Asia has substantially revamped its corporate governance framework but more work needs to be done 10 years after a financial crisis struck the region, a meeting of regional officials said yesterday.
About 140 Asian policymakers, regulators, stock exchanges and other delegates gathered for the Asian Roundtable on Corporate Governance resolved to step up implementation and enforcement.
"Even when Asian corporate governance rules reflect the most developed thinking in corporate governance their credibility depends on how well they are implemented and enforced," said a declaration issued at the start of the two-day meeting.
Delegates also pledged to fill the gaps in the system of rules and regulations, to assess whether regulations are effective, and exchange information not only within Asia but also with those outside the region.
1997 CRISIS
"The financial crisis in 1997 triggered a lively discussion about corporate governance in Asia. It was generally agreed that weak corporate governance practices made companies more vulnerable and deepened the economic problems associated with the financial crisis," the declaration said.
"Improving corporate governance became a key tool in the process of regaining investor confidence in Asia, re-establishing access to global capital markets and improving the private sector's ability to contribute to stable economic growth," it said.
The roundtable includes delegates from the Organization for Economic Cooperation and Development (OECD), as well as Bangladesh, China, Hong Kong, India, Indonesia, South Korea, Malaysia, Pakistan, the Philippines, Singapore, Taipei, Thailand and Vietnam.
WHITE PAPER
In 2003 the OECD issued a White Paper on Corporate Governance in Asia that stipulated common policy objectives as well as recommendations on how to improve governance.
A recent survey compared the corporate governance of the 13 Asian economies and found that most jurisdictions had substantially revamped their laws, regulations and other corporate governance norms, the Singapore declaration said.
The Asian financial crisis began when Thailand floated its currency on July 2, 1997, to ease the immediate pressure on its faltering economy.
Instead, it set off a chain reaction which destroyed many of the gains of Asia's "economic miracle" as currencies, stocks, commodities and property prices went into free-fall and governments around the region scrambled to limit the damage.
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