apec som iii stephen y l cheung coordinator, core group on corporate governance peer assistant...
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APEC SOM III
Stephen Y L Cheung
Coordinator, core group on corporate governance
Peer Assistant Review Network
PECC
The APEC Road Map on Strengthening Markets submitted to SOM III in Brunei endorsed by Ministers :
Needs to strengthening our financial markets including corporate governance reform
During the 12 th APEC Ministers Meeting “ they endorsed the proposal to invite the PECC to develop ideas which APEC may consider furthering its work on improving economic and corporate governance in the region. In doing so Ministers commended the progress in the APEC Finance Ministers’ Initiates on Corporate Governance.
The special feature of PECC
Government
Business
Academic
PARnetIDEA.net (Institute of Director of East Asia)
More regional cooperation in corporate governance reform
Proposed by ABAC in 2000
Coordination with APEC’s initiatives on corporate governance:
Participation in the APEC Deputy finance Ministers Meeting
Participation in the APEC policy dialogue in Corporate governance reform
Circulating our work for comments
Complementary to the APEC’s initiatives:
1) Training
Sharing training materials
Sharing training experiences
Cases; good and bad cases
Trainers
With the help of the World Bank Institute
2) Private Sector Initiatives
As identified by the APEC’s initiatives that corporate governance reform needs private sector participationResulted from a series of consultative meetings including regulators, academics, and private sector representatives (Institute of Director of the region)
= > This represents their views of how the Board should run
Supported by the Private Sector Advisory Group of the WB/OECD: Asian Chapter of the Business Sector Advisory Group formed by the top business people of each economy in the region, e.g. we are extending our invitation to Mr William Fung (chairman of Li & Fung Ltd) to chair the Hong Kong committee
International Standard:
One size could not fit all
APEC economies are in different stages of development
In line with the OECD principles
Comments received fromSOM process
Finance Ministers process
Will continue to work closely with the APEC’s initiatives
Thank You