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and ethics Perspectives from TaiwanProfessor Dr. Yi-Long .ppt

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and ethics Perspectives from TaiwanProfessor Dr. Yi-Long .ppt

2003/WFDSA/HK Dr. Jaw M. Iskander and N. Chamlou, Corporate Governance: A Framework for Implementation,“the World Bank, 2002 /html/fpd/privatesector/cg/docs/gcgfbooklet.pdf * Corporate governance and ethics: Perspectives from Taiwan Professor Dr. Yi-Long Jaw National Taiwan University Yljaw@.tw September 29, 2003 Outlines Corporate Governance Business Ethic WFDSA’s Code of Ethics Perspectives from Taiwan Cases and Lessons (Maximizing whose wealth?) Enron, WorldCom, Xerox (USA) Kennex,Chung-Hsin Bank, Sunrise Construction Co. (Taiwan) Misconduct by CEO or chairman of the board (might get away) Falsified financial statement over years At the expense of other investors and employees (including management) Corporate Governance new agenda Internal Auditing: whistle blower External auditing: accounting firms and CPAs (Certified Public Accountant) Independent board directors Corporate Governance Board of directors 2001 Statistics by SFI shows: they held 20% of voting shares in contrast to 55% of seats on board for public companies. Newly listed company is encouraged to appoint 2 independent directors and 1 independent supervisor as of 2002/2/22 Corporate Governance Business Perspectives Government Regulation: to prevent or to remedy market failure and governance failure Transaction Cost Theory: to organize operations between market or hierarchy Agency Theory: to align the goals and behavior between principals and agents Corporate Governance Business Decisions Legal requirement? market mechanism ? hierarchy arrangement ? values Market mechanism: between firms (rivalries, vertical or horizontal counter parties and partners) Hierarchy arrangement: branch, affiliate, joint venture, licensing or franchise, contracting Values for board members and management Corporate Governance Values (looking internally) ? Corporate culture, pledge, cornerstones Business Ethics (looking externally) Social responsibility, codes of conducts, codes of ethics Values and Business Ethics Respon