The False Promise of Global Governance Standards
Last year's global financial meltdown has naturally spurred interest in bringing about improvements in corporate governance, including reliable standards for evaluating its quality in publicly traded companies. But the quest for a single set of global governance standards is misguided.
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Cambridge – In the wake of last year’s global financial meltdown, there is now widespread recognition that inadequate investor protection can significantly affect how stock markets and economies develop, as well as how individual firms perform. The increased focus on improving corporate governance has produced a demand for reliable standards for evaluating governance in publicly traded companies worldwide. World Bank officials, shareholder advisers, and financial economists have all made considerable efforts to develop such standards.