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Uber CEO takes indefinite leave as firm vows to improve corporate culture

Uber corporate culture

The board of the technology-driven ride-hailing company, Uber, has vowed to improve its corporate culture following a report which recommended sweeping reforms. However, it has been widely reported that its chief executive Travis Kalanick has taken indefinite leave.

Despite talk about a possible listing Uber remains a private US-headquartered company but is now an international brand and is valued at $68bn.… Read the rest

Indian financial regulator sets up corporate governance committee

India corporate governance committee

The Indian financial regulator, the Securities and Exchange Board of India (SEBI) has set up a committee to advise on issues relating to the corporate governance of listed companies. SEBI wants the committee to recommend improvements within the next four months.… Read the rest

Japan – governance code compliance strengthens

Compliance with the  Japanese corporate governance code of 2015 shows strong compliance according to research published by the  Tokyo Stock Exchange (TSE).

The Code contains five general principles, 30 principles, and 38 supplementary principles and like the UK code a “comply or explain”approach has been adopted in respect of how companies comply.… Read the rest

NZX’s revised Corporate Governance Code Published

New Zealand corporate governance code

The NZX’s revised corporate governance code (the NZX Code) and its supporting rule amendments have been published. The New Zealand Stock Exchange (NZX) which administers the code said this was the first substantial update since 2003 and represented a significant step forward for corporate governance reporting requirements in New Zealand.… Read the rest

Malaysia launches revised Corporate Governance Code

Malaysia corporate governance code integrated reporting

The revised Malaysian Code on Corporate Governance (MCCG) released by the Securities Commission Malaysia (SC) has been welcomed by the International Integrated Reporting Council. This follows a shift in the code’s reporting approach to embracing integrated reporting.

The IIRC said integrated reporting is increasingly becoming a principle of 21st century corporate governance, often referenced in codes as regulators seek to encourage a meaningful dialogue between businesses and investors focused on the strategic drivers of long term value creation.… Read the rest

MPs call for toughening up of UK corporate governance rules

Iain Wright MP BEIS Select Committe

Directors should be required to take their corporate governance and legal duties more seriously the House of Commons Business, Energy and Industrial Strategy select committee believes. The committee’s report on corporate governance was published this week.

While the MPs state that there is no need for a radical overhaul of corporate governance in the UK, “We do believe that there is scope for significant improvements in order to address the changing nature of company ownership in a globalised economy.”

Iain Wright MP, Chair of the BEIS select committee, said: “The UK corporate governance system is recognised throughout the world as of high quality.Read the rest

Purposeful Company Task Force: Corporate governance reform could boost UK economy

UK corporate governance

The UK’s Purposeful Company Task force, set up by the Big Innovation Centre, has called for major changes in corporate governance, asset management and backed the Financial Reporting Council’s proposal for company’s to report on how directors are having regard to stakeholders as required under company law.… Read the rest

FRC: Wide-ranging review of UK corporate governance code launched

FRC UK chairman announces review of corporate governance code

The UK’s corporate governance landscape could be set for set for a wholesale changes after the Financial Reporting Council (FRC) announced a wide-ranging review of the corporate governance code. This will take into account the regulator’s recent work on corporate culture and succession planning, as well as the issues raised in the government’s green paper and the Business, Energy and Industrial Strategy parliamentary select committee inquiry.… Read the rest

OECD due diligence for the garment and footwear sector launched

OECD due dilience garment footwear guidance

The Organisation for Economic Co-operation and Development  (OECD ) has published its due diligence guidance for responsible supply chains in the garment and footwear sector in line with the OECD Guidelines for Multinational Enterprises (MNE guidelines)  and UN Guiding Principles on Business and Human Rights.… Read the rest

Hong Kong corporate governance scorecard shows improvement needed

Hong Kong corporate governance scorecard

The latest corporate governance scorecard assessing listed companies in Hong Kong shows that improvement is needed and directors ought to stay up to speed with the latest corporate governance developments, according to the Hong Kong Institute of Directors.

The 2016 survey of 120 companies published this week found that when compared to the 121 firms assessed for the last survey in 2012 mean score had improved by 5.1% when the same criteria were compared.… Read the rest

Pensions must be part of corporate governance debate

pensions corporate governance

The UK’s Work and Pensions Select Committee has used its response to the government’s green paper on corporate governance to emphasise that public and private companies need to ensure that their pension fund forms part of their corporate thinking.

The MPs’ recommendations follow their inquiry into the collapse of the retailer BHS last year.… Read the rest

USA: Investor Stewardship Group launches Codes

Investor Stewardship Group

The US has moved a step closer to a national stewardship and governance code with the launch of the Investor Stewardship Group. The signatories and supporters of the $17 trillion group are now urging all institutional investors to join the framework.… Read the rest