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CenterCenter forfor InternationalInternational PrivatePrivate EnterpriseEnterprise An affiliate of the U.S. Chamber of

CenterCenter forfor InternationalInternational PrivatePrivate EnterpriseEnterprise

An affiliate of the U.S. Chamber of Commerce

An affiliate of the U.S. Chamber of Commerce THETHE ROLEROLE OFOF STAKEHOLDERSSTAKEHOLDERS ININ

THETHE ROLEROLE OFOF STAKEHOLDERSSTAKEHOLDERS ININ CORPORATECORPORATE GOVERNANCEGOVERNANCE

EasternEastern CaribbeanCaribbean CorporateCorporate GovernanceGovernance ForumForum

John A. Zemko March 8-9,2005 St. Kitts

Forum Forum John A. Zemko March 8-9,2005 St. Kitts 1 Center Center for International for International
Forum Forum John A. Zemko March 8-9,2005 St. Kitts 1 Center Center for International for International
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““TheThe corporatecorporate governancegovernance frameworkframework shouldshould recogniserecognise thethe rightsrights ofof stakeholdersstakeholders establishedestablished byby lawlaw oror throughthrough mutualmutual agreementsagreements andand encourageencourage activeactive coco--operationoperation betweenbetween entities,entities, includingincluding familyfamily ownedowned businessesbusinesses andand statestate--owned/controlledowned/controlled enterprises,enterprises, andand stakeholdersstakeholders inin creatingcreating wealth,wealth, jobs,jobs, andand thethe sustainabilitysustainability ofof financiallyfinancially soundsound enterprises.enterprises.””

soundsound enterprises.enterprises. ”” DraftDraft ofof CorporateCorporate GovernanceGovernance

DraftDraft ofof CorporateCorporate GovernanceGovernance PrinciplesPrinciples

CorporateCorporate GovernanceGovernance PrinciplesPrinciples 2 Center Center for International for International Private
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BenefitsBenefits ToTo SocietySociety

HelpsHelps createcreate competitive,competitive, modernmodern andand healthyhealthy companiescompanies

AnAn effectiveeffective tooltool againstagainst corruptioncorruption

• HelpsHelps attractattract investmentinvestment

• • HelpsHelps attractattract investmentinvestment • • HelpsHelps fosterfoster healthyhealthy
• • HelpsHelps attractattract investmentinvestment • • HelpsHelps fosterfoster healthyhealthy

HelpsHelps fosterfoster healthyhealthy competitioncompetition

HelpsHelps preventprevent bankingbanking crisescrises

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PerspectivePerspective ofof thethe CorporationCorporation

MaximizingMaximizing valuevalue subjectsubject toto meetingmeeting thethe corporationcorporation’’ss financial,financial, legallegal andand contractualcontractual obligations.obligations. BoardBoard ofof directorsdirectors mustmust balancebalance thethe interestsinterests ofof shareholdersshareholders withwith stakeholders:stakeholders:

employees,employees, customers,customers, suppliers,suppliers, investors,investors, communitiescommunities inin orderorder toto achieveachieve longlong--termterm sustainedsustained value.value. (World(World Bank)Bank)

sustainedsustained value.value. (World(World Bank)Bank) 4 Center Center for International for International Private
sustainedsustained value.value. (World(World Bank)Bank) 4 Center Center for International for International Private
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Source: The World Bank Group Center for International Private Enterprise © 2004

Source: The World Bank Group

Center for International Private Enterprise © 2004

DefiningDefining StakeholdersStakeholders

WithWith regardregard toto identifyingidentifying relationshipsrelationships withwith stakeholdersstakeholders therethere isis aa differencedifference betweenbetween ““takingtaking intointo accountaccount”” andand beingbeing ““accountableaccountable toto”” stakeholders.stakeholders. (The(The Economist)Economist)

stakeholders.stakeholders. (The(The Economist)Economist) 6 Center Center for International for International Private
stakeholders.stakeholders. (The(The Economist)Economist) 6 Center Center for International for International Private
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StakeholdersStakeholders toto bebe AccountableAccountable ToTo

BanksBanks andand creditorscreditors InstitutionalInstitutional investorsinvestors • EmployeesEmployees

investorsinvestors • • EmployeesEmployees 7 Center Center for International for International Private
investorsinvestors • • EmployeesEmployees 7 Center Center for International for International Private
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DefendingDefending StakeholderStakeholder Interests:Interests:

BanksBanks andand CreditorsCreditors

TransparencyTransparency ---- oror fullfull disclosuredisclosure ofof financialfinancial andand keykey performanceperformance informationinformation Laws/regulationsLaws/regulations preventingpreventing conflictsconflicts ofof interestinterest involvinginvolving boardsboards ofof directorsdirectors andand managersmanagers ProceduresProcedures forfor bankruptcybankruptcy EnforcementEnforcement ofof creditorcreditor rightsrights

EnforcementEnforcement ofof creditorcreditor rightsrights 8 Center Center for International for International Private
EnforcementEnforcement ofof creditorcreditor rightsrights 8 Center Center for International for International Private
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DefendingDefending StakeholderStakeholder Interests:Interests:

InstitutionalInstitutional InvestorsInvestors

TransparencyTransparency andand disclosuredisclosure DutiesDuties ofof thethe auditorauditor andand professionalprofessional carecare inin thethe conductconduct ofof auditsaudits ProtectionProtection ofof minorityminority shareholdershareholder rightsrights ProceduresProcedures forfor bankruptcybankruptcy AccessAccess toto informationinformation

• • AccessAccess toto informationinformation 9 Center Center for International for International Private
• • AccessAccess toto informationinformation 9 Center Center for International for International Private
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DefendingDefending StakeholderStakeholder Interests:Interests:

EmployeesEmployees

TransparencyTransparency andand disclosuredisclosure EthicalEthical codescodes forfor directorsdirectors andand seniorsenior managementmanagement • WhistleblowerWhistleblower protectionprotection • WellWell--defineddefined rolerole forfor employeesemployees inin corporatecorporate governancegovernance structuresstructures

governancegovernance structuresstructures 10 Center Center for International for International
governancegovernance structuresstructures 10 Center Center for International for International
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DevelopingDeveloping CountriesCountries NeedNeed InstitutionalInstitutional ReformsReforms

CorporateCorporate governancegovernance systemssystems dependdepend uponupon aa setset ofof institutionsinstitutions (laws,(laws, regulations,regulations, contracts,contracts, andand norms)norms) thatthat createcreate selfself--governinggoverning firmsfirms asas thethe centralcentral elementelement ofof aa competitivecompetitive marketmarket economy.economy. TheseThese institutionsinstitutions ensureensure thatthat thethe internalinternal corporatecorporate governmentgovernment proceduresprocedures adoptedadopted byby thethe firmsfirms areare enforcedenforced andand thatthat managementmanagement isis responsibleresponsible toto ownersowners (shareholders)(shareholders) andand otherother stakeholders.stakeholders.

andand otherother stakeholders.stakeholders. 11 Center Center for International for International
andand otherother stakeholders.stakeholders. 11 Center Center for International for International
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ConcentratedConcentrated OwnershipOwnership inin BrazilBrazil

•• CIPE/OECDCIPE/OECD surveysurvey revealedrevealed onlyonly 5%5% ofof largelarge firmsfirms andand onlyonly 33%33% ofof mediummedium firmsfirms areare widelywidely heldheld •• FamilyFamily OwnedOwned Firms:Firms:

•• AgencyAgency ConflictConflict –– inin familyfamily ownedowned firmsfirms occursoccurs inin successorsuccessor generationgeneration andand inin relationshiprelationship withwith banksbanks •• PyramidPyramid StructuresStructures –– firmsfirms controlledcontrolled byby familiesfamilies holdingholding smallsmall numbernumber ofof controllingcontrolling sharesshares •• DualDual ClassClass SharesShares –– minorityminority shareholdershareholder’’ss dondon’’tt havehave thethe samesame rightsrights asas majoritymajority shareholdersshareholders

rightsrights asas majoritymajority shareholdersshareholders 12 Center Center for International for International
rightsrights asas majoritymajority shareholdersshareholders 12 Center Center for International for International
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FamilyFamily OwnedOwned FirmsFirms inin ColombiaColombia

•• OwnershipOwnership andand controlcontrol -- 68%68% ofof corporationscorporations areare familyfamily ownedowned andand outout ofof thosethose 59%59% areare stillstill managedmanaged byby thethe foundersfounders

•• PoorPoor survivalsurvival raterate –– onlyonly 8.5%8.5% ofof familyfamily firmsfirms havehave specifiedspecified proceduresprocedures forfor managerialmanagerial successionsuccession andand onlyonly 13%13% ofof familyfamily businessbusiness survivesurvive toto 33 rdrd generationgeneration

survivesurvive toto 33 r d r d generationgeneration •• LittleLittle accessaccess toto capitalcapital
survivesurvive toto 33 r d r d generationgeneration •• LittleLittle accessaccess toto capitalcapital

•• LittleLittle accessaccess toto capitalcapital marketsmarkets –– onlyonly 124124 outout ofof 148,000148,000 legallegal enterprisesenterprises areare listedlisted

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WesternWestern HemisphereHemisphere ExperienceExperience

BrazilBrazil——InstitutoInstituto BrasileiroBrasileiro dede GovernanGovernanççaa

Brazil—Instituto Brasileiro de Governança

CorporativaCorporativa Corporativa (IBGC)(IBGC) (IBGC)

• ChileChile——UniversidadUniversidad CatCatóólicalica/Chamber/Chamber ofof

Chile—Universidad Católica/Chamber of

Commerce/CenterCommerce/Center Commerce/Center forfor for ExcellenceExcellence Excellence inin in

GovernanceGovernance Governance

ColombiaColombia——ConfederationConfederation ofof ChambersChambers ofof

Colombia—Confederation of Chambers of

ofof • Colombia—Confederation of Chambers of CommerceCommerce Commerce andand and IndustryIndustry
ofof • Colombia—Confederation of Chambers of CommerceCommerce Commerce andand and IndustryIndustry

CommerceCommerce Commerce andand and IndustryIndustry Industry ((ConfecConfecáámarasmaras)) (Confecámaras)

PeruPeru——ProcapitalesProcapitales andand thethe UniversidadUniversidad dede

Peru—Procapitales and the Universidad de

CienciasCiencias Ciencias AplicadasAplicadas Aplicadas (UPC)(UPC) (UPC)

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EmergingEmerging ConsensusConsensus

ForFor businessesbusinesses toto succeedsucceed inin thethe worldworld economy,economy, theythey mustmust havehave healthyhealthy corporatecorporate governancegovernance mechanismsmechanisms includingincluding rulerule ofof lawlaw

BuildingBuilding corporatecorporate governancegovernance inin developingdeveloping countriescountries requiresrequires refashioningrefashioning institutionsinstitutions

refashioningrefashioning institutionsinstitutions • • PrivatePrivate sectorsector mustmust
refashioningrefashioning institutionsinstitutions • • PrivatePrivate sectorsector mustmust

PrivatePrivate sectorsector mustmust participateparticipate inin developingdeveloping governancegovernance mechanismsmechanisms

TheThe rewardreward isis increasedincreased investmentinvestment andand growthgrowth

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StrategyStrategy forfor CGCG ReformReform

1.1. InitialInitial AssessmentAssessment andand AdvocacyAdvocacy

2.2. OutreachOutreach andand InstitutionalInstitutional DevelopmentDevelopment

3.3. CapacityCapacity andand InstitutionalInstitutional DevelopmentDevelopment

4.4. ConsolidationConsolidation

DevelopmentDevelopment 4.4. ConsolidationConsolidation 16 Center Center for International for International
DevelopmentDevelopment 4.4. ConsolidationConsolidation 16 Center Center for International for International
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InitialInitial AssessmentAssessment andand AdvocacyAdvocacy

AssessAssess corporatecorporate governancegovernance failuresfailures RateRate countrycountry standardsstandards v.v. bestbest practicepractice AdaptAdapt OECDOECD principlesprinciples BuildBuild awarenessawareness atat seniorsenior businessbusiness andand policypolicy levelslevels • IdentifyIdentify stakeholdersstakeholders CreateCreate broaderbroader publicpublic demanddemand forfor reformreform PublicPublic educationeducation campaignscampaigns

• • PublicPublic educationeducation campaignscampaigns 17 Center Center for International for International
• • PublicPublic educationeducation campaignscampaigns 17 Center Center for International for International
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OutreachOutreach andand InstitutionalInstitutional DevelopmentDevelopment

DevelopDevelop corporatecorporate governancegovernance codescodes andand internalinternal controlcontrol mechanismsmechanisms FosterFoster shareholdershareholder activismactivism ImproveImprove regulatoryregulatory andand enforcementenforcement frameworksframeworks CreateCreate informalinformal corporatecorporate governancegovernance promotionpromotion networksnetworks withinwithin civilcivil society,society, business,business, andand regulatoryregulatory bodies.bodies.

andand regulatoryregulatory bodies.bodies. • • • • • • • • 18 Center Center for

bodies.bodies. • • • • • • • • 18 Center Center for International for International
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CapacityCapacity andand InstitutionalInstitutional DevelopmentDevelopment

•• TrainingTraining andand certificationcertification programsprograms forfor managersmanagers andand directorsdirectors EstablishmentEstablishment ofof InstitutesInstitutes ofof DirectorsDirectors •• CreateCreate corporatecorporate governancegovernance ratingsratings systemssystems forfor investorsinvestors •• TrainingTraining forfor financialfinancial intermediariesintermediaries

••

financialfinancial intermediariesintermediaries •• 19 Center Center for International for International
financialfinancial intermediariesintermediaries •• 19 Center Center for International for International
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ConsolidationConsolidation

•• FurtherFurther strengthenstrengthen shareholdershareholder rightsrights groupsgroups andand InstitutesInstitutes ofof DirectorsDirectors •• RiskRisk rankingranking byby ratingsratings agenciesagencies •• ReportsReports onon StandardsStandards andand CodesCodes (ROSC)(ROSC) –– onon goinggoing evaluationevaluation •• LegalLegal andand institutionalinstitutional enforcementenforcement

andand institutionalinstitutional enforcementenforcement 20 Center Center for International for International
andand institutionalinstitutional enforcementenforcement 20 Center Center for International for International
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