By M. Nakamura
A well timed overview of quickly globalizing governance mechanisms in China and Japan. This ebook seems to be at how company governance practices in those international locations are adapting to Anglo-American practices, yet argues that those diversifications are selective, and either nations proceed to keep their very own neighborhood company governance practices in a few parts.
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Extra info for Changing Corporate Governance Practices in China and Japan: Adaptations of Anglo-American Practices
For example, of the 15 independent directors of Enron before the scandal, ten had a business relationship with the company. This made Enron a “club” with strong interpersonal relationships. When the CEO takes control, other directors, including independent directors, cannot challenge the authority of the management, and the board has to perform as directed by the management. Here, the supervisory role of independent directors is minimal. The function of the supervisory board Common law countries emphasize the establishment of independent directors, while civil law countries emphasize the establishment of a supervisory board.
They have responsibility for the accuracy of the information disclosed by the company and will bear the civil, administrative, and criminal responsibility if the information is inaccurate. Avenues open to investors for complaint Complaints If a client is not satisﬁed with the services of his agent (or broker), he could complain to the department manager of his agent company. The manager can usually handle the minor troubles well, such as insensitivity 36 Changing Corporate Governance Practices in China and Japan on the part of the broker, lack of necessary knowledge, failure to pay dividends in time, operational mistakes, or unwillingness to wait for better opportunities.
It should be noted that dominance by a single majority shareholder has provided ﬁrms’ management with a great opportunity to infringe other stakeholders’ interests. 2. Balance from democratic management by employees has disappeared. Since the 1990s, treating employees “American-style” has become very 24 Changing Corporate Governance Practices in China and Japan popular. Employees are only a component of an enterprise, and the government should establish a free labor market for enterprises. The establishment of the modern enterprise system is accompanied by layoffs and unemployment of tens of millions of workers from SOEs.
Changing Corporate Governance Practices in China and Japan: Adaptations of Anglo-American Practices by M. Nakamura