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The Insider's View on Corporate Governance : The Role of the Company Secretary - E. Banks

The Insider's View on Corporate Governance

The Role of the Company Secretary

By: E. Banks

Hardcover

Published: 25th November 2003
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Corporate Governance is a new text which considers the problems surrounding governance and proposes solutions to help restore investor confidence in the corporate world. The book is intended for board members, corporate executives, regulators, auditors, creditors and analysts seeking a concise analysis of the governance issues facing financial and nonfinancial corporations round the world. The book is fully international in context and includes real life examples and cases to emphasize the practical nature of governance problems and solutions.

List of figuresp. xi
List of tablesp. xiii
Acknowledgmentsp. xv
The authorp. xvi
The Function of Corporate Governancep. 1
Governance definedp. 3
The re-emergence of governancep. 3
Basic corporate structurep. 11
Limited liability, equity investors, and debt holdersp. 11
Value maximization and the search for enterprise valuep. 14
Diffusion, control, and the agency problemp. 17
Forms of ownership and controlp. 20
Accountability and the need for corporate governancep. 22
Internal governancep. 24
External governancep. 24
The benefits of governancep. 30
Internal governance mechanisms: corporate accountabilityp. 32
The board of directorsp. 34
Executive managementp. 42
Internal control groupsp. 44
Code of conductp. 47
Implementation of internal governance measuresp. 48
Best practice codesp. 50
External governance mechanisms: systemic accountabilityp. 54
Regulatory oversightp. 54
Legal/bankruptcy regimesp. 56
Capital markets accessp. 59
Corporate control activityp. 61
Mergers, acquisitions, and spin-offsp. 65
LBOs and MBOsp. 67
Antitakeover defensesp. 68
Block holder monitoringp. 70
Activist institutional investor monitoringp. 74
External auditsp. 77
Credit rating agency reviewp. 79
Protecting internal and external stakeholdersp. 83
Direct and indirect stakeholdersp. 85
Shareholdersp. 86
Labor/employeesp. 88
Creditorsp. 90
Customers and suppliersp. 94
Professional service providersp. 96
Communitiesp. 97
Indirect stakeholdersp. 98
Protecting stakeholdersp. 99
Corporate Governance Problemsp. 101
Common failures in the governance processp. 103
Flaws in governancep. 103
Detecting governance flawsp. 105
Failure of board directors and executive managementp. 106
Ineffective boardsp. 107
Breach of duties of care and loyaltyp. 115
Entrenched managementp. 115
Failure of corporate policiesp. 116
Failure of internal controlsp. 131
Lack of technically qualified, independent controlsp. 132
Liberal accounting policiesp. 133
Excessive risk-takingp. 134
Inadequate internal auditsp. 135
Failure of external controlsp. 136
Inadequate regulatory mechanismsp. 136
Insufficient legal/bankruptcy regimesp. 140
Lack of block holder/activist investor monitoringp. 140
Weak/underdeveloped capital marketsp. 141
Misguided/insufficient corporate control activityp. 143
Unacceptable external audit practicesp. 144
The impact of governance problems on corporate operationsp. 147
First stage impact: reputational damagep. 150
Second stage impact: early financial problemsp. 151
Third stage impact: growing financial distressp. 154
Fourth stage impact: bankruptcyp. 157
The impact of bankruptcy on stakeholdersp. 159
Studies in flawed governance I: companiesp. 166
Company studiesp. 170
Enron, USAp. 170
Arthur Andersen, USAp. 175
WorldCom, USAp. 179
Tyco International, USA/Bermudap. 185
Adelphia Communications, USAp. 189
Allfirst/Allied Irish Bank, USA/Irelandp. 192
Waste Management, USAp. 196
SAirGroup (Swissair), Switzerlandp. 200
Vivendi, Francep. 204
Daewoo Group, Koreap. 208
Asea Brown Boveri, Sweden/Switzerlandp. 211
Kirch Media, Germanyp. 214
Ahold, the Netherlandsp. 217
Lernout and Hauspie, Belgiump. 220
Global Crossing, USA/Bermudap. 223
HealthSouth, USAp. 226
Studies in flawed governance II: sectors and industriesp. 231
Global external auditorsp. 232
US energy trading companiesp. 239
Japanese sokaiya scandalsp. 244
US investment banking and researchp. 247
Indonesian business and banking groupsp. 250
Corporate Governance Reformsp. 257
Strengthening the governance process I: micro reformsp. 259
Strengthening the board of directors and executive managementp. 261
Establishing active, independent, and responsive boardsp. 262
Reducing board sizep. 264
Creating technically expert, independent board committeesp. 264
Separating the roles of chairperson and CEOp. 271
Aligning board director interestsp. 274
Limiting D&O insurance coveragep. 274
Piercing the corporate veil for directors and executivesp. 275
Reducing information asymmetriesp. 276
Refocusing corporate policiesp. 276
Developing rational compensation standardsp. 277
Creating effective disclosurep. 279
Supporting shareholder rightsp. 281
Returning excess capitalp. 283
Defining and publicizing strategyp. 283
Developing and demonstrating a long-term perspectivep. 284
Engaging institutional investorsp. 285
Enhancing internal controlsp. 286
Developing proper accounting policiesp. 286
Enhancing internal auditp. 287
Reinforcing a culture of risk managementp. 287
Implementing crisis management programsp. 288
Conducting effective post-mortemsp. 289
Strengthening the governance process II: macro reformsp. 291
Promoting changes in regulatory oversightp. 292
Regulating potential conflicts of interestp. 293
Promoting uniform and meaningful accounting rulesp. 294
Developing proper regulatory disclosurep. 295
Encouraging long-term investmentp. 297
Protecting assets, investments, and pensionsp. 297
Enhancing general governance mechanismsp. 298
Strengthening legal frameworks and bankruptcy processesp. 299
Deepening capital markets and promoting corporate control activityp. 301
Enhancing external audit practicesp. 303
Encouraging investor activismp. 304
The legislative angle: the example of Sarbanes--Oxleyp. 307
Creating a Public Company Accounting Oversight Boardp. 308
Ensuring auditor independence and establishing an audit committeep. 309
Assigning corporate responsibilityp. 311
Enhancing financial disclosuresp. 312
Resolving analyst conflicts of interestp. 313
Assigning accountability for corporate and criminal fraudp. 314
Expanding white collar crime penaltiesp. 314
The international view of S--Op. 315
Improving corporate ethicsp. 318
Corporate ethics versus corporate responsibilityp. 319
Creating and reinforcing a proper ethical culturep. 320
Ethical normsp. 323
Ethical behavior and internal governance mechanismsp. 325
Summary: towards substantive governancep. 327
Simple rules of substantive governancep. 328
Can governance changes work?p. 332
Implementing global best practicep. 335
Supranationalp. 338
OECDp. 338
BISp. 340
European Unionp. 342
Australiap. 344
Belgiump. 345
Brazilp. 348
Canadap. 349
Francep. 352
Germanyp. 354
Italyp. 356
Japanp. 359
Koreap. 361
Malaysiap. 364
The Netherlandsp. 366
Singaporep. 368
South Africap. 371
Spainp. 374
Swedenp. 376
Switzerlandp. 377
United Kingdomp. 380
United Statesp. 384
Notesp. 390
The language of governancep. 463
Selected bibliographyp. 483
Indexp. 490
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9781403916686
ISBN-10: 1403916683
Series: Finance and Capital Markets Series
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 496
Published: 25th November 2003
Publisher: Palgrave USA
Country of Publication: US
Dimensions (cm): 23.5 x 15.5  x 3.05
Weight (kg): 0.93
Edition Number: 1