Corporate Governance Hong Kong - New York University公司治理香港-纽约大学.pptVIP

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Corporate Governance Hong Kong - New York University公司治理香港-纽约大学.ppt

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Corporate Governance Hong Kong - New York University公司治理香港-纽约大学

A. Commelin, D. Gayeski, R. Mackenzie, H. Sehrt Corporate Governance: Hong Kong Presented by: Heidi Sehrt Ryan Mackenzie Dana Gayeski Alexandra Commelin Agenda What is corporate governance? Hong Kong background and trends An example of poor corporate governance An example of good corporate governance Recommendations Q A Definitions of Corporate Governance Corporate governance - which can be defined narrowly as the relationship of a company to its shareholders or, more broadly, as its relationship to society -…., from an article in Financial Times Corporate governance is about promoting corporate fairness, transparency and accountability J. Wolfensohn, president of the World Bank “The device that is used to represent the ownership of a public company…a series of standards, a code of behavior, tradition…varies from company to company…a moving target…evolves over time.”, Arthur Levitt Criteria for Measuring CG Discipline/Management Transparency Independence Accountability Responsibility Fairness Social Awareness Examples of How CG Can Effect a Company Bad: Enron Worldcom Good: Colgate-Palmolive Pfizer Background and Trends China vs. Hong Kong The new mainland regulator (CSRC) has no say over Hong Kong Quarterly vs. bi-yearly reports Disclosure requirements HK firms have been de-rated in China (“dishonest discount”) Corporate transparence lacking Lack of class action suits Background and Trends Board of directors Controlling stakeholders Need for “independent” directors Minority stakeholders have little or no say David Webb’s role Problems in Hong Kong This is problem in HK and Asia: of 33 stocks on Hang Seng Index, 32 have a controlling shareholder This shareholder can control the composition of the board, and thus, basically runs the company To actually have this power, one needs only 30% (de facto control), where as Esprit Holdings Ltd has a strong owner, who controls 59% of shares Compared to US and other Western companies, there is not a lot of do