Report of the 4th International Conference on Corporate Governance

'Corporate Governance Challenges in Emerging Economies'
14-16 May 2003, Royal Horticultural Hall and Conference Centre
London SW1P 2PE

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Janis Sarra (Canada), Paolo Giuiuzza (Italy), Michel Foot, Managing Director Fincancial Services Authority (UK) & Lynn McGregor (UK) at the 4th ICCG.

Eighteen countries participate in the Conference

The 4th International Conference on Corporate Governance on the theme “Corporate Governance Challenges for Emerging Economics” was organized in May 2003 in London. It was organized by the World Council For Corporate Governance in association with the Centre for Corporate Governance, India. Eighteen Countries participated in the conference.

In his keynote address to the conference Prof. Avinash Persaud, Managing Director, State Street Bank asserted that “Contrary to common belief, the biggest owners of capital are public employees, pension funds and ordinary insurance policy holders. If pensioners in developed markets had a greater exposure to the risks of emerging economies, it would be good for emerging economies, it would be good for the long-run returns of those pension funds and it would create a powerful lobby for the global economy, something that is sorely lacking today.”
In his theme address Dr. Madhav Mehra, the President of World Council for Corporate Governance, asserted, “the box ticking model of Corporate Governance was inappropriate for the emerging economies”. He added, “unbridled greed poses the biggest threat to capitalism. For corporate governance to succeed we have to change our metaphors of success from ‘winner takes all’ and ‘success at all costs’ and develop an inner value system which prides on ethics, morality, equity, transparency and above all the courage to own failures”.

“More than ever before, the economies of the world, and the jobs and business that depend upon economic activity, are being shaped by the force and speed of globalization by such an environment that the need for timely, true and fair financial reporting, underpinned by the highest standards of corporate governance is increasingly critical. This year’s World Council for Corporate Governance’s International Conference is particularly important because market and public confidence is still so fragile after a series of high profile corporate failures in which the absence of effective governance was a major factor.” This was stated by Patricia Hewitt, MP, Secretary of State for Trade & Industry (UK) in her message to the 4th International Conference on Corporate Governance. Earlier Derek Higgs the UK banker who headed the review of the role of non-executive directors had in his message stated, “Corporate Governance has become a key issue for driving today’s business. Our greatest challenge is to ensure that not only the wealth created is sustainable but also that the benefits accrue to everyone.”

Prof. William E Halal from Washinton University, USA in his address to the conference suggested that instead of thinking of a corporation as a system of authority designed to make money, we should think of it as a community of entrepreneurs who collaborate with employees, clients, business partners, and other stakeholders – an entrepreneurial community.

Lord Marshall, Chairman, British Airways & Chairman, Invensys emphasized that “the issues of corporate governance in emerging economies are even more challenging.  The quality of their corporate governance is increasingly becoming a criterion for investment and lending”.

The participants were extremely satisfied with the conference proceedings. The consensus was that the conference had fine speakers, excellent content and excellent administrative arrangements. They said they would like to participate in the 5th International Conference on Corporate Governance and requested that it should be held in London. Hence 5th ICCG has been organized in London on 13-14 May 2004..

For further details about the conference please click here or e-mail Lora Janice, Director Programmes, Tel: 0207 872 5784.

Participants comments

The organisers have done a good job in finding outstanding people in the governance field. The conference enabled us to understand what challenges we had in common and to gain new insights and ideas. The quality of speakers was excellent and animated discussions went on during the breaks. As important, it was a good opportunity to meet people from diverse fields such as regulators, ministers as well as board members.
Lynn McGregor
Convivium, London

The content was most relevant to me, the material covered was ‘very good’; the best aspect was the ‘views from different countries and organisations’.
Joachim Schwalbach
Humboldt University, Berlin

Excellent conference, the content of the programme and material covered were ‘excellent’. The best aspect was the ‘stakeholder view of Corporate Governance’. Excellent administrative arrangements.
Roy Jones, TUAC, OECD, Paris

Fine speakers, excellent content, excellent administrative arrangements.
Prof Willam Halal, Washington University

Good conference. Very good administrative arrangements. Best aspect was dialogue and corporate perspectives.
David Stanton, Chief Enterprise Development Advisor, DFID UK

The programme content and material covered was ‘excellent’ with ‘excellent administrative arrangements, good management, organization and selection of speakers’.
Dr Natubhai Shah
Chairman, Jain Sangha of Europe, London

The content and material covered was ‘very good’. Overall assessment ‘excellent’
Dr N M Kondap
Pro Vice Chancellor, NMIMSMumbai, India

The conference had ‘excellent speakers’; the content of the programme and material covered was ‘excellent’.
Dr G D Green
Consultant & Principal Auditor, London

The content of the programme and material covered was ‘excellent’. The best aspect of the conference was ‘Public, Private, Partnership’ (PPP). Overall assessment ‘very good’.
Dr Makalou, CERDES, Mali (West Africa)

Programme content was very relevant. Best aspect was presentations by “academics”. ‘Excellent administrative arrangements’.
Murat Dogu
Specialist, Capital Markets Board, Turkey

Good programme, good choice of topics, “very good” administrative arrangements.
Bryane Michael
St. Catherine’s College, Oxford

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