Corporate governance principles

Asian Roundtable Task Force on Related Party Transactions

 

5-6 February 2009 - Manila, Philippines

Abusive related party transactions are still reported as one of the most serious breaches of good corporate governance around the world, including in Asia. The Task Force was established by the Asian Roundtable on Corporate Governance in Hong Kong, China in May 2008 with the aim to develop a practical guide to monitoring related party transactions

 

This meeting identified:

  • concrete options for detecting and curbing abuse, such as harmonizing the definition,
  • assessing strengths and weaknesses of various regulatory approaches,
  • tightening enforcement as well as facilitating a change in culture and practices.

 

Documentation

 

Speakers' presentations

Welcoming remarks

  • Mr. Nestor Espenilla Jr., Deputy Governor of the Central Bank of the Philippines

Introduction: what is the context?

  • Overview of the meeting by Ms. Fianna Jesover, Senior Policy Analyst, OECD
  • Highlights of key issues by Mr. Patrice Aguesse, Direction de la Régulation et des Affaires Internationales, Autorité des marchés financiers (AMF)
  • Definitions: what does related parties, related party transactions, control, and materiality mean in Asia? What are the thresholds for disclosure and the decision-making process? By Ms. Jennifer Lee, Associate Director, Corporate Finance, Securities and Futures Commission, Hong Kong

Session 1: Public disclosure - Is sunshine sufficient?

  • Introduction by Mr. Lixin Zhao, Deputy Director General of the Department of Listed Company Supervision, China Securities Regulatory Commission (CSRC),China

Session 2: Decision-making process: Responsibility of the Board

  • Introduction by Dr. Sidharta Utama, Chairman, Indonesian Institute for Corporate Directorship

 Session 3: Decision-making process: Role of the Shareholders Meeting

  • Introduction by Mr. Lee Kha Loon, Head, Chartered Financial Analyst Institute for Financial Market Integrity, Asia Pacific

Session 4: Fiduciary duties: A precondition for enforcement

  • Introduction by Mr. Weidong Zhang (presentation - speech), Senior Research Fellow, Research Centre, Shanghai Stock Exchange, China

Session 5: Enhancing enforcement and implementation

  • Introduction by Mr. Anil Joshi Hari Chand, Assistant General Manager, Regulatory Services (Advisory & Reform), Securities Commission, Malaysia

Session 6: Proposed policy recommendations for the “ Practical Guide to Monitoring RPT’s”

  • Comments by Mr. David Smith, Director, RiskMetrics Group, Singapore

 

 

For further information about this event, please contact:

 

Ms Fianna Jesover (fianna.jesover@oecd.org

 

The meeting was co-hosted by the Philippine Stock Exchange and the Institute of Corporate Directors, with financial support from the Japanese government.

 

 

 

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