Corporate governance case studies in the philippines

The research in eight East Asian i.

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The so-called domestic forces influencing the development of governance codes refer to demands from investors who prefer better protection of their interests. According to Cromme [ 30 ], the governance guidelines at the European level are highly aligned with the country codes.

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German companies are not required to follow these standards with the exception of listed companies. That is especially the case in those countries where codes have special sections designated to disclosure [ 8 ]. For example, in Cyprus, the Cyprus Stock Exchanges introduced the Cypriot Corporate Governance Code in as a response to the major stock exchange collapse [ 34 ]. Previous analyses indicate that recommendations in this respect were not comprehensive and clearly stated in the previous version of the code. The CG Statement was introduced by the Slovenian Companies Act [ 46 ] in and must be published as a part of annual reports. However, other codes are not the subject of this contribution. According to Nowland [ 8 , p. Laws and regulations exist, but are not enforced. In this case, a code applies only to that company. These changes should positively influence the work of the supervisory board. Since then, corporate governance has been regulated by a number of acts that have been amended and supplemented as response to changes in legislation, market conditions and cases of good governance practice [ 15 ]. Since in many cases these codes were adopted as listing requirement for stock exchanges, this gave codes a formal and compulsory character. In relation to the previously discussed perspectives, scholars often made division of corporate governance systems between the Anglo-American and the Continental European system.

After its foundation, Slovenia has been faced with a three-way transition process [ 14 ]: 1 the transition to an independent state, 2 the reorientation from the former Yugoslav to Western-developed markets and 3 the transition to the market economy. The above discussion shows clearly how external forces such as the ADB and the WB can exert a major influence on the development of CG guidelines and practices in countries like Bangladesh.

Codes as a form of soft governance regulations Several authors [ 78 ] identified as an important dilemma within the corporate governance field on whether to develop hard law i.

Many cases of corporate fraud, accounting scandals and other organizational failures leading to lawsuits, resignations or even bankruptcy have made corporate governance as especially important and often discussed topic among professionals and scholars.

The CG Statement was introduced by the Slovenian Companies Act [ 46 ] in and must be published as a part of annual reports. Recommendations in the area of the supervisory board: the composition of the supervisory board should ensure responsible supervision and decision-making that are in the best interest of a company i.

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Shareholders have a right to demand additional explanations from a management board regarding the content of the statement at the shareholders meeting [ 40 , 46 ]. The Cadbury Report is recognized in the literature and in the governance practice as one of the most influential codes, and several dimensions of that code were introduced into corporate governance systems not only in the UK but also around the world, including the USA and Germany [ 11 ]. Individually or jointly, governments, stock exchanges, employer associations and director associations can issue governance codes in order to address corporate governance specifics in a particular country and to improve the national corporate governance system, especially in the case when other governance mechanisms fail to do that [ 31 ]. UK, Netherlands and Germany , companies often use standard explanations for deviations, and often firms complying with the same recommendations use similar explanations for non-compliance. Hermes et al. PLDT was determined to take advantage of this business opportunity and they knew they needed a way to offer value-added services such as IaaS in order to attract a new client base. Corporate governance codes are a form of soft regulations or the so-called soft law.

The paper is divided into several sections. Governance codes that are issued by governments and stock exchanges have stronger enforceability since they present a norm of operation and therefore might have a stronger impact on improving governance practice.

Romania was one of the first countries that issued a code in At the same time, advanced recommended governance practice has been developed in Slovenia e.

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