Author: Iain MacNeil
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The “comply or explain” principle adopted by the UK's Combined Code on Corporate Governance has now been in operation for twelve years. In this paper we focus on two aspects of this regime. The first is the nature of the explanations that have been given by companies with an established record of non-compliance (“serial non-compliers”) and the role of the market in permitting deviations from the Combined Code. In particular, we consider the significance of share price performance as a factor that is relevant in justifying non-compliance and the extent to which investors appear to rely on this indicator rather than engage in the more difficult task of judging the relative merits of the Code provisions against alternatives. Our approach differs from much of the research linking corporate governance with financial performance in that it focuses on the potential influence of financial performance (as measured by share price) on governance structure rather than vice versa. Our study of FTSE 100 serial non-compliers suggests that there is a prima facie link between share price performance and investors' tolerance of non-compliance with the Combined Code. The second issue we examine is the link between the principle of “comply and explain” and the self-regulatory status of the Code. We conclude that the benefits of flexibility generally associated with the self-regulatory status of the Code are overstated and that the Code could be integrated into mainstream company law.
Author: Jean J. du Plessis
Publisher: Springer
ISBN: 3319518682
Category : Law
Languages : en
Pages : 316
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Book Description
The book is the first comprehensive consideration, since the UK Cadbury Report recommended a voluntary Corporate Governance Code, of the question whether Corporate Governance Codes are the most effective way of ensuring adherence to good corporate governance principles. There is no doubt that the idea of voluntary compliance with good corporate governance practices, based on the principle of ‘comply or explain’, has captured the imagination of the world. It is probably one of the best and most comprehensive examples of ‘self-regulation’ ever seen in any area where the society could be affected significantly, for current purposes by corporations.However, is this the most effective way of ensuring that corporations act responsibly and adhere to good corporate governance principles? Have these Codes really improved corporate governance practices significantly? Is it time for a rethink and, at least in certain areas, start to rely more on ‘hard law’ and clearer expectations to ensure compliance? All these issues are addressed in the book.
Author: Brian Khisa
Publisher:
ISBN: 9783346973405
Category :
Languages : en
Pages : 0
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Book Description
Author: Petra Inwinkl
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
The comply-or-explain principle is a central element in the EU corporate governance framework which was put in place by Directive 2006/46/EC. Whilst avoiding an inflexible “one size fits all” approach, the principle has lately been questioned because of the quality of corporate governance reports it has allowed European companies to produce; these companies can either comply with code provisions, or may explain why they do not comply, i.e., why they deviate from a provision of the code. Seidl et al. (2012), in analysing 257 listed companies that had produced some 715 records of deviations, and their respective “explanations”, found that, in contrast to the original idea of comply-or-explain, which emphasised the possibility of justifying deviations with situation-specific reasons, a significant number of the deviations analysed were either not justified at all (that is, they were simply disclosed) or were justified on the basis of objections of principle (e.g., that the code provisions were inappropriate because they failed to embody best practice). An increasing number of studies provide evidence that corporate governance statements disclosed on European stock markets lack quality, mainly in terms of the explanations they include when the companies do not comply with code provisions. In addressing this issue, the European Commission launched a wide-ranging consultation seeking views on how the “explain” approach could be improved. From this consultation we analysed 244 stakeholders' responses, generating an empirically derived taxonomy of responses. First, we examine these by providing a descriptive account of the different ways in which stakeholders agree that the “explain” option should be used, and what kind of alternative solutions companies should disclose. Second, we discuss the possible implications for code regimes and for management control.
Author: Christine Parker
Publisher: Edward Elgar Publishing
ISBN: 0857938738
Category : Law
Languages : en
Pages : 401
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Book Description
'Taking a broad view of regulation, and covering a wide range of issues and industries, this collection is the most innovative effort to date to understand the responses of business firms to regulation. The book brings together an impressive group of scholars who analyze the concept of compliance and offer theoretically informed studies of its assumed links to regulation. A must read for both academics and practitioners, this ground-breaking collection firmly establishes a scholarly field of compliance studies.' Ronen Shamir, Tel Aviv University, Israel 'Business responses to regulation is a key area of social science research. Parker and Nielsen's collection brings together an excellent group of scholars with innovative, and I believe highly influential contributions that problematize the relations between regulation and compliance. The collection is a highly welcome addition to our field, that will redefine the research agenda on compliance. A significant achievement that will help to improve policy making and frame the scholarly research agenda for the years to come.' David Levi-Faur, The Hebrew University of Jerusalem, Israel and the Free University of Berlin, Germany 'A timely and important set of analyses on how and why businesses respond to regulation in the way that they do from some of the leading authors in the field, covering business responses to both state and non-state regulatory systems.' Julia Black, London School of Economics, UK Explaining Compliance consists of sixteen specially commissioned chapters by the world's leading empirical researchers, examining whether and how businesses comply with regulation that is designed to affect positive behaviour changes. Each chapter consists of reflective summaries on business compliance with different state or voluntary regulation, and the theoretical lessons to be drawn from it. As a whole, the book develops understanding and explanations of how, why and in what circumstances, firms come to comply with regulation, and when they do not. It also uncovers the complexity, ambiguity and transformation of regulation as it is interpreted, implemented and negotiated by firms, their stakeholders and internal constituencies in everyday business life. This unique and detailed resource will appeal to academics, graduate students and senior undergraduates in law, political science, sociology, criminology, economics, and psychology, as well as business and interdisciplinary areas such as law and society, and law and economics. Anyone researching business regulation, corporate social responsibility, regulation and compliance, enforcement and compliance, and public administration, will also find this book beneficial.
Author: American Bar Association. House of Delegates
Publisher: American Bar Association
ISBN: 9781590318737
Category : Law
Languages : en
Pages : 216
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Book Description
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author: Jean Jacques du Plessis
Publisher: Cambridge University Press
ISBN: 1108349528
Category : Business & Economics
Languages : en
Pages : 501
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Book Description
Now in its fourth edition, Principles of Contemporary Corporate Governance offers comprehensive coverage of the key topics and emerging themes in private sector corporate governance. It explains both the principles of corporate governance systems and their real-world application in an authoritative and engaging manner. This fully revised and updated text has four parts: basic concepts, board structures and company officers; corporate governance in Australia; corporate governance in international and global contexts; and shareholder activism and business ethics. The coverage of international contexts includes sections on the US, the UK, Canada, South Africa, the EU, the OECD, Germany, Japan, China and Indonesia, plus new sections on New Zealand and India. A new chapter on business ethics and corporate governance presents contemporary discussions on the topic and explores some of the broader legal issues. Principles of Contemporary Corporate Governance is an indispensable resource for business and law students, academic researchers and practitioners
Author: Committee on the Financial Aspects of Corporate Governance
Publisher:
ISBN:
Category : Benchmarking (Management)
Languages : en
Pages : 108
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Book Description
Author: Jill Solomon
Publisher: John Wiley & Sons
ISBN: 0470034513
Category : Business & Economics
Languages : en
Pages : 403
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Book Description
Courses in corporate governance and corporate social responsibility are growing in number at universities in many countries. This textbook covers corporate governance for the UK market.
Author: Afra Afsharipour
Publisher: Edward Elgar Publishing
ISBN: 1788975332
Category : Law
Languages : en
Pages : 544
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Book Description
This research handbook provides a state-of-the-art perspective on how corporate governance differs between countries around the world. It covers highly topical issues including corporate purpose, corporate social responsibility and shareholder activism.
