chapter 1: The value of corporate governance
Colin Melvin, Hermes Pensions Management, Ltd.
Introduction
Governance ranking research
Focus list research
Active ownership funds
Conclusion

Chapter 2: The international corporate governance revolution
Professor Aron C. Viner, Endicott College
Negligence and profusion
Explosion of interest
Why now?
A new consensus
Corporate governance codes across the globe

Chapter 3: The Sarbanes-Oxley Act and its impact on US listed companies
William J. Brock, Robert H. Hotz and Youmna Salameh
Houlihan Lokey Howard & Zukin
Introduction
Management accountability post Sarbanes-Oxley:

bridging the divide between compliance and strategic vision
Board of directors: structural independence
Spotlight on the audit committee
Informational independence
Outside advisers
Incremental costs of remaining public under Sarbanes-Oxley
Communication with research analysts
The drive to go private
Other transaction management issues
Conclusion

Chapter 4: The shareholder wealth effects of CalPERS’ Focus List
Mark Anson, R. Theodore White and Ho Ho
CalPERS
Agency problems and the lack of corporate control
The CalPERS Focus List
Corporate governance in the ‘new age’
The case for shareholder activism by passive index funds
A Focus List case history
Conclusions

Chapter 5: Managing the corporate governance functions of a major institutional investor: Hermes Investment Management Limited (United Kingdom)
Colin Melvin, Hermes Pensions Management, Ltd.
Introduction
Hermes’ ‘Statement on UK Corporate Governance & Voting Policy 2001’
Shareholder or shareowner?

Chapter 6: Current trends in regulating corporate governance by the European Union
Dario Trevisan, Studio Legale Trevisan & Associati
Introduction
Divergence
Convergence: the Action Plan
Conclusions

Chapter 7: Beyond Wall Street: charting the international corporate governance agenda
Anne Simpson, Global Corporate Governance Forum
Introduction
Historical context
International initiatives
Conclusions

Chapter 8: Corporate governance principles for business enterprises
Arvind P. Mathur, Asian Development Bank
Colin Melvin, Hermes Investment Management, Ltd.
Introduction
Objectives
The principles
Practical definitions of director independence

Chapter 9: Corporate governance in Japan
Professor Aron C. Viner, Endicott College
Corporate governance?
The core of corporate governance: the Japanese board
Cross-shareholding
President clubs (Shacho-kai)
Statutory auditors (kansayaku)
Outsiders: the AGM and shareholder litigation
The executive officer system (shikko-yakuin-seido)
The new committee system
Japanese corporate governance in the 21st century

Chapter 10: Finding value creation opportunities in Japan
Shuhei Abe, SPARX Asset Management Co., Ltd.

Chapter 11: Corporate governance in China
Professor Aron C. Viner, Endicott College
The gradual opening of China’s financial markets
Banking in ‘China Inc’
Corporate governance (Farenzhilijiegou)
Boards of directors
Board of supervisors
Law and governance
Birdcage corporate governance?

Chapter 12: Calibrating corporate governance practices – corporate governance scores
George S. Dallas and Nick Bradley
Standard & Poor’s
Why measure corporate governance?
Corporate governance, the economy and financial markets
Measuring corporate governance practices
Applications of corporate governance scores and benchmarks
Methodology, development and references

Chapter 13: New technology issues for corporate governance: internet message boards
Jonathan Carson, BuzzMetrics
James Felton, Central Michigan University
Introduction
The information content of stock message boards
Corporate challenges from message boards
Corporate governance and message boards
Epilogue: warnings from the HealthSouth message board

Chapter 14: Putting it all together: practical strategies for institutional investors
Joseph C.F. Lufkin
Introduction
Is there a governance role for institutions with fixed-income portfolios?
Strategies for indexers
Developing an institution’s governance personality
Organising an institution’s proxy voting department
What makes custody efficient makes voting a nightmare for institutions
(and shareholder identity a nightmare for issuers) – and why

Appendix: Some practical resources for corporate governance specialists
Professor Aron C. Viner, Endicott College
The global code movement – corporate governance codes, reports
and legislation in 50 countries, 1994–2003
Corporate governance-dedicated journals and newsletters
Leading corporate governance institutes and organisations
Corporate governance ratings organisations
Academic departments offering corporate governance courses
Degree programs in corporate governance