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GCC Regulators Conference: Why Is Good Corporate Governance Important? 23 February 2010 Michael Lesser, Managing Director, Supervision and Authorisation Division . ‘ Corporate governance is the system by which companies are directed and controlled .’ Sir Arthur Cadbury, 1992
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GCC Regulators Conference: Why Is Good Corporate Governance Important? 23 February 2010 Michael Lesser, Managing Director, Supervision and Authorisation Division
‘Corporate governance is the system by which companies are directed and controlled.’ Sir Arthur Cadbury, 1992 ‘The system by which companies are directed and managed. It influences how the objectives of the company are set and achieved, how risk is monitored and assessed, and how performance is optimised’. ASX Corporate Governance Council, 2003 “Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders.’ OECD, 2004 1
Good Corporate Governance • What the regulator is looking for • Why we think it is important • Why the firm should be doing it 1
What the Regulator is looking for to demonstrate Good Corporate Governance • Good directors • Committee structures • Qualified independent outside directors • Active participation is also a key point • Document the process 1
Why we think it is important If a firm gets its corporate governance right; everything else flows from that. 5
What’s in it for - • the Regulator? • Confidence • Transparency • Fairness • the Firm? • Enhance Investor Confidence • Promote Competitiveness • Improve Image 1
