Work more, says WEF

Singapore, June 27:

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 today.

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 long 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.

The Roundtable includes representatives from the Organisation 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.

In 2003 the OECD issued a White Paper on Corporate Governance in Asia that set common policy objective and recommendations on how to improve governance. A recent survey compared the corporate governance of the 13 Asian economies and found that most jurisdictions have substantially revamped their laws, regulations and other corporate governance norms, the Singapore declaration said.