Uses and Limits of Conventional Corporate Governance Instruments : Analysis and Guidance for Reform - Part Two

World Bank

Washington, DC

关键词: ACCOUNTABILITY;    ACCOUNTING;    ACCOUNTING RULES;    ASSET MANAGER;    ASSET MANAGERS;   

RP-ID  :  52168

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This private sector opinion is organizedin two parts. Part one, published in June 2009, examined theuses and limits of five conventional corporate governanceinstruments: transparency, independent monitoring, economicalignment, shareholder rights, and financial liability andsuggested ways to improve their application. Part two, theessay that follows, recommends how policymakers shouldapproach corporate governance reform generally, with a viewtoward strengthening the effectiveness of conventionalcorporate governance instruments. Drawing upon the lessonslearned from analyzing the application of conventionalcorporate governance tools to different situations andcontexts, policymakers can take a number of steps to improvecorporate governance reform efforts, including: 1) calibratereforms to fit the surrounding context; 2) assess how aninstrument will influence the behavior and focus of theaffected parties; 3) be prepared to take difficult decisionsto resolve challenging corporate governance issues; 4)ensure coherence of tools employed with the legal,regulatory, and tax regimes; 5) employ 'carrots'as well as 'sticks' to improve corporategovernance standards; and 6) focus on social incentives andvalues to complement existing governance instruments.