ASEAN Corporate Governance Scorecard: Country Reports and Assessments 2013–2014
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ASEAN Corporate Governance Scorecard - Asian Development Bank
Foreword
by James A. Nugent, Director General, Southeast Asia Department, Asian Development Bank
Established in 2004 under the auspices of the Association of Southeast Asian Nations (ASEAN) Finance Ministers, the ASEAN Capital Market Forum (ACMF) has shifted its focus from harmonization of rules and regulations to more strategic issues to achieve greater integration of the region’s capital markets under the ASEAN Economic Community Blueprint of 2015. The Asian Development Bank’s (ADB) partnership with ACMF has reaped many fruitful outcomes, and the ASEAN Corporate Governance Scorecard is one of the clearest demonstrations of this successful partnership.
The ASEAN Corporate Governance Scorecard provides a rigorous methodology benchmarked against international best practice—including the Organisation for Economic Co-operation and Development’s principles of corporate governance—to assess the corporate governance performance of publicly listed companies (PLCs) in the six participating ASEAN member countries. This common methodology provides foreign investors and external fund managers comparable information to form part of their investment decision-making process. The scorecard also provides assurance to foreign investors that corporate governance is a priority agenda in the region. While the link between corporate governance and companies’ profit is inconclusive, poor corporate governance has been proven to negatively affect investors’ confidence which consequently results in lower investment into the region. Nowhere is this clearer than the drop in foreign investments after the 1997 crisis that engulfed Southeast Asia. Hence, the scorecard is a useful tool to demonstrate ASEAN members’ commitment to sound corporate governance which will be important to increase foreign direct investment into the region.
The ASEAN Corporate Governance Scorecard: Country Reports and Assessments 2013–2014 is the second publication since its launch in 2013. This report is based on experts’ assessments of corporate governance performance of PLCs in the region. The assessments then went through a rigorous peer review for consistency and quality control. This report consists of not only individual country reports of the six participating countries but also highlights ASEAN best practice in corporate governance. The countries in Southeast Asia are not only benchmarking their corporate governance frameworks based on international best practices. They are also playing a meaningful role and contributing to the establishment of international norms and best practices. Over time and through regular and continuous publication, the report can provide trend analysis of corporate governance performance of PLCs in the region. This will be useful for governments, regulators, nonprofit organizations, and the private sector to ascertain the improving corporate governance standards in the region.
ADB would like to congratulate ACMF and members of the working group led by the Securities Commission Malaysia for the publication of the Country Reports and Assessments 2013–2014. This publication is a culmination of months of hard work by regional corporate governance experts and domestic ranking bodies with the coordination of regulators in the region. We hope this becomes an annual publication, and as capital markets in other Southeast Asian countries continue to develop, future publications may expand to include other countries beyond the initial six.
The ASEAN Corporate Governance Scorecard is proof that differences in capital market development are not insurmountable obstacles to regional integration initiatives. While the ASEAN Economic Community is still a work in progress, regional integration is not built on one collective set of actions. Instead, it consists of small steps leading to initiatives which act as building blocks to regional integration. The scorecard is an important part of ASEAN’s regional integration architecture and can in fact be an example for other initiatives. ADB is honored to have played its role and be part of this initiative. We wish ACMF a successful journey toward ASEAN capital market integration and pledge our commitment as a trusted partner in that journey.
Foreword
by Goh Ching Yin, Chair, ASEAN Corporate Governance Taskforce
The Securities Commission Malaysia is honored to have been given the mandate and trust to continue to lead the Association of Southeast Asian Nations (ASEAN) Corporate Governance initiative, which is in its fourth year. This initiative, comprising the ASEAN Corporate Governance Scorecard and the ranking of corporate governance of ASEAN publicly listed companies (PLCs), complements other ASEAN Capital Markets Forum (ACMF) initiatives to promote and brand ASEAN as an attractive asset class. The success of this initiative is a testament to the ACMF’s recognition of the importance of corporate governance to enhance the attractiveness and raise the international visibility of well-governed ASEAN PLCs. Besides attracting investors to the region, the establishment of a set of corporate governance standards for the region would also lead to more intra-ASEAN portfolio flows and contribute to the growth of capital markets. As ASEAN companies begin to establish regional footprints outside their home countries, we hope that this convergence will facilitate cross-border operations and help companies expand their markets within the region.
The Securities Commission Malaysia attributes its success in carrying out its mandate to the commitment of fellow regulators to provide guidance and support to both the Securities Commission Malaysia and the group of domestic ranking bodies (DRBs). In particular, we would like to record our gratitude to the Securities and Exchange Commission of Thailand, the Financial Services Authority of Indonesia, the Philippines Securities and Exchange Commission, the Monetary Authority of Singapore, and the Vietnam State Securities Commission. Our appreciation also goes to the Asian Development Bank, which provided the initial funding support to this project through its regional technical assistance, Promoting an Interlinked ASEAN Capital Market.
The scorecard has become an asset for ASEAN given its importance and usefulness in raising the standards of corporate governance among listed companies in the region. One of the valuable features of the scorecard is its ability to highlight areas of strength and weakness through its findings, which provide regulators and corporate governance proponents with useful data points to guide corporate governance reforms, strategies, and measures.
Building and promoting ASEAN as a market with high standards of governance requires strong and continuing collaboration between capital market regulators, DRBs, industry players, and independent corporate governance experts. In this regard, I am pleased to note that the DRBs have dedicated their resources not only to conducting assessments on the PLCs, but to also educating, promoting, and creating awareness of the expectations under the scorecard and the value of good corporate governance. The DRBs have also held events to recognize and award PLCs that have adopted good corporate governance