A new UNCTAD report was published on the Internet yesterday: Corporate Governance in the Wake of the Financial Crisis. It contains commentary and analysis by leading experts from around the world, including the OECD, World Bank, ICGN, IOSCO, The Corporate Library, PRI and others. Forward by Mervyn King.
The publication constitutes a review of international corporate governance reform efforts that have been (or are being) informed or driven by international regulatory reform of the financial sector.
Chapter 1 contextualizes the main international and national reform efforts, focusing in particular on the US and Europe, while subsequent chapters draw implications for different aspects of corporate governance (shareholder rights, emerging markets, accounting issues, and a number of other topics are dealt with).
Some of the key messages highlighted in the 185 page report are:
* Reforms initially focusing on the financial sector have initiated major reviews of governance regulation applicable to both financial and non-financial corporations.
* Reforms have further advanced the international convergence of various governance practices.
* Several national corporate governance reform efforts are, for the first time, using the language of ‘sustainability’ and ‘stakeholder governance’.
Quote from UNCTAD Secretary General Supachai Panitchpakdi, from the Preface: The relationship between governance, sustainable business, and long- term strategic considerations has been on full display in the financial crisis. Today there is a renewed call for a more stakeholder- oriented ethic in the global corporate governance debate.
Quote from Mervyn King, Chairman of GRI, from the Forward: The positive outcome from the financial crisis is an appreciation that governance, strategy and sustainability have become inseparable.
You can download the full report here: www.unctad.org/cg