Developing and Implementing Corporate Governance Codes

In recent years, voluntary codes have been increasingly employed across the globe to drive corporate governance reform. These guidelines, which emanate from stock exchanges, securities commissions, investors and investor associations, and supra-nat...

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Main Author:	World Bank
Format:	Brief
Language:	English
Published:	Washington, DC 2012
Subjects:	ACCOUNTABILITY ASSET MANAGEMENT ASSET MANAGERS AUDIT COMMITTEE AUTHORITY BOARD MEMBERS BOARDS OF DIRECTORS BUSINESS COMMUNITY CAPITAL MARKET CAPITAL MARKETS CEOS CHAIRMAN AND CEO CHIEF EXECUTIVE COLLECTIVE COMPANIES ACT COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPETITORS CONSENSUS CONSTITUENCIES CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE CODES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE PRACTICE CORPORATE PRACTICES CORPORATE SCANDALS CORPORATION CORPORATIONS DERIVATIVE DEVELOPING ECONOMIES DISCLOSURE REQUIREMENT ECONOMIC REFORM EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET COMPANY EMERGING MARKETS ENABLING ENVIRONMENT EXECUTION FIDUCIARY DUTIES FIDUCIARY OBLIGATIONS FINANCE CORPORATION FINANCIAL CRISES FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL STATEMENTS FIRM STRUCTURE FIRMS FOREIGN INVESTORS GLOBAL CORPORATE GOVERNANCE GLOBAL INVESTORS GOLD STANDARD GOVERNANCE ARRANGEMENTS GOVERNANCE ISSUES GOVERNANCE PRACTICES GOVERNANCE REGULATION GOVERNANCE REGULATIONS GOVERNMENT INVOLVEMENT HOLDING HOLDINGS INCOME INCORPORATED INCORPORATED COMPANIES INDEPENDENT AUDIT INDEPENDENT DIRECTOR INDEPENDENT DIRECTORS INDIVIDUAL COMPANIES INDIVIDUALS INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTITUTIONAL SHAREHOLDER INSTITUTIONAL SHAREHOLDERS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURERS INTERESTED PARTIES INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL BEST PRACTICES INTERNATIONAL CORPORATE GOVERNANCE INTERNATIONAL FINANCE INVESTEE COMPANIES INVESTEE COMPANY INVESTOR BASE JURISDICTIONS LAWYER LEGAL FRAMEWORK LEGISLATION LEGITIMACY LIMITED LISTED COMPANIES LOCAL CORPORATE GOVERNANCE LOCAL INSTITUTIONS LOCAL MARKET LOW-INCOME COUNTRIES MAJOR SHAREHOLDERS MANAGERS MANDATORY DISCLOSURE MARKET INSTITUTIONS MARKET MECHANISMS MARKET PARTICIPANTS MINORITY SHAREHOLDER MINORITY SHAREHOLDER RIGHTS OUTSIDE INVESTORS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAR VALUE PARTY PENSION PENSION FUNDS PORTFOLIOS PRIVATE MARKET PROXY PROXY VOTING PUBLIC INFORMATION PUBLIC POLICY REGULATOR REGULATORS REGULATORY FRAMEWORKS REGULATORY INSTRUMENTS REPRESENTATIVES RETURNS SECURITIES SECURITIES LAWS SELF-REGULATION SHAREHOLDER BASE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER RIGHTS SHAREHOLDERS SMALLER COMPANIES SPONSORS STAKEHOLDERS STOCK EXCHANGE STOCK EXCHANGE LISTING STOCK EXCHANGES STOCK MARKET SUBSIDIARY TAKEOVERS TRANSITION ECONOMIES TRANSPARENCY TRUST FUND
Online Access:	http://documents.worldbank.org/curated/en/2008/12/10212155/developing-implementing-corporate-governance-codes http://hdl.handle.net/10986/11132

id	okr-10986-11132
recordtype	oai_dc
spelling	okr-10986-111322021-04-23T14:02:54Z Developing and Implementing Corporate Governance Codes World Bank ACCOUNTABILITY ASSET MANAGEMENT ASSET MANAGERS AUDIT COMMITTEE AUTHORITY BOARD MEMBERS BOARDS OF DIRECTORS BUSINESS COMMUNITY CAPITAL MARKET CAPITAL MARKETS CEOS CHAIRMAN AND CEO CHIEF EXECUTIVE COLLECTIVE COMPANIES ACT COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPETITORS CONSENSUS CONSTITUENCIES CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE CODES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE PRACTICE CORPORATE PRACTICES CORPORATE SCANDALS CORPORATION CORPORATIONS DERIVATIVE DEVELOPING ECONOMIES DISCLOSURE REQUIREMENT ECONOMIC REFORM EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET COMPANY EMERGING MARKETS ENABLING ENVIRONMENT EXECUTION FIDUCIARY DUTIES FIDUCIARY OBLIGATIONS FINANCE CORPORATION FINANCIAL CRISES FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL STATEMENTS FIRM STRUCTURE FIRMS FOREIGN INVESTORS GLOBAL CORPORATE GOVERNANCE GLOBAL INVESTORS GOLD STANDARD GOVERNANCE ARRANGEMENTS GOVERNANCE ISSUES GOVERNANCE PRACTICES GOVERNANCE REGULATION GOVERNANCE REGULATIONS GOVERNMENT INVOLVEMENT HOLDING HOLDINGS INCOME INCORPORATED INCORPORATED COMPANIES INDEPENDENT AUDIT INDEPENDENT DIRECTOR INDEPENDENT DIRECTORS INDIVIDUAL COMPANIES INDIVIDUALS INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTITUTIONAL SHAREHOLDER INSTITUTIONAL SHAREHOLDERS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURERS INTERESTED PARTIES INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL BEST PRACTICES INTERNATIONAL CORPORATE GOVERNANCE INTERNATIONAL FINANCE INVESTEE COMPANIES INVESTEE COMPANY INVESTOR BASE JURISDICTIONS LAWYER LEGAL FRAMEWORK LEGISLATION LEGITIMACY LIMITED LISTED COMPANIES LOCAL CORPORATE GOVERNANCE LOCAL INSTITUTIONS LOCAL MARKET LOW-INCOME COUNTRIES MAJOR SHAREHOLDERS MANAGERS MANDATORY DISCLOSURE MARKET INSTITUTIONS MARKET MECHANISMS MARKET PARTICIPANTS MINORITY SHAREHOLDER MINORITY SHAREHOLDER RIGHTS OUTSIDE INVESTORS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAR VALUE PARTY PENSION PENSION FUNDS PORTFOLIOS PRIVATE MARKET PROXY PROXY VOTING PUBLIC INFORMATION PUBLIC POLICY REGULATOR REGULATORS REGULATORY FRAMEWORKS REGULATORY INSTRUMENTS REPRESENTATIVES RETURNS SECURITIES SECURITIES LAWS SELF-REGULATION SHAREHOLDER BASE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER RIGHTS SHAREHOLDERS SMALLER COMPANIES SPONSORS STAKEHOLDERS STOCK EXCHANGE STOCK EXCHANGE LISTING STOCK EXCHANGES STOCK MARKET SUBSIDIARY TAKEOVERS TRANSITION ECONOMIES TRANSPARENCY TRUST FUND In recent years, voluntary codes have been increasingly employed across the globe to drive corporate governance reform. These guidelines, which emanate from stock exchanges, securities commissions, investors and investor associations, and supra-national organizations, set forth "best practice" recommendations across a range of topics that listed companies, shareholders, and other relevant parties are encouraged but not obliged to follow. Today, corporate governance codes are found in over 70 countries. It is relatively straightforward to develop corporate governance codes. The challenge lies in ensuring their effective implementation and enforcement, as evidenced by the complaints heard in some countries that governance codes have not lived up to their promise to spur enduring improvements in corporate practices. The concerns voiced range from poorly written guidelines to inadequate levels of compliance by companies to "box-ticking" by investors. This opinion piece will begin with an examination of the principal uses and key design characteristics of a corporate governance code. 2012-08-13T14:14:27Z 2012-08-13T14:14:27Z 2008-12 http://documents.worldbank.org/curated/en/2008/12/10212155/developing-implementing-corporate-governance-codes http://hdl.handle.net/10986/11132 English Private Sector Opinion; No. 10 CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank Washington, DC Publications & Research :: Brief Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTABILITY ASSET MANAGEMENT ASSET MANAGERS AUDIT COMMITTEE AUTHORITY BOARD MEMBERS BOARDS OF DIRECTORS BUSINESS COMMUNITY CAPITAL MARKET CAPITAL MARKETS CEOS CHAIRMAN AND CEO CHIEF EXECUTIVE COLLECTIVE COMPANIES ACT COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPETITORS CONSENSUS CONSTITUENCIES CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE CODES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE PRACTICE CORPORATE PRACTICES CORPORATE SCANDALS CORPORATION CORPORATIONS DERIVATIVE DEVELOPING ECONOMIES DISCLOSURE REQUIREMENT ECONOMIC REFORM EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET COMPANY EMERGING MARKETS ENABLING ENVIRONMENT EXECUTION FIDUCIARY DUTIES FIDUCIARY OBLIGATIONS FINANCE CORPORATION FINANCIAL CRISES FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL STATEMENTS FIRM STRUCTURE FIRMS FOREIGN INVESTORS GLOBAL CORPORATE GOVERNANCE GLOBAL INVESTORS GOLD STANDARD GOVERNANCE ARRANGEMENTS GOVERNANCE ISSUES GOVERNANCE PRACTICES GOVERNANCE REGULATION GOVERNANCE REGULATIONS GOVERNMENT INVOLVEMENT HOLDING HOLDINGS INCOME INCORPORATED INCORPORATED COMPANIES INDEPENDENT AUDIT INDEPENDENT DIRECTOR INDEPENDENT DIRECTORS INDIVIDUAL COMPANIES INDIVIDUALS INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTITUTIONAL SHAREHOLDER INSTITUTIONAL SHAREHOLDERS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURERS INTERESTED PARTIES INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL BEST PRACTICES INTERNATIONAL CORPORATE GOVERNANCE INTERNATIONAL FINANCE INVESTEE COMPANIES INVESTEE COMPANY INVESTOR BASE JURISDICTIONS LAWYER LEGAL FRAMEWORK LEGISLATION LEGITIMACY LIMITED LISTED COMPANIES LOCAL CORPORATE GOVERNANCE LOCAL INSTITUTIONS LOCAL MARKET LOW-INCOME COUNTRIES MAJOR SHAREHOLDERS MANAGERS MANDATORY DISCLOSURE MARKET INSTITUTIONS MARKET MECHANISMS MARKET PARTICIPANTS MINORITY SHAREHOLDER MINORITY SHAREHOLDER RIGHTS OUTSIDE INVESTORS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAR VALUE PARTY PENSION PENSION FUNDS PORTFOLIOS PRIVATE MARKET PROXY PROXY VOTING PUBLIC INFORMATION PUBLIC POLICY REGULATOR REGULATORS REGULATORY FRAMEWORKS REGULATORY INSTRUMENTS REPRESENTATIVES RETURNS SECURITIES SECURITIES LAWS SELF-REGULATION SHAREHOLDER BASE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER RIGHTS SHAREHOLDERS SMALLER COMPANIES SPONSORS STAKEHOLDERS STOCK EXCHANGE STOCK EXCHANGE LISTING STOCK EXCHANGES STOCK MARKET SUBSIDIARY TAKEOVERS TRANSITION ECONOMIES TRANSPARENCY TRUST FUND
spellingShingle	ACCOUNTABILITY ASSET MANAGEMENT ASSET MANAGERS AUDIT COMMITTEE AUTHORITY BOARD MEMBERS BOARDS OF DIRECTORS BUSINESS COMMUNITY CAPITAL MARKET CAPITAL MARKETS CEOS CHAIRMAN AND CEO CHIEF EXECUTIVE COLLECTIVE COMPANIES ACT COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPETITORS CONSENSUS CONSTITUENCIES CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE CODES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE PRACTICE CORPORATE PRACTICES CORPORATE SCANDALS CORPORATION CORPORATIONS DERIVATIVE DEVELOPING ECONOMIES DISCLOSURE REQUIREMENT ECONOMIC REFORM EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET COMPANY EMERGING MARKETS ENABLING ENVIRONMENT EXECUTION FIDUCIARY DUTIES FIDUCIARY OBLIGATIONS FINANCE CORPORATION FINANCIAL CRISES FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL STATEMENTS FIRM STRUCTURE FIRMS FOREIGN INVESTORS GLOBAL CORPORATE GOVERNANCE GLOBAL INVESTORS GOLD STANDARD GOVERNANCE ARRANGEMENTS GOVERNANCE ISSUES GOVERNANCE PRACTICES GOVERNANCE REGULATION GOVERNANCE REGULATIONS GOVERNMENT INVOLVEMENT HOLDING HOLDINGS INCOME INCORPORATED INCORPORATED COMPANIES INDEPENDENT AUDIT INDEPENDENT DIRECTOR INDEPENDENT DIRECTORS INDIVIDUAL COMPANIES INDIVIDUALS INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTITUTIONAL SHAREHOLDER INSTITUTIONAL SHAREHOLDERS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURERS INTERESTED PARTIES INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL BEST PRACTICES INTERNATIONAL CORPORATE GOVERNANCE INTERNATIONAL FINANCE INVESTEE COMPANIES INVESTEE COMPANY INVESTOR BASE JURISDICTIONS LAWYER LEGAL FRAMEWORK LEGISLATION LEGITIMACY LIMITED LISTED COMPANIES LOCAL CORPORATE GOVERNANCE LOCAL INSTITUTIONS LOCAL MARKET LOW-INCOME COUNTRIES MAJOR SHAREHOLDERS MANAGERS MANDATORY DISCLOSURE MARKET INSTITUTIONS MARKET MECHANISMS MARKET PARTICIPANTS MINORITY SHAREHOLDER MINORITY SHAREHOLDER RIGHTS OUTSIDE INVESTORS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAR VALUE PARTY PENSION PENSION FUNDS PORTFOLIOS PRIVATE MARKET PROXY PROXY VOTING PUBLIC INFORMATION PUBLIC POLICY REGULATOR REGULATORS REGULATORY FRAMEWORKS REGULATORY INSTRUMENTS REPRESENTATIVES RETURNS SECURITIES SECURITIES LAWS SELF-REGULATION SHAREHOLDER BASE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER RIGHTS SHAREHOLDERS SMALLER COMPANIES SPONSORS STAKEHOLDERS STOCK EXCHANGE STOCK EXCHANGE LISTING STOCK EXCHANGES STOCK MARKET SUBSIDIARY TAKEOVERS TRANSITION ECONOMIES TRANSPARENCY TRUST FUND World Bank Developing and Implementing Corporate Governance Codes
relation	Private Sector Opinion; No. 10
description	In recent years, voluntary codes have been increasingly employed across the globe to drive corporate governance reform. These guidelines, which emanate from stock exchanges, securities commissions, investors and investor associations, and supra-national organizations, set forth "best practice" recommendations across a range of topics that listed companies, shareholders, and other relevant parties are encouraged but not obliged to follow. Today, corporate governance codes are found in over 70 countries. It is relatively straightforward to develop corporate governance codes. The challenge lies in ensuring their effective implementation and enforcement, as evidenced by the complaints heard in some countries that governance codes have not lived up to their promise to spur enduring improvements in corporate practices. The concerns voiced range from poorly written guidelines to inadequate levels of compliance by companies to "box-ticking" by investors. This opinion piece will begin with an examination of the principal uses and key design characteristics of a corporate governance code.
format	Publications & Research :: Brief
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Developing and Implementing Corporate Governance Codes
title_short	Developing and Implementing Corporate Governance Codes
title_full	Developing and Implementing Corporate Governance Codes
title_fullStr	Developing and Implementing Corporate Governance Codes
title_full_unstemmed	Developing and Implementing Corporate Governance Codes
title_sort	developing and implementing corporate governance codes
publisher	Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2008/12/10212155/developing-implementing-corporate-governance-codes http://hdl.handle.net/10986/11132
_version_	1764415639742578688

Developing and Implementing Corporate Governance Codes

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