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Siemens Saddled with Scandals (B): Governance Codes and Corporate Incentives



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Code : GOV0030

Year :
2007

Industry : Not Available

Region : US Germany

Teaching Note: Available

Structured Assignment : Available

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Governance Codes Though the corporate governance code – to maximise the long-term value to the shareholders and protect the core company (Exhibit I) – in all the countries is the same, a fundamental difference is in the board structure and whether the board is one – or two-tier. In nearly three quarters of the world’s countries, the unitary structure – based on theAnglo-Saxon corporate model – is predominant. The two-tier structure is prevalent notably in Germany andAustria. Variations of these structures include a unitary board with a separate board of auditors (Italy) or a unitary board, which appoints a separate managing director...

UK:Cadbury Committee Britain in the 1980s was roiled by financial scandals involving UK-listed companies, because of which investor confidence plummeted. In response, the Cadbury committee on the Financial Aspects of Corporate Governance was set up – by the Financial Reporting Council and London Stock Exchange – in May 1991. Its broad mandate was to ‘…address the financial aspects of corporate governance’ and was chaired by Sir Adrian Cadbury who published the committee report in December 1992...

France: Viénot Committee In 1995, the Viénot Committee, a private sector group formed to assess French corporate governance, concluded that boards should institute audit and compensation committees, as well as appoint aminimum number of independent outsider directors. It was prepared by a panel composed of the chief executive officers of 14 leading French pubic companies assembled by 2 French business associations...

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South Africa: King Committee King Report on Corporate Governance was published in November 1994 under former High Court judge, Mervyn King S.C. to promote the standards of corporate governance in South Africa. The ‘King Report 2002’ came out as an initiative of the Institute of Directors in Southern Africa. It represents a revision and update of the King Report first published in 1994, for keeping standards of corporate governance in South Africa in step with those in the rest of the world...




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