Bali, Indonesia - 4 October 2011: Asian policy makers and experts committed to boosting enforcement of corporate governance laws and encouraging shareholder engagement at a meeting in Bali. These were among the priorities for corporate governance reform agreed at the 12th annual meeting of the Asian Roundtable on Corporate Governance.
Hosted by the Ministry of Finance of Indonesia and Bapepam-LK in Bali with the OECD, the thirteen Asian Roundtable participating economies committed to the following new priorities for reform:
Continuing to make the business case for the value of good corporate governance
Striving for active, visible and effective enforcement of corporate governance laws and regulations
Improving the quality of disclosure in a timely and transparent manner, including information about beneficial ownership and control
Raising board performance by appropriate further training and evaluation as well as ensuring a transparent board nomination process
Ensuring that the legal and regulatory framework adequately protects non-controlling shareholders from expropriation by insiders and controlling owners.
Facilitating and encouraging shareholder engagement.
Since 1999, the Asian Roundtable on Corporate Governance has brought together participants to exchange experiences and advance the reform agenda on corporate governance, adapting implementation of the OECD Principles of Corporate Governance to the regional context.
This new report is an update of the Asian Roundtable’s Asian White Paper on Corporate Governance, agreed by consensus in 2003. Since then, a great deal has changed in the Asian corporate governance landscape, in great measure due to the continued operation of the Asian Roundtable. Moreover, the OECD Principles were themselves revised in 2004 to take into account inter alia, the experience in Asia with concentrated ownership.
Looking to the future, Asian Roundtable participants agree that a more ambitious reform agenda is needed for the next decade. The OECD Principles provide a sound common basis for all regions but this report provides priorities and recommendations for reform that reflect the specific conditions and needs within Asia. This Report is intended to support decision-makers and practitioners in their efforts to take corporate governance to a higher level.
Any requests for information should be addressed to Ms Fianna Jesover, Senior Policy Manager, OECD Corporate Affairs Division (firstname.lastname@example.org).