Innovations in Corporate Governance: Global Perspectives PDF
Preview Innovations in Corporate Governance: Global Perspectives
Innovations in Corporate Governance Global Perspectives Edited by Susan Watson Professor, Faculty of Law, The University of Auckland, New Zealand P.M. Vasudev Associate Professor, Faculty of Law, Common Law Section, University of Ottawa, Canada Cheltenham, UK • Northampton, MA, USA Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 3 14/09/2017 15:14 © The Editors and Contributors Severally 2017 Cover image: Chris Barbalis on Unsplash All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited The Lypiatts 15 Lansdown Road Cheltenham Glos GL50 2JA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Control Number: 2017939826 This book is available electronically in the Law subject collection DOI 10.4337/9781786432858 ISBN 978 1 78643 284 1 (cased) ISBN 978 1 78643 285 8 (eBook) Typeset by Servis Filmsetting Ltd, Stockport, Cheshire Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 4 14/09/2017 15:14 Contents List of figures vii List of tables viii List of contributors ix List of abbreviations x 1 Introduction 1 Susan Watson and P.M. Vasudev PART I PERSPECTIVES ON CORPORATE GOVERNANCE 2 Globalizing up corporate law 25 Franklin A. Gevurtz 3 China’s national champions: governance change through globalization? 46 Li-Wen Lin 4 The taxonomy of the modern company 75 Susan Watson PART II REGULATORY TECHNIQUES 5 Corporate governance codes as regulatory tools to advance stakeholder concerns in the corporation 99 Brigitte Haar 6 Empire-building: the rise of the audit committee 124 Brenda Hannigan 7 Answering the say for no pay 151 Christoph Van der Elst v Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 5 14/09/2017 15:14 vi Innovations in corporate governance PART III GOVERNANCE IN BANKS 8 Banks, corporate governance and the public interest: the potential role of public interest directors 193 Gail E. Henderson 9 Organizational form and financial stability: lessons from cooperative banks in the US and UK 217 Michael Marin Index 245 Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 6 14/09/2017 15:14 Figures 7.1 Evolution of the dissenting votes for the remuneration reports in the UK 161 7.2 Evolution of the dissenting votes for the remuneration reports in Belgium 163 7.3 Timeline of stock price evolution of companies that experienced a no vote on the remuneration report 173 7.4 Stock price evolution of UK companies before and after a no vote 174 7.5 Stock price evolution of Belgian companies before and after a no vote 183 vii Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 7 14/09/2017 15:14 Tables 3.1 Institutional distance and the potential of SOE governance change 54 3.2 Entry modes and potential inbound influence on corporate governance 57 3.3 Overseas investment deals of China’s national champions 2003–11 59 3.4 Point-biserial coefficients between internationalization and outside directors 63 6.1 Directors’ compliance statements under the UK Code 127 6.2 Non-executive directors’ fees in a sample of UK listed public companies 138 7.1 Evolution of approval rates of the remuneration reports of UK companies of which at least one report was disapproved (%) 166 7.2 Summary of the effects of the disapproved remuneration report of UK companies 167 7.3 Evolution of the remuneration package of the CEO of WPP (in £ thousands) 172 7.4 Evolution of approval rates of the remuneration reports of Belgian companies of which at least one report was disapproved 175 7.5 Summary of the effects of the disapproved remuneration report of Belgian companies 176 7.6 Remuneration of top management of Fagron 2013–15 180 viii Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 8 14/09/2017 15:14 Contributors Franklin A. Gevurtz, Distinguished Professor of Law, University of the Pacific, McGeorge School of Law, USA Brigitte Haar, Professor of Law, House of Finance, Goethe University Frankfurt, Germany Brenda Hannigan, Head of Law School and Professor of Corporate Law, University of Southampton, UK Gail E. Henderson, Assistant Professor, Faculty of Law, Queen’s University, Canada Li-Wen Lin, Assistant Professor, Peter A. Allard School of Law, University of British Columbia, Canada Michael Marin, Assistant Professor, Faculty of Law, University of New Brunswick, Canada Christoph Van der Elst, Professor of Business Law and Economics, Tilburg University/Gent University, the Netherlands/Belgium P.M. Vasudev, Associate Professor, Faculty of Law, Common Law Section, University of Ottawa, Canada Susan Watson, Professor, Faculty of Law, The University of Auckland, New Zealand ix Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 9 14/09/2017 15:14 Abbreviations BA Bank Act 1991 BIS Department for Business Innovation and Skills BMO Bank of Montreal BSA Building Societies Act 1986 CAR Capital Adequacy Requirements Guideline CBCA Canada Business Corporations Act 1985 CDIC Canada Deposit Insurance Corporation CDIC (Act) Canada Deposit Insurance Corporation Act 1985 CFIUS Committee on Foreign Investment in the US CIBC Canadian Imperial Bank of Commerce CMA UK Competition and Markets Authority COMSAT US Communications Satellite Corporation Crisis Global Financial Crisis CUA Credit Unions Act 1979 DRR Directors’ Remuneration Report Regulations 2002 FCA Financial Conduct Authority FCAC Financial Consumer Agency of Canada FCPA Foreign Corrupt Practices Act 1977 FCU Federal Credit Union Handbook FCUA Federal Credit Union Act 1934 FDI Foreign Direct Investment FICC fixed income, currency and commodities FRC UK Financial Reporting Council FSA Financial Services Authority German Code German Corporate Governance Code of 2002 GFC Global Financial Crisis GSK GlaxoSmithKline IA UK Investment Association LIBOR London Interbank Offered Rate NAFTA North American Free Trade Agreement NCUA National Credit Union Administration NED non-executive director OSFI Office of the Superintendent of Financial Institutions PIEs public interest entities x Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 10 14/09/2017 15:14 Abbreviations xi PRA Prudential Regulation Authority PwC PricewaterhouseCoopers RBC Royal Bank of Canada ROA Return on Assets ROE Return on Equity SASAC State-Owned Assets Supervision and Administration Commission Scotiabank Bank of Nova Scotia SEC Securities and Exchange Commission SOEs state-owned enterprises SPC Southern Peru Copper TD Toronto-Dominion Bank of Canada Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 11 14/09/2017 15:14 Susan Watson and P. M. Vasudev - 9781786432841 Downloaded from Elgar Online at 10/31/2017 02:49:52PM via University of Liverpool M4327-WATSON_9781847203489_t.indd 12 14/09/2017 15:14
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