Overview

This workshop reviews and analyses contemporary developments in corporate governance. Basic principles related to good governance practice by corporate Boards are outlined. In particular, the respective roles of the Chairman, independent Directors and the Managing Director are examined, as are Audit Committee issues.

The evolving corporate governance practices and requirements of the US and the UK are carefully considered – both for their respective domestic importance and for their potential to be the international pace-makers in the face of major corporate collapses.

Corporate governance is also considered as an exercise in financial risk management, which approach leads to the introduction of formal risk management standards.

An examination of some now infamous case studies in corporate financial failure concludes the workshop.

Understanding corporate governance

Practising corporate governance: major challenges

How good corporate governance adds value to companies

Corporate governance principles and procedures

Designing and enforcing corporate governance strategy

Stakeholders in, and drivers of, corporate governance

Developing corporate policy statements

Formulating corporate governance reports

Corporate governance policy implementation

Establishing a corporate culture supportive of good corporate governance

Company Directors and corporate governance

Importance of the Board of Directors

Role and responsibilities of the Board of Directors

Developing a "balanced" Board

Role of the Chairman

Role of independent directors

Role of the Managing Director

Assessing Board effectiveness

The Remuneration Committee

The Audit Committee

Corporate governance: significant contemporary international perspectives

United States

• Sarbanes-Oxley Act of 2002

United Kingdom

• the Turnbull Report on internal control (1999)
• the Higgs Report on non-executive Directors (2003)
• the Smith Report on Audit Committees (2003)

Australia

• Australian Stock Exchange (ASX) Corporate Governance Council (2003)

The Audit Committee

Improving Audit Committee performance: recommendations from the major enquiries and the requirements of the legislators

The Role of Formal Risk Management Standards

Corporate governance as an exercise in risk management

Generally accepted risk principles (GARP)

An example of a formal standard: AS/NZS 4360 - 1999

An international guide to best business practice in risk management

Case Studies: the seductive mirage of extraordinary profits

Riding the Enron roller coaster - and taking Andersen for a ride

How to bring down a bank: Barings Futures in Singapore

Who’s next?

Future directions in corporate governance?