APEC SOM III Stephen Y L Cheung Coordinator, core group on corporate governance Peer Assistant Review Network PECC

The APEC Road Map on Strengthening Markets submitted to SOM III in Brunei endorsed by Ministers : Needs to strengthening our financial markets including corporate governance reform

During the 12 th APEC Ministers Meeting “ they endorsed the proposal to invite the PECC to develop ideas which APEC may consider furthering its work on improving economic and corporate governance in the region. In doing so Ministers commended the progress in the APEC Finance Ministers ’ Initiates on Corporate Governance.

The special feature of PECC Government Business Academic

PARnet IDEA.net (Institute of Director of East Asia) More regional cooperation in corporate governance reform Proposed by ABAC in 2000

Coordination with APEC’s initiatives on corporate governance : Participation in the APEC Deputy finance Ministers Meeting Participation in the APEC policy dialogue in Corporate governance reform Circulating our work for comments

Complementary to the APEC’s initiatives: 1) Training Sharing training materials Sharing training experiences Cases; good and bad cases Trainers With the help of the World Bank Institute

2) Private Sector Initiatives As identified by the APEC’s initiatives that corporate governance reform needs private sector participation Resulted from a series of consultative meetings including regulators, academics, and private sector representatives (Institute of Director of the region) = > This represents their views of how the Board should run

Supported by the Private Sector Advisory Group of the WB/OECD: Asian Chapter of the Business Sector Advisory Group formed by the top business people of each economy in the region, e.g. we are extending our invitation to Mr William Fung (chairman of Li & Fung Ltd) to chair the Hong Kong committee

International Standard: One size could not fit all APEC economies are in different stages of development In line with the OECD principles

Comments received from SOM process Finance Ministers process Will continue to work closely with the APEC’s initiatives

Thank You