Tomasic, Roman (2003) A Comparative Analysis of Corporate Governance Principles: China, Australia and the OECD. In: Corporate governance in post-WTO China : proceedings of the DEST-funded conference, 5-6 December 2003, Victoria University, Melbourne, Australia. Wang, Margaret, Andrews, Neil and Tomasic, Roman, eds. Victoria University, Melbourne, Vic..

Abstract

Codes of corporate governance have assumed an increasingly important place in the debates concerning corporate governance in China and Australia, as well as internationally. There is evidence of convergence in the language of these Codes, although practice often lags behind the rhetoric of such Codes. This paper begins to evaluate Codes of Good Corporate Governance in Australia, China and internationally, though an assessment of the OECD’s efforts in drafting such a code. Whilst such Codes may sometimes be no more than symbolic statements, they should also be seen as genuine, if somewhat overly optimistic, attempts to change the values that operate within the corporate sector of a country. However, where a set of principles or rules is actually alien to a country and where it is being imposed externally or top-down other problems arise. This will inevitably present implementation problems, despite the existence of significant sanctions such as possible delisting or criticism by the Stock Exchange or a Corporate Regulator. These are issues that are discussed further in this paper.

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