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Corporate Governance in Emerging Markets Practices and Paradigms Manu Antony Department of Commerce, University of Kerala

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Corporate Governance in Emerging MarketsPractices and Paradigms

Manu AntonyDepartment of Commerce,

University of Kerala

What is Corporate Governance?Strategic DirectionExecutionCompliance

Why Corporate Governance?Rights and equitable treatment of

shareholders Interests of other stakeholdersRole and responsibilities of the boardIntegrity and ethical behaviorDisclosure and transparency

The CG PhilosophyGlobal Scenario

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The three fold philosophy

Facilitate and simulate the performance

Provide the means to monitor

managers’ behaviour

Limit insiders abuse of power

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The Principle Documents

Sarbanes-Oxley Act

Principles of CG

Cadbury

Report

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Global CG Ranking

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Cont.

The Emerging EconomiesB R I C ‘K’ S & the Pacific Nations!!

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Brasil Russia India

China South Africa

South Korea

Indonesia

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CG Philosophy - Evolution

Before After

East Asian Financial Crisis

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Why CG was long ignored?

Widespread preponderance of smaller firms.

Large companies were either family/ state/ foreign owned.

Their shares were not widely traded locally

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Country Family Business Market Capitalisation as a % of Total Market

CapitalisationPhilippines 83.2 %Singapore 54.0%Indonesia 49.1%Thailand 48.4%Taiwan 47.3%India 46.8%

Malaysia 39.0%Brasil 26.2%

Hong Kong 22.5%Source: Credit Suisse Emerging Market Institute, Family Business report 2011

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What now??

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The Paradigm shift...!

Closed Economy

Open Economy

Un Democra

tic

Democratic

Relationship Based

Rules Based

Practices & Priorities

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Building corporate governance culture

Promoting self and market discipline

Advocating shareholder activism

Strengthening boardsPrivate enforcement to complement public enforcementDriving Sustainability

Regional Convergence

Trends

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Women on Corporate Boards

Social Media Governance

Protection of Whistle blowers

Share holder social activism

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And Success Follows..!

The Future..what's more??Change of Mindsets and mentalitiesEnforcementNotion of fiduciary responsibilityEngagement in non financial issues

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What we’ve discussed so far...

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Queries??

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Thank you!!

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