MOEX Conference on Corporate Governance in Russia,

Slides:

Advertisements

Similar presentations

Second Regional Conference on Prospects and Challenges facing the Modernization of the Legal Environment to enable Business and Investment in the MENA.

Advertisements

1 The OECD Guidelines on Corporate Governance of State Owned Enterprises Louis Bouchez Corporate Affairs Division, OECD Delhi, India February 2006.

Core principles in the ASX CGC document. Which one do you think is the most important and least important? Presented by Casey Chan Ethics Governance &

1 Corporate Governance in Eurasia: A Comparative Overview Elena Miteva Administrator Corporate Affairs, Directorate for Financial and Enterprise Affairs.

Process of CG in Egypt Mohamed Omran Vice Chairman Cairo & Alexandria Stock Exchanges December, 13 th 2006.

International Accounting, 6/e

Understanding the Role of Corporate Governance: Lessons from the ROSC Program Alex Berg February 2013.

1 PRACTISING CORPORATE GOVERNANCE IN HONG KONG Speech to American Chamber of Commerce in Hong Kong, 12 December 2003 By Paul M Y Chow, Chief Executive.

3rd session: Corporate Governance

Accounting Principles and Reporting Standards

Oversight and Accountability in Corporate Governance --- what we are expected to do globally, and what we do in Japan Toshio Oya Assistant Commissioner.

Trinidad & Tobago Corporate Governance Code 2013

Eurasian Corporate Governance Roundtable

3rd Eurasian Corporate Governance Roundtable Shareholder Rights, Equitable Treatment and the Role of the State April 17-18, 2002 hosted by Securities and.

Dec 2005 ADSM Developing and Implementing Best Practice CG Codes GCGF- PEP MENA Developing and Implementing Best Practice CG Codes Workshop 1: Adopting.

Erdenebayar Gombo, Bank of Mongolia Jambaajamts Tundev, Financial Regulatory Commission Shagdarsuren Zuunai, Mongolian Bankers Association 24 November.

Multilateral Mechanisms for Managing International Development Assistance. The Challenge of Effectiveness and Reform Yuriy Zaytsev National Research University.

9 th October 2014 Perspective from the Danish Council for Corporate Responsibility on Tax and Transparency By Lise Kingo, Chair.

CORPORATE GOVERNANCE IN CHINA BY ABDUR RASHID MIRZA UNIVERSITY OF LAHORE Director of Research Centre Shanghai Stock Exchange.

EVCA Guidelines and Good Practice in the Management of Privately Held Companies in the Private Equity and Venture Capital Industry 28 June 2005 Second.

Good Corporate Governance in Practice. Outline What is Corporate Governance? Regulatory Requirements for Banks in Sri Lanka DFCC Practices - Key Elements.

1 The OECD Principles of Corporate Governance – Why Corporate Governance Matters Alexander Karpf Corporate Affairs Division, OECD GCGF-IFC PEP SEE Media.

Copyright © 2008 McGraw-Hill Ryerson Ltd.1 Chapter Twelve Corporate Governance Canadian Business and Society: Ethics & Responsibilities.

GOING PUBLIC – THE PROCESS, LEGAL ASPECTS AND ALTERNATIVES Interaction Between US/UK and Israeli Law November 8, 2006 Daniel K. Gamulka.

Elements of Code of Corporate Governance: East Asia Perspective Prof. Stephen Y.L. Cheung Department of Economics & Finance City University of Hong Kong.

Nora Rachman Global Corporate Governance Forum February 12, 2007 The São Paulo Stock Exchange case as a corporate governance reference.

Capital Markets Board of Turkey. Capital Markets Board of Turkey WHAT ARE THE POLICY TRADE-OFFS FOR IMPROVING DISCLOSURE.

THE IMPLEMENTATION OF THE WHITE PAPER ON CORPORATE GOVERNANCE IN SE EUROPE Progress to date in Bulgaria.

1 Kiev July The OECD Guidelines on Corporate Governance of State-Owned Enterprises Mathilde Mesnard Administrator, Corporate Affairs Division Directorate.

1 INTOSAI September 2006 The OECD Guidelines on Corporate Governance of State-Owned Enterprises Mathilde Mesnard Economist Corporate Affairs Division Directorate.

Corporate Governance in the Caribbean Environment “The Caribbean Corporate Governance Forum” Trevor E Blake General Manager – ECSE.

Project Co-ordinator: Bernardo Bortolotti (Università di Torino and FEEM) Understanding Privatization Policy: Political Economy and Welfare Effects.

Board of Directors and Governance

Corporate Governance and Organizational Architecture FMAChicago Clifford W. Smith SIMON.

Corporate governance and its practices in Shanghai Stock Exchange

1 The OECD White Paper on Corporate Governance in SEE – Progress in the Region Alexander Karpf Corporate Affairs Division, OECD GCGF-IFC PEP SEE Media.

How will MiFID impact exchanges and how will it change the way they do business? Burçak Inel, Head of Regulatory Affairs, Federation of European Securities.

M I N I S T R Y O F I N D U S T R Y, E M P L O Y M E N T A N D C O M M U N I C A T I O N S OECD Guidelines on Corporate Governance of State Owned Enterprises.

1 The OECD Guidelines on Corporate Governance of State-Owned Enterprises Mathilde Mesnard Administrator, Corporate Affairs Division Directorate for Financial.

Financial Sector Development: Building Market Foundations Through International Codes And Standards Sherman G. Boone, Assistant Director Office of International.

1 Corporate Governance Market and Regulations. 2 Framework of Corporate Governance.

The Road to Europe Program of Accounting Reform and Institutional Strengthening Alain Colliou, Director, Operations Policy and Services, Europe and Central.

1 Bishkek, October 2003 The Responsibility of the Board according to the OECD Principles and Patterns of Change in the aftermath of Recent Corporate Events.

1 The Russian Corporate Governance Roundtable Fianna Jesover Corporate Affairs Division OECD Discussion on Implementing and Enforcing Corporate Governance.

Governance, Risk and Ethics. 2 Section A: Governance and responsibility Section B: Internal control and review Section C: Identifying and assessing risk.

Company LOGO Chapter4 Internal control systems. Internal control  It is any action taken by management to enhance the likelihood that established objectives.

1 Corporate Governance in Asia From principles to practice: Regional approach Melbourne, Australia 23 October 2009 Kenji Hoki Outreach Advisor Corporate.

1 Financial Sector Development in Myanmar Presented by Mr. Nyo Aye Mr. Win Hteik Assistant Director Board Secretary Ministry of Finance Central Bank of.

Restricted Assessing and addressing the governance of an insurer and its insurance group Regional Seminar on Promoting Sound Insurers and Dealing with.

RISK MANAGEMENT SYSTEM

Chapter 5 ASX Guidelines for Listed Companies

Government Green Paper on Executive Pay and Corporate Governance, November 2016 Jane Williams.

M.K. Chouhan Chairman, Mahendra & Young Knowledge Foundation

Entrepreneurship and Management

State Program on Federal Property Management

Issues arising from weak Corporate Governance

International Accounting, 6/e

G20/OECD Principles of Corporate Governance

Regional Seminar on Reinsurance and Other Forms of Risk Transfer

Customer Centric Organizations

OECD - Introduction It is an organisation of those countries which describe themselves as Democratic and have Market economy. Its HQ is in Paris, France.

Standing Committee on Finance ( ) accepts key findings of our study in its Thirty-Seventh Report on the Companies (Amendment) Bill, 2016.

International Accounting, 6/e

Analyzing Financial Statements

What is it? What are its importance?

What is corporate governance?

Corporate Governance It is a system by which companies are managed and directed in the best interests of the owners and shareholders. It refers to the.

MODELS OF CORPORATE GOVERNANCE

Government at a Glance 2011: links to EUPAN’s indicators project

EUROGAS LNG TASK FORCE Bilbao, 13 March 2009 Presentation by

Presentation transcript:

MOEX Conference on Corporate Governance in Russia, The OECD Reviews on Flexibility and Proportionality in Corporate Governance MOEX Conference on Corporate Governance in Russia, 4 December 2018, Moscow. Hans Christiansen Senior Economist Corporate Governance and Corporate Finance Division OECD

Flexibility and proportionality in corporate governance Flexibility and proportionality is an inherent part of the legal framework of most jurisdictions. The rationale is to accommodate differences in company practices, while achieving desired regulatory outcomes. And it is by no means a way to weaken the effectiveness of the corporate governance framework. But it can increase efficiency and avoid overregulation.

Adapting to a changing financial and corporate landscape The development of the G20/OECD Principles of Corporate Governance was informed by a number of special studies about key developments in both the financial and corporate sectors. The decrease in smaller growth company listings Changes in corporate characteristics and business models Increase in institutional ownership Changes in business models of stock exchanges

The G20/OECD Principles on Flexibility and Proportionality Rules should be developed with a view to their impact on overall economic performance and market integrity. They should be flexible enough to meet the needs of corporations operating in widely different circumstances. They should allow for flexibility and proportionality. For example with respect to: size ownership and control structure geographical presence sectors of activity the company's stage of development

7 policy areas, 39 countries: The OECD Reviews on Flexibility and Proportionality in Corporate Governance 7 policy areas, 39 countries: Board composition, board committees and board member qualifications Say on pay and the detail of disclosure on remuneration Related party transactions Disclosure of periodic financial information and ad-hoc information Major shareholding disclosure Takeovers Pre-emptive rights

Criteria that may motivate and allow for flexibility and proportionality The review surveys the following criteria that may motivate and allow for flexibility and proportionality with respect to the implementation of corporate governance rules. Size (of equity, sales, revenues etc.) Ownership and control structure Listing status (venue, cross-listing etc.) Maturity of the firm Accounting standards Legal form

Survey results - 1 Number of jurisdictions that reported that they had at least one criterion that allowed for flexibility and proportionality Source: OECD (2018), Flexibility and Proportionality in Corporate Governance A vast majority of countries have criteria that allow for flexibility and proportionality at company level in all of the seven areas of regulation.

Survey results - 2 Number of jurisdictions that reported the use of flexibility mechanism and their application across the seven areas regulation Source: OECD (2018), Flexibility and Proportionality in Corporate Governance Company size and the listing status are the most common reasons to apply flexibility and proportionality.

Thank you for your attention! More information about the OECD’s work on corporate governance is available at: http://www.oecd.org/corporate The OECD Secretariat welcomes any questions and comments. Please address them to: Mr. Mats Isaksson Head of Division Corporate Governance and Corporate Finance Division Directorate for Financial and Enterprise Affairs, OECD [Tel: +33 1 45 24 76 20 | Mats.Isaksson@oecd.org]