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During the past decade, Asian economies have taken major steps to raise corporate governance standards to re-establish investors’confidence in Asian markets and re-open Asian companies’ access to global capital markets. This new dynamic presents Asian economies with a terrific opportunity to address any underlying challenges in their corporate governance frameworks. Particularly where there is a perceived gap between formal rules and actual practices.
Moving beyond box ticking and performance as a central theme
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Participants focused on effective monitoring of related-party transactions, an issue which was first discussed at the Singapore meeting in 2007 and is still seen as one of the most serious breaches of good corporate governance around the world, including in Asia.The meeting introduced new work by the OECD on regulatory impact assessments. There were also formal and informal opportunities for networking where information about recent initiatives by countries and organisations was shared, notably an overview of recent corporate governance developments in Hong Kong, China.
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Co-hosted by the Hong Kong Securities and Futures Commission, the Hong Kong Institute of Chartered Secretaries (HKICS) and the Hong Kong Institute of Certified Public Accountants (HKICPA), with financial support from the Japanese government, this meeting took place in Hong Kong, China, on 13-14 May 2008.
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Documentation
Conclusions and Key Findings Note
Agenda
Watch CNBC interview with Marcello Bianchi, Chair of the OECD Steering Group on Corporate Governance.
Speakers' presentations
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Session 1: Regulatory Discipline-Fostering Enforcement Mechanisms: The Regulatory Challenge
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Mrs. April Chan, Vice-President, The Hong Kong Institute of Chartered Secretaries and Company Secretary of CLP Holdings Limited
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Dr. Stephen Cheung, Chair Professor of Finance, Department of Economics and Finance, City University of Hong Kong
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Session 4: Related party transactions : public disclosure in Asia
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Mr. Xavier Tessier, Head of International Affairs, Autorité des Marchés Financiers, France
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Session 5 : Related party transactions : approval by boards and shareholders in Asia
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Session 6: Related party transactions: fiduciary duties of boards and shareholder’s redress in Asia
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Brief Introduction by Mr. Joseph McCahery, Professor of Corporate Governance, University of Amsterdam, Netherlands
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Session 7: Implementing the OECD Principles of Corporate Governance: New OECD work
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Further reading
Asia: Overview of Corporate Governance Frameworks in 2007
White Paper on Corporate Governance in Asia
More about OECD Asian Roundtables on Corporate Governance (past events)
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