The following report by the Credit Suisse
Research Institute explores several important
aspects of the connection between sound governance
and improved business performance. It provides
new data to support the growing investor
interest in governance-related rules and practices
and introduces innovative ways to assess corporate
performance, such as the HOLT governance scorecard,
to support more effective governance-oriented
decision making. Moreover, our experts identify specific
company types and sectors, in which governance
can serve as a particularly robust investment
strategy instrument. Corporate governance is further
likely to contribute to investment decisions in
emerging economies, for instance when firm-level
structures actively compensate for the possible
absence of country-level governance provisions.
Short presentation on 'internal controls for the class IPOL 8530 'The Finance Function' in Social Change Organizations'. This class is part of the Master of Public Administration (MPA) program in the Graduate School of International Policy & Management at the Monterey Institute of International Studies (MIIS). Presentation created by Alfredo Ortiz Aragón, adjunct professor.
The following report by the Credit Suisse
Research Institute explores several important
aspects of the connection between sound governance
and improved business performance. It provides
new data to support the growing investor
interest in governance-related rules and practices
and introduces innovative ways to assess corporate
performance, such as the HOLT governance scorecard,
to support more effective governance-oriented
decision making. Moreover, our experts identify specific
company types and sectors, in which governance
can serve as a particularly robust investment
strategy instrument. Corporate governance is further
likely to contribute to investment decisions in
emerging economies, for instance when firm-level
structures actively compensate for the possible
absence of country-level governance provisions.
Short presentation on 'internal controls for the class IPOL 8530 'The Finance Function' in Social Change Organizations'. This class is part of the Master of Public Administration (MPA) program in the Graduate School of International Policy & Management at the Monterey Institute of International Studies (MIIS). Presentation created by Alfredo Ortiz Aragón, adjunct professor.
Corporate Governance Reforms Post Global Financial CrisisSanjay Uppal
Every financial crisis is typically followed by introduction of new regulations. However, the avalanche of new policies, guidance & regulations in recent years following the onset of the financial crisis will lead to unprecedented transformation in the governance of banks and financial services organizations.
The presentation analyses key events leading up to this crisis, changes in corporate governance sweeping across, US, UK & Europe and the challeges that organiations, regulators, governments and other stakeholder face in this period of transformation.
This presentation covers a brief history of Germany's corporate governance framework, its features (including key players, board structure, and capital providers), public sector actors, two case study examples (Volkswagen & Trumpf), recent trends, and comments on the balance of powers.
John Marshall Law School-alumnus Robert Heist is a Chicago, Illinois-based attorney and founder and president of the business law firm R. Connor & Associates, P.C., since 2001. During his career as an attorney, Robert Heist has gained experience practicing law in the areas of product and professional liability, employment practices, and corporate governance.
Corporate governance is the combination of rules, practices, and processes according to which companies are managed and operated. Its primary aim is to balance the interests of a company’s various stakeholders: shareholders, customers, and the government, to name a few.
Corporate governance also sets the direction of the company’s development and provides the roadmap for achieving the latter’s vision and goals. Thus, it impacts everything from action plans to performance management to corporate disclosures.
In its turn, the key influential factor on corporate governance is a company's board of directors.
Bad corporate governance may lead to the demise of a company, while good corporate governance utilizes the four basic principles of accountability, transparency, fairness, and responsibility.
This presentation is a critical analysis of the paper by Giuseppe Grossi & Anna Thomasson "Jointly owned companies as instruments of local government: comparative evidence from the Swedish and Italian water sectors".
The analysis was done during the lessons of Research Methodologies of the XVI cycle of the PhD course in Management and Information Technology at the University of Salerno.
“The MIC regime is expected to ruffle a few feathers
here and there, especially for individuals who pre-
MIC were not front and centre on the regulatory
radar in Hong Kong”, said Lapman Lee, Managing
Director, Compliance and Regulatory Consulting
for Duff & Phelps (Hong Kong) Ltd. “As a result, we
may see some changes in the lines of reporting and
more empowerment of both the local Board of the
LC and the MICs responsible for the LC’s business in
Hong Kong.”
Is the PE industry any more ethical than the universal banks?
Ever since Mitt Romney failed to make the economic case for private equity during the last presidential campaign, PE’s public image has been battered even further.
This presentation was given as part of seminar at Universidad Sergio Arboleda in Bogota. I have given versions of it elsewhere. I work in the corporate governance and have taught comparative corporate governance.
Presentation provides an overview of the theoretical concepts in corporate governance, few definitions, methods to measure it and a brief overview of recent developments in corporate governance in the Caribbean.
Corporate Governance Reforms Post Global Financial CrisisSanjay Uppal
Every financial crisis is typically followed by introduction of new regulations. However, the avalanche of new policies, guidance & regulations in recent years following the onset of the financial crisis will lead to unprecedented transformation in the governance of banks and financial services organizations.
The presentation analyses key events leading up to this crisis, changes in corporate governance sweeping across, US, UK & Europe and the challeges that organiations, regulators, governments and other stakeholder face in this period of transformation.
This presentation covers a brief history of Germany's corporate governance framework, its features (including key players, board structure, and capital providers), public sector actors, two case study examples (Volkswagen & Trumpf), recent trends, and comments on the balance of powers.
John Marshall Law School-alumnus Robert Heist is a Chicago, Illinois-based attorney and founder and president of the business law firm R. Connor & Associates, P.C., since 2001. During his career as an attorney, Robert Heist has gained experience practicing law in the areas of product and professional liability, employment practices, and corporate governance.
Corporate governance is the combination of rules, practices, and processes according to which companies are managed and operated. Its primary aim is to balance the interests of a company’s various stakeholders: shareholders, customers, and the government, to name a few.
Corporate governance also sets the direction of the company’s development and provides the roadmap for achieving the latter’s vision and goals. Thus, it impacts everything from action plans to performance management to corporate disclosures.
In its turn, the key influential factor on corporate governance is a company's board of directors.
Bad corporate governance may lead to the demise of a company, while good corporate governance utilizes the four basic principles of accountability, transparency, fairness, and responsibility.
This presentation is a critical analysis of the paper by Giuseppe Grossi & Anna Thomasson "Jointly owned companies as instruments of local government: comparative evidence from the Swedish and Italian water sectors".
The analysis was done during the lessons of Research Methodologies of the XVI cycle of the PhD course in Management and Information Technology at the University of Salerno.
“The MIC regime is expected to ruffle a few feathers
here and there, especially for individuals who pre-
MIC were not front and centre on the regulatory
radar in Hong Kong”, said Lapman Lee, Managing
Director, Compliance and Regulatory Consulting
for Duff & Phelps (Hong Kong) Ltd. “As a result, we
may see some changes in the lines of reporting and
more empowerment of both the local Board of the
LC and the MICs responsible for the LC’s business in
Hong Kong.”
Is the PE industry any more ethical than the universal banks?
Ever since Mitt Romney failed to make the economic case for private equity during the last presidential campaign, PE’s public image has been battered even further.
This presentation was given as part of seminar at Universidad Sergio Arboleda in Bogota. I have given versions of it elsewhere. I work in the corporate governance and have taught comparative corporate governance.
Presentation provides an overview of the theoretical concepts in corporate governance, few definitions, methods to measure it and a brief overview of recent developments in corporate governance in the Caribbean.
Unit 1 Introduction to Corporate Governance
Unit 2 Theory of the Firm
Unit 3 Corporate Governance and the Role of Law
Unit 4 Corporate Governance Around the World
Unit 5 Board Composition and Control
Unit 6 CEO Compensation
Unit 7 International Governance
Unit 8 Overview of Corporate Governance Codes
The governance system that a company adopts is not independent of its environment. Instead, it is shaped by a variety of factors inherent to the business setting.
This Quick Guide explains the factors that shape governance systems around the world. It also provides an overview of governance systems in selected countries.
It answers the questions:
• Why do governance systems vary?
• How important are capital markets?
• What is the impact of legal tradition?
• Why do accounting standards matter?
• How do societal values shape governance?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
Models of Corporate Governance
CORPORATE GOVERNANCE SYSTEMS
Efforts made for Effective Corporate Governance
Cadbury Committee
Sarbanes Oxley Act, 2002
Global Corporate Governance
External Auditor
Trends in Governance in Major MNC’s
India
China
Japan
Other European Model
The financial sector plays a vital role in the economic development of a country. In Bangladesh also
this sector is doing well in different indicators. At the same time, a good number of banks and corporations
became weakened over the years, and the consequent collapse of the stock market caused colossal losses to
investors, where the absence of firm-level corporate governance was sharply identified. Keeping these into
consideration, this present study has been attempted
Paul Ostling presentation about State -Controlled Entities.
Conflicts of interests between the large shareholders and the minority shareholders are likely to influence the success of privatization.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
1. BOARD PRACTICES IN GROUPS AND
CONCENTRATED / STATE –
CONTROLLED ENTITIES
1
2. “Privatization is typically associated with concentration of ownership and often
occurs in countries with weak property protection. Therefore, conflicts of
interests between the large shareholders and the minority shareholders are
likely to influence the success of privatization….We document two channels
through which large shareholders expropriate resources at the expense of
minority shareholders. One is through related-party transactions, including
transfer pricing of goods and services, assets sales, and extracting trade
credits; the other is through dividend policies so that corporate resources are
kept in the firm and under their control… Expropriation [behaviors] significantly
reduce firm performance… Moreover... We demonstrate that large
shareholders’ incentive to expropriate depends critically on the firm’s
organizational form, which is shaped by the privatization process.”
Privatization, Large Shareholders’ Incentive to Expropriate, and Firm
Performance, Deng, Gan and He, 2007
2
3. “Waves of privatization in the past two decades have provided ample
evidence of improved operating efficiency under private ownership.
There are, however, notable exceptions. For example, it has been
reported that privatization in Russia has failed to improve firm
performance when the firms do not have significant ownership or
control by outsiders”
Privatization, Large Shareholders’ Incentive to Expropriate, and Firm
Performance, Deng, Gan and He, 2007, at p.1
3
4. See, e.g., “TNK-BP minorities vs Igor Sechin: fair
fight?” Financial Times, 13 September 2013
“Minority shareholders in TNK-BP got a
raw deal when Rosneft…”
TRUE? FALSE? Does it matter?
4
5. See, e.g., “Surgutneftegas reveals $15bn of
treasury shares missing from books” Financial
Times, 30 April 2013
“Treasury shares worth $15bn … have
disappeared from the books of the Russian
company, which reported annual results for the
first time in 11 years…”
TRUE? FALSE? Does it matter?
5
6. “Weaknesses in corporate governance are
frequently cited among the primary risk
factors facing Russian companies,
considerably affecting their performance and
market valuations”
Corporate Governance Structures of Public Russian Companies, Deloitte
& Touche CIS, 2012
6
7. • Things ARE getting better
• Russia Is About to Enact a New Corporate Governance
Code, That Adopts the LSE Style of “Comply or Explain”
• The “overall” Laws, rules and regulations would appear
to mandate GOOD corporate governance
BUT, the Global Capital Markets still seem to be skeptical.
Why?
7
8. 8
The types of transactions / situations that give rise to governance
concerns re Russian controlling shareholders and SOEs
1. Minority shareholder rights
2. Related party and interested party transactions (M&A, transactions/contracts with
daughter, sister, cousin companies; or companies where directors or major
shareholders have ownership, asset sales)
3. Dividend policies
4. Election of directors by shareholders with 2% or more of shares and lack of formal
board/ nominating committee role – WHO DO THE INEDs REALLY REPRESENT?
5. The smaller number of “outside” INEDs for very large companies
6. The definition of what an INED can be, and still be “independent” under Russian law,
allows for more financial relationships than do the laws of UK, US, e.g.
7. Companies that list in “comply or explain” jurisdictions and are perennial “explainers”
– will they EVER comply?
8. Is there an internal audit and internal control function reporting independently to the
Audit Committee?
9. Are there a majority of truly independent outside directors staffing the Audit,
Remuneration, Positions/Governance Committees?
9. 9
Some perceptions about Russian SOEs and some listed companies
with controlling shareholders that persist even today
1. The view that corruption still exists in certain aspects of the operating model
(particularly in procurement) – and that serious anti-corruption compliance
programs are not effective
2. The view that for certain large SOEs with dominant market shares that there is
serious value leakage and that the entities do not deliver the efficiency and value
accretion – because there is little incentive to impose efficiencies that are driven by
companies with diverse shareholders and effective boards
3. The view that board seats in certain of these companies are allocated to “cronies”,
political allies, or rent-a-lords who “drop in” but are “absentee landlords” with little
interest in creating the creative tension that will result in evolutionary change in
board effectiveness and improved governance
10. The rent a lord culture is not adding value.
The investor community does not see
sufficient interaction by the elected INEDs of
“controlled entities” with minorities. Also, too
many INEDs are too closely linked to
controlling shareholders. The stronger the
INEDs, the stronger the board, and
ultimately governance.
10
11. New UK FCA Premium Listing Regime to Force Controlling
Shareholders to take account of Minority Shareholders’ Rights
• Definition of “controlling shareholder” 30% or more
• Requirement of “Agreement” to regulate the controlling shareholder
• Guarantee the listed company’s “independence”
• Related party transaction could require “independent shareholder vote” to
approve
• Board will have to be made up of a majority of INEDs
• More “say” (dual voting procedure) for independent shareholders in the
nomination and appointment of these INEDs
WILL THIS LEAD TO NON-PREMIUM LISTEES FROM RUSSIA ADOPTING
SIMILAR STANDARDS TO DEMONSTRATE GOOD GOVERNANCE?
11
12. What have other Russian majors done to try
to address these concerns?
• MTS use of “special committees” – even where the transaction may not
raise to the level of an ITP. Committee exclusively of INEDs to review
and approve major transactions where there will be public scrutiny.
E.g., Comstar, MGTS, MTS Bank, etc.
• Public commitments to best governance practices and “aggressive
compliance and disclosure”. E.g., Uralkali (perhaps not the best poster
child today
12
13. Is any of this relevant for Sberbank?
• Can Moscow achieve global financial center status without banks like
Sberbank and VTB leading the way?
• Can Sberbank be an agent for transformational change in Russia by
aggressively leading the charge for improved transparency and corporate
governance in Russian?
• Do the implicit charges of risk premia and reduced market capitalization
result in both societal “charges” for all Russian companies seeking access
to the capital markets, and, and potential direct and indirect negative
drivers to the banks deal flow and revenue upside?
13
14. How does Sberbank self-score its
reputation for corporate governance
against these issues?
14