Welcome to the Global Center for Corporate Governance
Visit our Local Corporate Governance Centers
Spotlight on a Deloitte Governance Leader
Daniel Aguinaga, Mexico
Partner, Mexico
Specialties: Corporate governance for publicly traded companies and family/privately owned business; corporate sustainability.
Industries: Multi-industry
Languages: Spanish, English
Tel: +52-55-50806560 x6560
For more information on the Global Center for Corporate Governance, please download our brochure.
What's New
12 April 2013 Director 360: Degrees of Progress
Deloitte has released the 2nd edition of its global director benchmarking effort: Director 360: Degrees of Progress. The global survey examines a range of corporate governance topics including board composition, regulation, diversity, and risk oversight in a survey of 288 directors in 19 countries. Please find the report here.
5 March 2013 Women in the Boardroom: A Global Perspective
Recent legislative efforts and other initiatives have helped bring women’s representation in the boardroom to an all-time high. Despite this, nearly 90 percent of the world’s board seats still belong to men. This third edition of the Deloitte Global Center for Corporate Governance’s publication, Women in the boardroom: A global perspective highlights those initiatives, spanning 25 countries and six continents, aimed at balancing the scales in favor of a more diverse and inclusive boardroom.
30 January 2013 The Talent-Intelligent Board: The Essential Resource
Deloitte has released its latest report from the Intelligent Board series, The Talent-Intelligent Board: The Essential Resource. With insight from Deloitte global leaders, this report offers boards of directors and senior executives a guide to key strategic issues affecting talent. The report will assist in defining the board's roles and responsibilities with regard to talent oversight and will provide ideas, as well as questions to pose to management. The report focuses on six important issues that impact the strategic management of talent in today’s organizations.
15 January 2013 2013 Directors' Alert
The fourth edition of the Global Center for Corporate Governance’s Directors' Alert, a global publication examining some of the top challenges likely to face companies and their boards of directors in 2013, focuses on governance topics such as strategy, capital management, management succession, risk oversight, growth and regulation. Each article includes questions that directors may ask to further explore the issues with their own boards, as well as additional resources on each topic. Please find the publication here. A French version can be found here. A Spanish version can be found here.
10 January 2013 Deloitte Switzerland Releases Second Edition of Corporate Governance Study
In November 2012, Deloitte Switzerland released the second edition of its Corporate Governance study, which analyzes the governance practices of 47 companies comprising the expanded Swiss Market Index. The study, based on publicly available annual disclosures, is aimed at identifying corporate governance trends and leading practices in Switzerland, and covered various themes such as the board’s role and composition, performance evaluation, risk oversight and remuneration. Please find the study here.
9 January 2013 2012 Board Practices Report: Providing Insight into the Shape of Things to Come
This year’s report by Deloitte and the Society of Corporate Secretaries and Governance Professionals contains insights and trends across sixteen areas of governance practices, including political contributions; diversity; CEO succession planning; shareholder engagement; and sustainability initiatives. The report’s findings are based on a survey of corporate secretaries at nearly 200 companies. Please find the report here. A tablet-friendly version is also available.
5 December 2012
The UK Financial Reporting Council announced a change in the UK accounting standards. The UK and the Republic of Ireland will now follow the International Financial Reporting Standards. The changes are expected to be finalized in early 2013, and all changes will become effective for accounting periods beginning on or after 1 January 2015. Firms, however, can choose to adopt the standards early. Please find the press release on these changes here and the noted changes and requirements here.
25 November 2012 Standard and Poor's Releases New Methodology for Analyzing Governance and Management Credit Factors
Standard and Poor’s released its new methodology for analyzing the governance and management credit factors of rated issuers. According to an S&P publication on the new credit factors, “Overall, these criteria recognize that exceptional management can improve a firm's business risk and that translates into better credit strength over the long term and, conversely, that poor management can lead to weaker debt servicing capabilities. Governance is different. Defective governance attributes are closely linked to credit weakness…these criteria bring enhanced transparency to our ratings by articulating how we score this category of analysis."
5 November 2012 New Corporate Governance Law in the Netherlands
A new corporate governance law was passed in July 2012 by the lower house of Dutch Parliament in the Netherlands that will raise the ownership threshold for the right of shareholders of both listed and unlisted limited liability companies to have items placed on the agenda of the general meeting of the shareholders. The current limit is one percent, in the future only shareholders who hold more than three percent will have this right. The bill is meant to strengthen the corporate governance of publicly-traded companies by encouraging discussion between shareholders and management, and stunting shareholder activism. The bill will be further debated by the upper house of the Dutch Parliament, and is expected to pass on 1 January 2013. Please find more information here.
19 October 2012 Deloitte CIS Publishes Research Report on Corporate Governance in Russia
Results of a joint research project conducted by the Deloitte CIS Center for Corporate Governance and the National Union for Corporate Secretaries (NOKS) were presented on 19 October at the Deloitte office in Moscow. The research is titled “An Insider’s View on Corporate Governance in Russia” and is based on a survey of corporate secretaries of Russian companies about local corporate governance practices. You can read the report, in English, here.
19 October 2012 Deloitte USA Heads Up on New Audit Committee Tool
Deloitte & Touche LLP has released an article on a new Auditor Evaluation Tool for Audit Committees from the Association of Audit Committee Members, Inc. The purpose of the tool is to help audit committees evaluate their external auditor as part of the annual reappointment process.
10 October 2012 Deloitte Sweden in Balans Magazine
Anders Hult, Deloitte Sweden, Dan Konigsburg DTTL Global Center for Corporate Governance, and lawyers from Baker & McKenzie based in Sweden collaborated on an article regarding the potential adaptation of a Swedish stewardship code (similar to that found in the UK). The article gives an in-depth look into the question of what the roles and responsibilities are of shareholders and creditors of Swedish companies, and their increased role in monitoring risk. Please find the article, in Swedish, here.
1 October 2012 Deloitte Spain Hosts Two Events on Corporate Governance
Deloitte Spain hosted an event on the “Integration of financial and non-financial information: 4th dimensions for business information;” the event took place on 1 October in Madrid. More than 100 directors and CFOs attended the event, which underlined the importance of progress in integrated reporting. Please find the event agenda here. Find additional information here. (Note: Materials presented are in Spanish).
Deloitte Spain also hosted a training program for directors in collaboration with recruitment firm Spencer Stuart. The two-day program in Madrid included role-playing exercises for directors of listed and unlisted companies. Please find an event summary here.
24 September 2012 Board Academy launched in Italy
On 24 September 2012 Deloitte Italy launched the Board Academy, in collaboration with the Bellisario Foundation. The Academy is composed of nine tailored training courses for future board members. With more than 630 participants and an average of 270 participants per course, the Board Academy looks to provide training for highly qualified professionals in which they receive professional preparation and advice regarding their future as potential board members. Moreover, the courses aim to enrich the professional background of participants in law, economics and technology. For more information on the Academy please click here (note: information is in Italian) or contact itboardacademy@deloitte.it.
10 September 2012 Southern Africa: Third Integrated Reporting Publication
Deloitte Risk Advisory has just released their 3rd Integrated reporting publication which has identified that there has been continued improvements in reporting and movement away from a tick box approach to satisfying investor demands for greater transparency. Please find the report here.
1 September 2012 Singapore: Monetary Authority of Singapore Releases Revised Code for Corporate Governance
The Monetary Authority of Singapore released a revised Code for Corporate Governance which includes the recommendations from The Corporate Governance Council regarding directors’ independence.
20 August 2012 UK: Proposed Rules for Former Directors of Failed Banks
Although civil and regulatory sanctions already exist for bank directors, the UK Treasury has begun consultation on new sanctions for directors of failed banks. According to the proposed rules, directors of failed banks who engage with another institution would have to demonstrate to the regulator that they were not responsible for, and did not contribute to, the failure of the bank. The deadline for submitting comments is 30 September.
10 August 2012 European Union: New Capital and Governance Rules
The European Parliament economics committee voted in favor, with no abstentions, of new bank capital rules. Every financial institution would be required to have "robust" governance agreements, including consistent lines of responsibility, effective processes for identifying and managing risks and fair remuneration policies. It also addresses bankers' compensation.
1 August 2012 Just released: Deloitte Spain’s "Question of Trust" report
Deloitte Spain’s Centre of Excellence for Corporate Governance published the second issue of "Question of Trust", a report that covers current corporate governance issues and aims to provide quality information for reflection and decision making through the sharing of knowledge and opinions of leading experts in matters concerning corporate governance.
19 July 2012 Aftershock: Adjusting to the New World of Risk Management
In this Spring 2012 survey of 192 U.S. executives from companies in the consumer and industrial products, life sciences, health care, and technology/media/telecommunications industries, Deloitte and Forbes Insights found that many executives are working hard to make sense of a changing environment.
4 July 2012 Corporate Governance Event in Chile
On 4 July, the Deloitte Chile Center for Corporate Governance and Universidad Catolica de Chile Center for Corporate Governance, together with the Ministry of Finance and the SVS, held the 3rd Conference on Corporate Governance. The conference held two panels, ‘What should a director know?’ and ‘Financial Information and IFRS – Is It Sufficient?’ During the conference, one of the speakers, Fernando Coloma, Director of the SVS, made public the draft of a new regulation for public companies requiring annual board self-assessments. Comments on the draft are being requested by August 2012; the regulation will become effective on 31 December 2012.
27 June 2012 Launch of the Deloitte Brazil Center for Corporate Governance
On 27 June, Deloitte Brazil launched its Center for Corporate Governance at the Pestana Hotel on Copacabana Beach in Rio de Janeiro. The event focused on questions relevant to Brazil’s fast growing economy, including risk oversight by the board of directors, changing standards for independence and governance leading practices by Brazilian regulators, and more active involvement in company activities by domestic and foreign shareholders. Deloitte Brazil governance leaders Bruce Mescher and Guilherme Lockmann moderated the afternoon launch in front of an audience of approximately 50 Brazilian client directors and senior executives. External speakers included José Mauro da Cunha, Chairman, Oi Telecom S.A.; Fernando Macedo, Head of Corporate Governance, Eletrobras S.A.; Rodrigo Lima, Corporate Governance General Manager, Petrobras International S.A., and the event was followed by an informal cocktail reception overlooking Copacabana Beach. The Brazilian Center plans to continue the momentum following the launch with future director events in Sao Paulo, efforts to increase visibility for its new website and with a more focused effort to engage with Brazil’s most influential directors.
31 May 2012 Launch of the Deloitte CIS Center for Corporate Governance
On May 31, Deloitte CIS launched its Center for Corporate Governance with a client dinner for over 50 non-executive directors in the National Hotel in Moscow. The launch event included speeches from John Sullivan, Executive Director of the Center for International Private Enterprise (CIPE); Holly Gregory, Partner, Weil Gotshal & Manges LLP; and Deloitte Touche Tohmatsu Ltd Chairman Steve Almond. The launch also included participation in the National Council on Corporate Governance conference, and the launch of the Deloitte CIS Center for Corporate Governance website. The Center will also launch a governance and board assessment service, called GIST.
22 May 2012 Corporate Governance Event in Singapore
The Deloitte Singapore Center for Corporate Governance celebrated its third anniversary since its launch with a 'Summit on Transparency & Values', held in the Conrad Hotel in downtown Singapore attended by over 70 key client directors and executives on 22 May. Speakers included John Lim, Chairman of the Singapore Institute of Directors; Joy Tan, Joint Head of the Corporate Governance and Compliance Practice at law firm Wong Partnership LLP; and Daniel Malan, Director of the Center for Corporate Governance at the University of Stellenbosch Business School in South Africa.
17 May 2012 Launch of the Deloitte Italy Center for Corporate Governance
Deloitte Italy launched its Center for Corporate Governance in Milan on 17 May with an audience of 180 directors and client executives. Speakers included Milan City Prosecutor Francesco Greco, head of the Italian Shareholder Association Massimo Manchini, and directors from two large clients. The Italian Governance Center website also launched that day with great fanfare, and the event was covered by CNBC Italy and the local business press. Many thanks are due to Deloitte Italy governance leaders Ciro Di Carluccio and Sylvia Gutierrez.
9 May 2012 Corporate Governance Event in Sweden
The Deloitte Sweden Center for Corporate Governance organized an event for approximately 180 directors at Stockholm’s Grand Hotel, in collaboration with Baker & Mackenzie, a global law firm. The event, which attracted possibly a quarter of all listed company directors in the country, was comprised of a series of panels focused on areas where Swedish directors displayed different results from those of other countries in the Global Center’s Director 360 survey report. These were succession planning and the willingness of Swedish boards to be proactive with respect to regulation and policy. The event opened with a presentation about the board and social media by Nik Gowing, a BBC journalist from London, who recently published a monograph on the subject.
In the same week, the Swedish firm organized a separate lunch for a smaller group of 40 directors from Sweden’s largest companies.
8 February 2012 Corporate Governance in Ireland
Deloitte Ireland publishes comprehensive corporate governance disclosure checklist. Companies listed on the main securities market of the Irish Stock Exchange are required to comply with an increasing variety of corporate governance disclosure requirements, many of which apply for the first time to companies preparing their annual reports for 2011. The checklist will help companies in planning for and ensuring compliance with these regulations.
February 2012 German Corporate Governance newsletter
This issue includes results of the Director 360° survey among Supervisory Board members in Germany and around the world, a short paper about direct transition from the Executive Board to the Supervisory Board of a listed company, and an overview of the Board Academy as a platform for Supervisory Boards.
19 January 2012 Launch of the Deloitte Finland Center for Corporate Governance
On 19 January 2012, Deloitte Finland launched their Center for Corporate Governance, inclusive of their corporate governance website. A launch event, focusing on their Board Forum Survey, took place where approximately 60 clients/ board members were in attendance. The event included a panel discussion and presentation on current governance trends. To learn more about the Board Forum Survey, which addresses current corporate governance matters in Finland and in other international markets, visit the Finnish Corporate Governance website.
17 January 2012: The Sustainable Board
January 2012 2011 annual financial reporting document review guide
An all-in-one disclosure assessment tool
Deloitte has prepared a comprehensive assessment package to help management and directors determine whether or not their organization's financial statements and other financial filings meet its continuous disclosure obligations.
10 January 2012 Directors’ Alert: 12 issues for 2012 - When Uncertainty Reigns
This publication from Deloitte Touche Tohmatsu Limited (DTTL) offers insights from governance specialists from Deloitte member firms around the globe. These specialists have provided local and international perspectives on top boardroom priorities within the context of today’s uncertain business environment. Each article includes questions that directors may ask to further explore the issues with their own boards, as well as resources for each topic.
21 November 2011 Women in the Boardroom - A Global Perspective
The topic of boardroom diversity is long-standing. This second edition report from the Deloitte Global Center for Corporate Governance examines legislative efforts being pursued across 17 countries in order to encourage more women to serve on listed company boards.
November 2011 Corporate Governance disclosure checklist
Challenging times, changing times - the Uk is experiencing it all the moment. The Financial Reporting Council has published the UK Corporate Governance Code that it hopes will encourage effective and constructive challenge in the UK boardrooms.
This checklist from Deloitte UK sets out the corporate governance disclosure requirements of the UK Corporate Governance Code for reporting periods beginning on or after 29 June 2010.
17 November 2011 Global Director Survey: Director 360
To obtain insight into the issues that directors are faced with, Deloitte Touche Tohmatsu Limited’s Global Center for Corporate Governance sponsored a director survey, Director 360: Changing Roles, new challenges that included 215 directors in 12 countries. The research explores issues such as board effectiveness, functionality and the changing role of directors. The results of the research will assist directors, globally, in an environment of increased scrutiny, growing compliance demands, and a challenging economic environment.
17 October 2011 Launch of the Deloitte Japan Center for Corporate Governance
17 October 2011 marks the launch of the Deloitte Japan / Tohmatsu Center for Corporate Governance. In addition to one of the most comprehensive websites about governance topics in Japan available in English, the launch brings together nearly 100 investors and directors to discuss the changing face of corporate governance in Japan. Given Japanese companies’ expansion overseas, the Center will focus on the particular needs of Japanese firms to implement strong control and governance practices over far-flung subsidiaries around the world.
28 June 2011 Launch of the Deloitte France Center for Corporate Governance
Deloitte France launches a Corporate Governance Center in Paris today. The launch event includes a panel presentation of directors from listed French companies discussing local governance topics and corporate governance priorities. Those in attendance incude directors, company executives and French governance professionals. Find the link to the website here.
16 June 2011 Corporate Governance Forum: Information for Supervisory Board and Audit Committee Members (Q2 2011)
The latest edition of Deloitte Germany's Corporate Governance Forum focuses on corporate strategy: the elements of corporate strategy, the surveillance from the Supervisory Board's point of view, and how to implement strategy into a business model. Also included in this issue are articles on award-winning remuneration systems and IFRS relating to consolidation. Please find the latest edition here.
11 May 2011 Launch of the Deloitte Norway Center for Corporate Governance
On 11 May 2011, the Deloitte Corporate Governance Center in Norway, along with their corporate governance website, launched. The launch event introduced the Center and focused on the themes of risk oversight/ risk management. Please find the link to the website here.
5 May 2011 Financial Reporting Council Consults on Boardroom Diversity
The Financial Reporting Council (FRC) has commenced consultation on whether the UK Corporate Governance Code should be amended to require listed companies to disclose their policy on gender diversity in the boardroom and report against it annually. Consultation closes on 29 July 2011. Read more here.
15 April 2011 Corporate Governance Forum: Information for Supervisory Board and Audit Committee Members (Q1 2011)
The latest edition of Deloitte Germany's Corporate Governance Forum includes the topics of the monitoring of accounting policy and key questions for supervisory boards; both of which have been part of the board's focus after the financial market crisis. Additional topics of the Forum include: Director's Alert: 11 Issues for 2011 - Ever-increasing Demands, Women on Supervisory Boards in Germany and Worldwide, and the Audit Committee in Stock Corporations. Read more here.
11 April 2011 Launch of the Deloitte Argentina Center for Corporate Governance
On April 11, 2011 the Deloitte Latin American Countries Organization (LATCO) launched a Corporate Governance Center in Buenos Aires, Argentina. The launch event included a panel presentation of a few directors and executives from Argentina that addressed local governance topics, a discussion on corporate governance priorities and concerns, and a presentation on fraud and corruption. Those in attendance included directors, company executives, and internal audit professionals. Find the link to the website here.
7 April 2011 Launch of the Deloitte Colombian Center for Corporate Governance
On April 7, 2011 the Deloitte Latin American Countries Organization's (LATCO) Corporate Governance Excellence Center launched in Bogota, Colombia. The Center, which will be headquartered in Colombia, will focus on corporate governance matters pertaining to the following Latin American countries: Argentina, Bolivia, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Dominican Republic, Uruguay and Venezuela. The main subject of the event was the responsibility of the Board of Directors regarding anti-fraud and anti-corruption. Find a link to the website here.
30 March 2011 Launch of the Deloitte Southern Africa Center for Corporate Governance
Today is the official launch of The Deloitte Southern Africa Center for Corporate Governance. The website joins 14 other Deloitte member firms as they provide links to corporate governance resources around the world. With the release of the recent King III Report and its March 1 effective date, the Southern Africa Center focuses on a market where standards of corporate governace are evolving and where there is a renewed focus on integrated reporting and sustainability. Find a link to the website here.
20 February 2011 The Tech-Intelligent Board
Boards of directors have many compelling reasons to get involved in the oversight of information technology. This publication from the Deloitte Global Center for Corporate Governance examines the board's role in providing effective IT oversight and suggests practical questions directors can ask about technology. Please find the publication here.
31 January 2011 Women in the Boardroom Research
Recently, a number of European and Asian countries have introduced legislation requiring quotas for women serving on boards of directors of listed companies. The trend towards launching quota legislation began in Norway in 2005, which requires 40 percent of all boards be comprosed of women directors; France, Spain, Italy and others have quickly followed. Deloitte's Global Center for Corporate Governance has produced a new report that looks closely at this legislation, and includes recent statistics for the current level of women on boards across 12 countries. Entitled 'Women in the Boardroom: A Global Perspective,' the report also includes three forewords written by three prominent directors in Asia, Europe and the U.S., each providing her view on the effectiveness and advisability of quotas, as well as a view into what women bring to the boardroom. Find the report on the Deloitte UK Center for Corporate Governance, or download directly via this link.
13 January 2011 Governance Reforms in India
The Deloitte India Center for Corporate Governance highlights a Conference Board report on recent reforms to India's corporate governance regime. Among other topics, the research addresses the evolution of Clause 49, which regulates much of India's disclosure and governance practices, and discusses proposed changes to the Companies Bill and the Ministry of Corporate Affairs' Corporate Governance Voluntary Guidelines. Download the full report here or visit the Deloitte India Center for Corporate Governance.
1 January 2011 2011 Directors' Alert
A new Deloitte Touche Tohmatsu Limited (DTTL) briefing from the Deloitte Global Center for Corporate Governance, Directors’ Alert: 11 issues for 2011, Ever-increasing demands (PDF) presents priority issues for 2011 along with questions that directors may ask to further explore the issues with their own boards. The report references additional tools and resources that directors can use to broaden their
20 December 2010 Corporate Governance in Mexico
15 December 2010 Board Chairmanship in Sweden
The Deloitte Sweden Center for Corporate Governance highlights the recent recognition of two chairmen - one from a private company and one from a listed company - for meritorious chairmanship. Called the 'Golden Gavel,' the award is sponsored by Deloitte Sweden and the Swedish Academy Board of Directors, or StyrelseAkademien. This year, the award recipients are distinguished by their role in forming the companies' strategy and in creating an atmosphere in the boardroom, where all can be heard and where dissenting views are welcome. Read more about these chairmen on the Deloitte Sweden Center for Corporate Governance website.
10 December 2010 Corporate Governance in the Netherlands
Last week, Deloitte Netherlands launched the website for the Deloitte Netherlands Centre for Corporate Governance. The website joins 12 other Deloitte member firms in providing links to corporate governance resources to a country with growing importance in Europe. The website is in Dutch for the moment but will launch an English-language mirror site in a few months' time. Find a link to the website here.
21 November 2010 Corporate Governance in Ireland
Last week, Deloitte Ireland launched the website for the Deloitte Ireland Centre for Corporate Governance. Providing links to the new Central Bank Corporate Governance Code, Irish Stock Exchange governance rules and the new Mullarkey Report on the accountability of company secretaries, the website is a resource for those wishing to learn more about governance reform in a rapidly changing economy. Find a link to the website here.
11 November 2010 Governance Quality in Hong Kong
The Hong Kong Stock Exchange has published a report on the findings of its fourth review of listed issuers' corporate governance practices. Based on corporate governance disclosures made by 132 issuers in last year's annual reports, the report includes an analysis of company compliance with provisions and recommended best practices set out in the local governance code. Find a link to the report at the Deloitte China Center for Corporate Governance.
28 October 2010 Black Swans and the Limits of Conventional Risk Management
The Deloitte Canada Center for Corporate Governance highlights a new report on the pressure that unexpected, external shocks place on conventional risk management, especially when insitutions are all using the same systems. Entitled 'Black Swans Defeat Standardized Approaches to Risk Management,' the report paints an intriguing picture of how boards might adopt multiple risk management systems to avoid the negative consequences of system-wide adoption of identical methods. Download the full report here or access the report on the Risk Oversight page of the Deloitte Canada Center for Corporate Governance.
20 October 2010 Governance Momentum Slows in Asia?
The Deloitte Singapore Center for Corporate Governance highlights the results of "CG Watch 2010", from the Asian Corporate Governance Association (ACGA), its fifth joint survey of corporate governance in Asia undertaken in collaboration with CLSA Asia-Pacific Markets. Titled "Stray not into perdition: Asia's CG momentum slows", the report asks 90 questions in five categories: "CG Rules and Practices", "Enforcement", "Political and Regulatory Environment", "Accounting and Auditing Standards", and "CG Culture". Singapore regained the top spot, marginally improving on its score from the previous survey in 2007, while Hong Kong slipped to second. The full report can be purchased by non-members. An excerpt of the report is available at the Deloitte Singapore Center for Corporate Governance.
17 October 2010 Disclosure in the United Kingdom
The Deloitte UK Center for Corporate Governance has published a survey of narrative reporting in UK financial statements. Entitled 'Swimming in Words,' the survey gives an inside view of the latest trends in narrative reporting among United Kingdom PLCs. Among the key findings from the survey include the fact that three-quarters of all companies cite the state of the economy as a key business risk, against only 63 percent who did so in 2009. Download the full report here or at the Deloitte UK Center for Corporate Governance.
8 October 2010 Corporate Governance Developments in Germany
Deloitte Germany this week published its Corporate Governance Forum, a quarterly review of corporate governance developments in Germany. This quarter, the Forum interviews Ulrich Hocker, CEO of the German Association of Securities Holders (DSW) and a member of the German Corporate Governance Commission. The publication also reviews qualifications of supervisory board members in Germany, recently published compliance guidelines, corporate governance particularities of the "SE" as a European stock corporation, and the updated governance code for family businesses in Germany. Download the Corporate Governance Forum at the Deloitte Germany Center for Corporate Governance.
30 September Governance of State-Owned Enterprises in China and Hong Kong
The Organization for Economic Co-operation and Development (OECD) has recently issued guidelines on the corporate governance of state-owned enterprises, a topic that is highly relevant to both Hong Kong and China, where the government remains owner of many large companies. The guidelines offer concrete advice to countries on how to more effectively manage their responsibilities as owners. Recommendations include ensuring separation between the state’s ownership function and market regulation, and promoting competitive conditions regarding access to finance. The report recommends, for example, that relations with state-owned banks should be based on purely commercial grounds. Find a link to this guideline at the Deloitte China Center for Corporate Governance.
29 September Executive Pay in Austria
The financial crisis has catapulted management compensation – especially bonus payments – into the bright lights of public discussion in Austria. Recent revisions to the Austrian Code of Corporate Governance as well as initiatives at the European level aim to bring more transparency to management remuneration. To meet these requirements, there are more pressures on Austrian supervisory boards to clearly document the process for setting and deciding management compensation. The Deloitte Austria Center for Corporate Governance highlights a presentation on how outsiders can provide additional assistance and on the pluses and minuses of external compensation audits.
17 September 2010 Ne w Listing Rules for the Shenzhen Stock Exchange
10 September 2010 Social Responsibility Among Hong Kong-Listed Companies
The Deloitte China Center for Corporate Governance highlights a recent survey from CSRAsia and Oxfam Hong Kong that looks at corporate social responsibility among constituent companies of the Hang Seng Index . The survey focuses on companies implementating CSR initiatives through various activities, including reporting according to the principles of the Global Reporting Initiative (GRI), producing a standalone CSR Report, including human rights in codes of conduct, or signing on to the UN Global Compact. Find a link to the report, entitled "Corporate Social Responsibility Survey of Hang Seng Index Constituent Companies 2009," on the home page of the Deloitte China Center for Corporate Governance.
8 September 2010 Proxy Access Comes to the US
1 September 2010 New Guidelines for Governance of Chinese Insurance Companies
The Deloitte China Center for Corporate Governance highlights new guidance from the China Insurance Regulatory Commission (CIRC) about the governance of insurance companies. The new guidance requires closer monitoring of companies' capital and sets out standards for internal control procedures. Learn more at the China Center's home page.
31 August 2010 Governance of Initial Public Offerings
Deloitte LLP has published an article in its Corporate Governance Monthly publication about the governance considerations for companies contemplating an initial public offering. The article covers key challenges, governance duties of both the board and management, and key governance related listing considerations from the major exchanges. Download the article here or visit the Deloitte US Center for Corporate Governance directly.
27 August 2010 Independent Directors in Asia
The Asian Corporate Governance Association (ACGA) has compiled a report on rules in Asia concerning the number of independent directors that should sit on listed company boards. Over the past few years, a number of markets such as Thailand, Taiwan, Philippines and Korea have amended their Codes of Corporate Governance to increase the number of independent directors on boards. In some jurisdictions, such as Singapore, Malaysia and Korea, national banking acts set more stringent rules on the board composition of banks. Find a link to the report from the Deloitte Singapore Center for Corporate Governance.
26 August 2010 Webcast on Governance Provisions of Dodd-Frank
The US Center for Corporate Governance has produced a webcast about the corporate governance implications of the recent Dodd-Frank financial reform bill. Among the topics covered are the potential impact of rules for proxy access, say-on-pay and other compensation-related issues. Download and listen to the webcast here or visit the US Center for Corporate Governance directly.
23 August 2010 A UK Response to the European Green Paper on Governance in Financial Institutions
Much has been written about the recent Green Paper from the European Commission and the possible effect its recommendations might have on banks and financial institutions in Europe. Relatively less has been said about how the recommendations compare to existing rules. Addressing this question, Deloitte UK has produced a report comparing the Green Paper's recommendations to the UK Corporate Governance Code and the recent Walker Review. Existing UK guidance does address many of the Green Paper's suggestions, although there are a number of new areas, including increased regulation of severance packages and measures to combat conflicts of interest. Download the full report here or visit the Deloitte UK Center for Corporate Governance.
19 August 2010 Manual For Transparency Readiness
The Deloitte Chile Center for Corporate Governance has published a Guide to the SVS Manual for Information Disclosure. The SVS (Chile's securities regulator) Manual states that companies must establish policies and standards for disclosure of information relevant to the market as a whole. See the guide for details on the preparation of the manual here (Spanish only) or visit Chile's Center for Corporate Governance website.
18 August 2010 Deloitte Austria Survey on Supervisory Board Compensation 2009
In its recent survey, Deloitte Austria analyzed the compensation of Supervisory Board Members of companies listed in the Prime Market at the Vienna Stock Exchange. The report gives an overview of individual compensation and various components of the remuneration. The analysis includes basic and total remuneration, variable payments, attendance fees, D&O insurance as well as demographic data relating to gender and age limits for supervisory board members. Review the Deloitte Austria Survey on Supervisory Board Compensation 2009 found on Austria's Center for Corporate Governance website.
12 August 2010 What Boards Need to Know about IFRS Transition in Canada
The Deloitte Canada Center for Corporate Governance has produced the latest version of Countdown, its International Financial Reporting Standards (IFRS) transition newsletter. In the latest edition, the focus is on what boards need to know - and it is not only about the audit committee. Among the points made are that, for the compensation committee, the measures and meaning of financial statement indicators used in pay plans will change with the adoption of IFRS. Download the report here or visit the Deloitte Canada Center for Corporate Governance.
9 August 2010 Dodd Frank Act Observations
Deloitte US has produced a special research note with observations and an analysis of the recent Dodd-Frank Act, and an overview of its implications for US governance and executive remuneration practices. Find the research via this link, or visit the U.S. Center for Corporate Governance directly.
3 August 2010 Survey of Audit Committee Chairmen in Singapore
2 August 2010 Does Good Governance Pay in Asia?
The newly launched Deloitte India Center for Corporate Governance highlights a newly published report from the research team at CLSA Asia-Pacific Markets. The report looks back over five years of CLSA’s Corporate Governance Scores, removing factors such as market, industry and company size to measure the added price return that comes from companies deciding to follow good governance practices. Surprisingly, the report finds a strong correlation between good governance and performance, including a 7.3 percent improvement in share price performance for every 10 point difference in CLSA’s Corporate Governance Scores over a three-quarter period. Download the report, which includes a list of top-ranked companies in the region as scored by CLSA, at the Deloitte India Center for Corporate Governance.
30 July 2010 Gender Diversity in Australian Boardrooms
How should women be represented on the boards of corporate Australia? Recently revised Corporate Governance Principles issued by the ASX try to answer this question by requiring listed companies to report on gender diversity of their boards. Find a link to the Principles and download a Corporate Governance Alert produced by Deloitte Australia on the subject and its implications; both are available at the Deloitte Australia Center for Corporate Governance.
29 July 2010 Implications of Dodd-Frank
In light of the new financial reform bill in the U.S., the Deloitte U.S. Center for Corporate Governance has posted a briefing from law firm Weil, Gotshal & Manges LLP designed to help boards of directors prepare for the effects of the bill on their companies. It provides a timeline of effective dates and a thorough analysis of the bill's implications. Download the briefing directly here or visit the board governance page of the Deloitte U.S. Center for Corporate Governance.
26 July 2010 Corporate Social Responsibility in Europe
Can companies generate sustainable growth if they pursue environmental, social and governance strategies? A recent report from the Austrian Association for Financial Analysis and Asset Management suggests the answer is yes, and argues that such moves can also increase transparency and restore trust lost since the 2008 financial crisis. Download the report at the Deloitte Austria Center for Corporate Governance.
23 July 2010 Launch
of Deloitte Chile Center for Corporate Governance
Today, Deloitte Chile launches the website for its Center for Corporate Governance, a resource for news and information relevant to boards of directors and investors in one of South America's most vibrant economies. Read about Chile's recent accession to the OECD, and about about what makes governance in Chile different at the Deloitte Chile Center for Corporate Governance websites, in both English and Spanish.
19 July 2010 FASB Proposes Sweeping Changes to Financial Statement Presentation
In their "Heads-up" publication, Deloitte U.S. discusses the FASB's recently released staff draft of an exposure draft on financial statement presentation. In the staff draft, the FASB takes a fresh look at the manner in which financial information is presented in an entity's statement of financial position, statement of comprehensive income, and statement of cash flows. View the publication here or visit the U.S. Center for Corporate Governance website.
16 July 2010 Executive Remuneration in Hong Kong
The newly launched Deloitte China Center for Corporate Governance today highlights a recent article about executive pay written by the Chamber of Hong Kong Listed Companies. The article underlines the need to balance manager and shareholder interests given the unique characteristics of the Hong Kong marketplace. Find a link to the publication here or visit the Deloitte China Center for Corporate Governance directly.
12 July 2010 Europe Approves Limits to Banks' Remuneration Policies
8 July 2010 UK Governance News
Deloitte UK has published the latest version of its Governance in Brief report, covering governance issues relevant for UK-domiciled companies. This month's edition discusses the implications of the recently published Stewardship Code for institutional investors and a new approach to director disqualification from the Office of Fair Trading. Download the report here or visit the Deloitte UK Center for Corporate Governance.
7 July 2010 Director Time Commitment
Deloitte Singapore has published a commentary on proposals from the Monetary Authority of Singapore (MAS) to change the country's governance framework. Find a discussion, among other topics, about the need for each Singaporean board of directors to set clear internal guidance on the time commitment expected of each director. Download the commentary here, or visit the Deloitte Singapore Center for Corporate Governance.
6 July 2010 Termination Payments in Australia
Recent changes to Australia's Corporations Act now require shareholder approval for any payment to a departing executive of more than one year's base salary. The move is part of a global trend giving shareholders more oversight of executive remuneration, including 'say-on-pay' votes in the UK and US, and greater disclosure of executive pay in Brazil. Download a 'Governance Alert' on termination payments from the Deloitte Australia Center for Corporate Governance, or visit the Center directly.
2 July 2010 UK Launches Stewardship Code for Investors
In a first of its kind, the UK's Financial Reporting Council has launched its Stewardship Code for institutional investors. In some ways, the Code is a response to concerns that the financial crisis exposed shareholders as 'absentee landlords' as owners of investee companies. As such, the Code seeks voluntary commitment from large investors to more actively engage with investee companies as owners, to vote their shares, and to collaborate with other investors. It seeks compliance from institutions in the UK and abroad. Despite questions from some quarters that the Code might run up against concerted action rules in the US or lead to micro-management of companies, the Code has so far received a friendly reception from most UK investors. Find a link to the new Code on the homepage of the Deloitte UK Center for Corporate Governance.
30 June Should Boards Engage Directly with Their Shareholders?
29 June Governance Theory: One Size Does Not Fit All
23 June Singapore Governance Briefing
The Deloitte Singapore Center for Corporate Governance has posted a presentation on governance developments in Hong Kong and Singapore from the Asian Corporate Governance Association (ACGA). Among the resources in the presentation is an analysis of both positive and negative governance developments in Singapore, including disclosure practices and protection for minority shareholders. Download the presentation here or visit the Deloitte Singapore Center for Corporate Governance.
22 June 2010 German Corporate Governance Forum Published
Deloitte Germany this week published its Corporate Governance Forum, a quarterly review of corporate governance developments in Germany. This month, the Forum discusses the role of Supervisory Boards in strategic decision-making, includes an interview with a prominent member of several supervisory boards and highlights a discussion about why there are so few women on German boards. Download the complete document directly or at the Deloitte Germany Center for Corporate Governance websites, in both English and German.
20 June 2010 Launch of Deloitte Austria Center for Corporate Governance
14 June 2010 New Disclosure Checklist for UK Companies
Deloitte UK has just published a comprehensive checklist for boards of directors as they review their disclosures in connection with the Combined Code of Corporate Governance and the new disclosures of the updated UK Corporate Governance Code. The checklist provides disclosure examples and recommendations for specific circumstances, including where companies seek exemptions from Code provisions. Download the checklist or visit the Deloitte UK Governance Center directly.
12 June 2010 New Research: The Board's Role in Promoting an Ethical Corporate Culture
Deloitte US has produced a new 'Hot Topics' research note, explaining the role of the board of directors in creating and overseeing an ethical culture of compliance across the company. Find this research, including responses from an online survey of over 2,000 financial executives and directors, via this link, or visit the U.S. Center for Corporate Governance directly.
8 June 2010
ICGN Comes to Toronto
This week, the International Corporate Governance Network (ICGN) convenes its annual conference in Toronto, Canada. Those visiting Toronto for the conference wishing to learn more about Canadian governance practices can navigate to the Canadian Center for Corporate Governance for more information. While there, find a recent, relevant article about governance and the financial crisis called 'Stress Testing Governance: The Impact of the Recession on Governance Practices.'
6 June 2010 New Whitepaper: Governance in Singapore
Following the launch of the new Deloitte Singapore Center for Corporate Governance, Deloitte Singapore invited governance leaders from Europe and North America to meet with their counterparts in Singapore to participate in a roundtable discussion. The conversation focused on governance in Singapore, its strengths, weaknesses and opportunities. The key thoughts raised by the panelists during their debate are summarized in the whitepaper produced, Resetting, Rethinking, Responding - Governance after the Financial Crisis, is available to download on the website of the Deloitte Singapore Center for Corporate Governance.
4 June 2010 Financial Reporting Council Introduces Changes to U.K. Governance Code
2 June 2010 Boards and Social Media
31 May 2010 Launch of Deloitte Sweden Center for Corporate Governance
Today, Deloitte Sweden launches its Center for Corporate Governance, a clearinghouse for news and information relevant to boards of directors and investors alike. Find a wealth of information about governance practices and developments at the Deloitte Sweden Center for Corporate Governance website.
29 May U.S. Senate Passes Financial Reform Bill
Late last week, the U.S. Senate passed the 'Restoring American Financial Stability Act of 2010' which, besides introducing a new financial consumer regulator and more tightly regulating derivatives, introduces a number of corporate governance reforms. Among these are advisory votes on executive compensation (a so-called 'say-on-pay'); enabling the SEC to allow shareholders to place director candidates on corporate ballots (so-called 'proxy access');and requiring disclosure of whether and why the roles of board chairman and CEO are combined. The legislation now goes to a conference committee, where it waits to be reconciled with similar legislation passed by the House of Representatives. For more information, see this link to a governance reform page of the Deloitte U.S. Center for Corporate Governance.