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Une méthodologie de l’évaluation de la gouvernance des sociétés | ASEAN Corporate Governance Scorecard

13 juin 2013

Voici un article intéressant publié dans  le 11 juin 2013 et qui présente un système d’évaluation de la qualité de la gouvernance dans un certain nombre de pays asiatiques, basé sur cinq (5) principes-clés. Cette façon de juger de la valeur de la gouvernance par secteur d’activité m’a intéressée.

La méthodologie utilisée n’est pas suffisamment décrite mais la pondération accordée aux cinq dimensions a attiré mon attention, particulièrement le fait que l’on accorde 40 % des points à la « responsabilité du conseil d’administration ».

Vous trouverez ci-dessous les objectifs poursuivis ainsi que la pondération retenue, suivi de l’exemple indonésien. Je vous invite donc à lire cet article et à partager vos impressions d’une telle démarche d’évaluation de la gouvernance. Le lien suivant vous mènera à la version complète du rapport : ASEAN Corporate Governance Scorecard – rapport complet.

 

The ASEAN Capital Markets Forum (ACMF) and the Asian Development Bank recently established a joint initiative called the ASEAN Corporate Governance Scorecard. Corporate governance refers to the system of governance which controls and directs corporations, and monitors their actions and policies.

The stated objective of the ASEAN Corporate Governance Scorecard is to:

(1) Raise the corporate governance standards and practices of ASEAN publicly listed companies (PLCs);

(2) Give greater international visibility to well-governed ASEAN PLCs and showcase them as investable companies; and

(3) Complement other ACMF initiatives and promote ASEAN as an asset class.

English: The flags of ASEAN nations raised in ...
English: The flags of ASEAN nations raised in MH Thamrin Avenue, Jakarta, during 18th ASEAN Summit, Jakarta, 8 May 2011. (Photo credit: Wikipedia)

The Scorecard judges five key principles of corporate governance in each nation:

  1. Rights of shareholders (10 percent);
  2. Role of stakeholders (10 percent);
  3. Equitable treatment of shareholders (15 percent);
  4. Disclosure and transparency (25 percent); and
  5. Responsibilities of the board (40 percent)

The percentages indicate the allocated weight of each principle in determining the Scorecard of each country.

The ASEAN countries that participated in the initiative include Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Please find below a summary of how the ASEAN countries fared.

The complete report can be found here.

Indonesia

Average corporate governance score: 43.4 percent

Maximum score: 75.4 percent

Minimum score: 20.8 percent

Average corporate governance score by sector:

State-owned enterprises (SOEs): 62.2 percent;

Banks: 58.9 percent;

Non-banks: 40.4 percent; and

Private Companies: 39.9 percent

The higher scores listed for banks and SOEs are a result of those sectors being held under closer scrutiny by the Indonesian Central Bank and Ministry of SOEs, which significantly enhances the corporate governance practices of these companies.

The report found that a majority of PLCs in Indonesia still do not practice corporate governance at an international standard. Many of the corporate governance practices included in the Scorecard are voluntary practices, but the report details that Indonesian PLCs often only implement the mandatory practices, or the bare minimum necessary.

Furthermore, Indonesia’s corporate governance code does not have a “comply or explain” requirement, which has resulted in many PLCs not referring to the code at all. Therefore, they are potentially unaware of the other corporate governance practices that can be voluntarily implemented.

Corporate Governance in Developing countries. (surenrajdotcom.wordpress.com)

Corporate governance in multicultural organization (leadershipbyvirtue.blogspot.com)

ASEAN Economic Community is Coming, What Does it Mean for Asian Tech Startups? (techinasia.com)

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