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

下载本文档

11
0
约7.31千字
约 26页
2019-10-21 发布于江西
举报
版权申诉

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

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

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