During the last two decades, “an AC has become a
common mechanism of CG internationally.” Originally,
‘non-mandatory’ structures used by a ‘minority’
of corporations, more recently numerous ‘official’
professional and regulatory committees in many countries
have recommended their more ‘universal’ adoption and
have advocated ‘expanded’ roles for an AC. Undoubtedly,
a number of high-profile corporate scandals triggered an
in-depth reflection on the regulatory role of the government
in protecting the interests of shareholders. Over the past 30
years, financial markets in the U.S., the European Union,
and different Asian countries have undergone several
phases of CG reforms: