GLOBAL ISSUE ( หน้า 24)
CORPORATE GOVERNANCE IMPROVEMENTS THROUGHOUT THE WORLD
Countries throughout the world are working to improve corporate governance. Provisions that are roughly equivalent to Sarbanes-Oxley are in place in France and Japan, while both China and Canada are implementing similar rules. In the UK, the Cadbury Report has led to revisions to the combined Code of Conduct that have placed additional responsibilities on non-management directors, altered board and committee composition, and modified the roles of the CEO and Chairman. The adoption of recommendations for the government-sponsored Cromme Commission has reduced the power of management directors and increased the transparency of Germany’s two-tier system of governance. Italy has implemented the Draghi Law of 1998 and Preda Code Of Conduct. Since many corporations in non-Japan Asia are family-controlled or have stock that is at least partially owned by the state, the Anglo-American system of corporate governance does not quite fit. Nevertheless, many of the changes in other parts of the world, such as CEO performance reviews and executive succession planning, are taking place in Asia corporations