the role of professional bodies in corporate governance presented by phillip baldwin chief...
TRANSCRIPT
The Role of Professional Bodies in Corporate Governance
Presented by Phillip BaldwinChief Executive, HKICS11 September 2009
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Definition of a professional body:
A professional body is a group of people in a learned occupation who are entrusted
with maintaining control or oversight of the legitimate practice of the occupation
Analytic Quality Glossary(www.qualityresearchinternational.com)
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Definition of a professional body:
•Public interest •Professional standards •Code of conduct•Disciplinary procedures
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Definition of Corporate Governance:
Corporate governance puts in place a 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.
Governance is much more than a series of codes of conduct and other documents. It is a
state of mind, a pattern of practices that define a company’s culture.
HKICS (www.hkics.org.com)
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Hear no evil; See no evil; Speak no evil
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Financial turmoil and governance reform
“Financial turmoil thus appears to be a necessary but not sufficient condition for the
enactment of market regulation, and the quality of federal legislative decision making in
such an environment has consistently left much to be desired.”
- Professor Roberta Romano - Oscar M Ruebhausen Professor of Law at Yale University Yale. Law Journal, April 2005 “The SOX Act and the Making of Quack Corporate Governance”
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Financial turmoil and governance reform
“It’s hard to argue logic in a feeding frenzy…”
- Senator Phil Gramm on Sox Act
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Integrity
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Financial turmoil and governance reform
“…the quality of federal legislative decision making in such an environment (i.e. during financial turmoil) has consistently left much
to be desired.”- Professor Roberta Romano - Oscar M Ruebhausen Professor of Law at Yale University
Yale. Law Journal, April 2005 “The SOX Act and the Making of Quack Corporate Governance”
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Governance professionals of
the world unite!
Forward!
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THANK YOU