||ASX [Australian Stock Exchange] updated Corporate Governance
Principles and Recommendations, to apply effective January 1, 2008,
based on a set of guidelines and disclosure of “if not, why
not” in governance reporting, and risk management policies including
internal controls tailored to the company’s risk profile.
||SEC Commissioner R.Campos, “In civil law countries, such as
most of continental Europe, the fiduciary principle is far less developed
and the rules-based approach in such countries permits in many cases
the controlling shareholder to extract private benefits at the expense
of minority shareholders”.
||SEC Commissioner R Campos
“The US system is one of a regulator led approach, where the
SEC establishes rules…by contrast the UK has a [principles-based]
approach, which in the case of shareholders relies on the shareholders
to protect their interests directly by providing a framework for them
to do so [based on the best interests of each company, on a company-by-company
basis] [the absence of a form of shareholder access to nominations,
proxy voting and majority voting rules, shareholder advisory votes
on executive compensation] in the US was cited as a disincentive for
EU investment in US companies].