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cacg guidelines

cacg guidelines

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Published by: acidreign on Feb 28, 2013
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CACG GUIDELINESPRINCIPLES FOR CORPORATE GOVERNANCE IN THE COMMONWEALTH 
“The proper governance of companies will become as crucial to the world economy as the proper governing of countries.” 
 James D. Wolfensohn, President of the World Bank c. 1999
Capacity should be established in all Commonwealth countries to create or reinforce institutions to promote best practice in corporate governance; in particular, codes of good practice establishing standards of behaviour in the public and private sector should be agreed to secure greater transparency,and to reduce corruption.” 
Commonwealth Business Forum Resolution, October 1997, endorsed by the Edinburgh CommonwealthEconomic Declaration
Corporate Governance is the system by which companies are directed and controlled.” 
Cadbury Report c. 1992
“Whilst management processes have been widely explored, relatively little attention has been paid to the processes by which companies are governed. If management is about running businesses, governanceis about seeing that it is run properly. All companies need governing as well as managing.” 
Professor Bob Tricker c. 1984
 
 
CACG GUIDELINESPRINCIPLES FOR CORPORATE GOVERNANCE IN THE COMMONWEALTH 
Towards global competitiveness and economic accountability 
Final Version
November 1999©Commonwealth Association for Corporate Governance
Websites:http://www.cbc.tohttp://www.combinet.net http://www.ecgn.org http://www.edgevantage.com
 
 
Commonwealth Association for Corporate Governance
 The
Commonwealth Association for Corporate Governance
(CACG) was established in April 1998 in response tothe Edinburgh Declaration of the Commonwealth Heads of Government meeting in 1997
to promote excellencein corporate governance in the Commonwealth
 The CACG has two primary objectives:
to promote good standards in corporate governance and business practice throughout the Commonwealth;and
to facilitate the development of appropriate institutions which will be able to advance, teach and disseminatesuch standards. The activities of the CACG have been supported with material assistance and/or funding from the CommonwealthSecretariat, World Bank, New Zealand Government, KPMG International, Shell International, Anglo AmericanCorporation and the Institute of Chartered Secretaries. The CACG’s appreciation for this support is gratefullyacknowledged.For further information on details on the CACG and for permission to reproduce or translate all or any part of theCACG Guidelines, contact:Geoffrey T. BowesChief ExecutiveCommonwealth Association for Corporate Governance Telephone: 64-3-574-2502P.O. Box 34 Telefacsimile: 64-3-574-2519HAVELOCK e-mail:gbowes@xtra.co.nz 
 
MarlboroughNew Zealand
 
 This edition of the
CACG Guidelines
represents the culmination of nearly two years research anddevelopment, which commenced following the Commonwealth Technical Policy Workshop held at SundridgePark, Bromley, United Kingdom in April 1998. The document incorporates comments and observations inresponse to the worldwide circulation of the Third Draft (August 1999). The CACG is most grateful for the interest shown by a wide range of commentators from around the globe inthis work, which has assisted in refining the
CACG Guidelines
. This edition of the
CACG Guidelines
will besubmitted to the International Corporate Governance Symposium being held in Johannesburg, South Africa inNovember 1999 for confirmation. Immediately thereafter, the
CACG Guidelines
will be submitted to theCommonwealth Business Leaders Forum and Commonwealth Heads of Government at their meetings beingheld in South Africa at that time. The
CACG Guidelines
, Third Draft (August 1999), were submitted to theannual meeting of the World Bank in Washington, USA in September 1999.While every attempt has been made to incorporate the points raised in terms of comments and observationsreceived following the circulation of the Third Draft, these had to be carefully weighted against the objectivesand purpose of the
CACG Guidelines
to encourage best practice in corporate governance in Commonwealthcountries - with particular reference to emerging and transition economies. These guidelines have also beendesigned to encapsulate international standards in respect of the issues covered by the
CACG Guidelines
.It should be reiterated that the
CACG Guidelines
must be considered a “living document” to be updated fromtime to time in response to developments in corporate governance in the Commonwealth and globally.Accordingly, a number of the observations not necessarily incorporated into this edition of the
CACGGuidelines
, will no doubt warrant further deliberation as these guidelines are developed in the future incollaboration with the Global Corporate Governance Forum and the World Bank.

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