Corporate Governance: An International Perspective PDF
Preview Corporate Governance: An International Perspective
Samuel O. Idowu Kiymet Tunca Çaliyurt Editors Corporate Governance An International Perspective Corporate Governance ThiSisaFMBlankPage Samuel O. Idowu (cid:129) Kiymet Tunca C¸aliyurt Editors Corporate Governance An International Perspective Editors SamuelO.Idowu KiymetTuncaC¸aliyurt LondonMetropolitanUniversity I˙ktisadive˙IdariBilimlerFaku¨ltesi London I˙s¸letmeBo¨lu¨mu¨ MetropolitanBusinessSchool TrakyaUniversitesi London Edirne UnitedKingdom Turkey ISBN978-3-642-45166-9 ISBN978-3-642-45167-6(eBook) DOI10.1007/978-3-642-45167-6 SpringerHeidelbergNewYorkDordrechtLondon LibraryofCongressControlNumber:2014935246 ©Springer-VerlagBerlinHeidelberg2014 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpart of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation,broadcasting,reproductiononmicrofilmsorinanyotherphysicalway,andtransmissionor informationstorageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilar methodologynowknownorhereafterdeveloped.Exemptedfromthislegalreservationarebriefexcerpts inconnectionwithreviewsorscholarlyanalysisormaterialsuppliedspecificallyforthepurposeofbeing enteredandexecutedonacomputersystem,forexclusiveusebythepurchaserofthework.Duplication ofthispublicationorpartsthereofispermittedonlyundertheprovisionsoftheCopyrightLawofthe Publisher’s location, in its current version, and permission for use must always be obtained from Springer.PermissionsforusemaybeobtainedthroughRightsLinkattheCopyrightClearanceCenter. ViolationsareliabletoprosecutionundertherespectiveCopyrightLaw. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexempt fromtherelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. While the advice and information in this book are believed to be true and accurate at the date of publication,neithertheauthorsnortheeditorsnorthepublishercanacceptanylegalresponsibilityfor anyerrorsoromissionsthatmaybemade.Thepublishermakesnowarranty,expressorimplied,with respecttothematerialcontainedherein. Printedonacid-freepaper SpringerispartofSpringerScience+BusinessMedia(www.springer.com) In Memory of my late father, Ali Suat Tunca and TomymotherNimetTunca KiymetTuncaC¸aliyurt ThiSisaFMBlankPage Foreword While corporate governance may not be a term that many use in their day to day life,itisinfactanideathatismorepervasiveinsocietythaneverbefore.Peopleare increasinglyconcernedthattheproductsandservicesthattheyuseareprovidedin bothanethicalandsustainablemanner.Atatime whenreputationorgoodpublic image is of unparalleled value to a business, and something that they spend both largeamountsoftimeandmoneyhoning,theycannotbeseentobeirresponsible. Similarly, given the current economic situation, corporate responsibility offers businessesanopportunitytoworkmoresustainablyandefficiently. Therefore,thisbookcouldnotcomeatamoreappropriatetime.Whensomany arelookingtoengageincorporategovernance,itbecomesallthemoreimportantto lookatwhathasgonebefore.Thisbookprovidesafascinatinginsightintohowthe broad term of corporate responsibility is actually being applied across Europe, Africa and Asia. As a result we can see not only where it has succeeded but also the challenges that it continues to face and what may need to change in order for businessestotakeontheirresponsibilities.Whilethereisclearlymorethatneedsto be done in order for corporate responsibility to become the norm, many can undoubtedly see the potential benefits of a switch of focus from shareholder to stakeholder. Anyone reading this work can be left in no doubt of the important role that corporate social responsibility has carved for itself within the corporate agenda; becomingaprioritywherebeforeitwasmerelyanafterthought.One canalsonot argue with the critical position it now holds within the development of any state. Theprocessofstatedevelopmenthasnowbeencompletelyrefocusedfromonethat was purely targeted at economic prosperity not so many years ago to one that is much more far reaching. There is now a recognition that in order to achieve consistent and sustainable growth one must also look to secure the futures of the peopleandtheirenvironmentandthusactresponsibly. Iwouldliketocongratulatetheeditors,SamuelOIdowuandKiymetC¸aliyurt, ondrawingtogethersuchawiderangeofarticlesfromsomanyeminentscholarsin vii viii Foreword the field. It is sure to become an exceptional addition to the work within the increasingly vital realm of corporate governance and a welcome resource for academicsandprofessionalsalike. Westminster,London,UK PaulBurstow Foreword CorporateGovernancecaninfacteasilybedescribedastheregulationframework for corporate management. And yet, as is the case with many definitions, the differenceisinthedetail.Why? Ontheonehandthereisnointernationalmandatoryregulationwhichstateswhat isgoodorcorrectCorporateGovernancealthoughtheveryorganizationsthatarein needofaso-calledCorporateGovernanceCodeoperateinternationallyorglobally. CertainlythereareOECDGuidelines–buthowaretheseimplementedincountries that do not have an understanding of Western ethics? Is it possible to put the guidelines into practice by countries with a completely different culture? Which values form the basis for an international common understanding of Corporate Governance? Is there such a thing as a common understanding of Corporate Governance? Not only do the philosophically ethical themes lead to many ques- tions, legislative systems that differ globally place additional demands on Corpo- rateGovernance. Ontheotherhand,itistheverycrisesthathaveprevailedsince2008–triggered byanincreasinglyintransparentfinancialmarket–andalsothecorruptionscandals thathavecometolightinenterprisesthathaveillustratedthatthemeredefinitionof Corporate Governance in an organization does not suffice to make this good Corporate Governance. The very lack of diversity in boards of management and directors shows us that there is more to it than documents and/or declarations of intent. For,eventhebestCorporateGovernanceCodeisofnoavailifitcannotbeput into practice in an organization, a task which however calls for suitable manage- ment tools. But which? Standardized as for example an ISO 9001 or voluntary guidelines such as ISO 26000 – social responsibility? Or is the willingness of managementtopracticegoodCorporateGovernancenotthecrucialfactor? How does Corporate Governance identify itself with issues such as Corporate SocialResponsibility,CorporateReputation,CorporateCitizenship,Sustainability and many more?Is each an individual entity or should all beconsidered part of a business plan, namely that of a resilient organization? Is good Corporate Gover- nancepossibleatallifitisnotlinkedtosustainablemanagement? ix
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