Case Studies on Corporate Governance

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V`nrj` mnx|nxdvb jnwbxedemb `d} d knej à}vnxq+ v`bxb `d} hbbe xbebzbf aevbxb}v ae av} |xdmvamb} ae cnfbxe mnx|nxdvane} }aemb 8<<4+ |dxvamrkdxkq frb vn v`b àj`#|xngakb mnkkd|}b ng d erchbx ng kdxjb R] gaxc}% V`nrj` v`b à}vnxq ng mnx|nxdvb jnwbxedemb jnb} hdmo vn bdxkq 41 v` mbevrxq+ av jnv fbhdvbf }aemb v`b caf#8< v` mbevrxq% ]aemb caf#410<}+ mnx|nxdvb jnwbxedemb `d} dvvxdmvbf d jxbdv fbdk ng dvvbevane% V`b aeavadk ac|bvr} zd} jawbe hq dejkn#dcbxamde





mnfb} ng mnx|nxdvb jnwbxedemb kaob v`b Mdfhrxq Mnfb (4118! ae v`b RO+ v`b |xaema|kb} def xbmnccbefdvane} ng v`b Dcbxamde Kdz Ae}vavrvb (4106! def v`b Vxbdfzdq Mncca}}ane ae v`b R]% V`b}b }vacrkdvbf nv`bx mnrevxab} vn dfn|v v`b}b mnfb} gnx v`bax mnc|deab}% Dgvbx Znxkf Zdx AA+ d} v`b R] bp|defbf v`xnrj` v`b bcbxjbemb ng crkvaedvanedk mnx|nxdvane}+ v`b b}vdhka}`cbev ng v`b cdedjbxadk mkd}} zd} zaveb}}bf% Dmmnxfaej vn @dxwdxf Hr}aeb}} ]m`nnk cdedjbcbev |xng}% Idq Knx}m` def Bkaydhbv` CdmAwbx+ cdeq kdxjb mnx|nxdvane} `df fncaedev mnevxnk nwbx hr}aeb}} dggdax} zav`nrv }rggamabev dmmnrevdhakavq nx cneavnxaej hq v`bax hndxf ng faxbmvnx}% ]aemb v`be+ mnx|nxdvb jnwbxedemb `d} hbbe v`b }rhibmv ng }ajeagamdev fbhdvb dxnref v`b jknhb% V`b bggnxv} vn xbgnxc av `dwb hbbe fxawbe+ ae |dxv+ hq v`b ebbf} def fb}axb} ng }`dxbnzebx} vn bpbxma}b v`bax xaj`v} ng nzebx}à| def vn aemxbd}b v`b wdkrb ng v`bax }`dxb}+ v`bxbgnxb+ zbdkv`% Nwbx v`b |d}v v`xbb fbmdfb}+ mnx|nxdvb faxbmvnx}‑ frvab} `dwb bp|defbf jxbdvkq hbqnef v`bax vxdfavanedk kbjdk xb}|ne}ahakavq ng frvq ng knqdkvq vn v`b mnx|nxdvane def av} }`dxbnzebx}% Cdeq qbdx} djn+ znxkfzafb+ aefawafrdk aewb}vnx} kaob zbdkv`q hr}aeb}}cbe zbxb }`dxbnzebx}+ hrqbx} def }bkkbx} ng mnx|nxdvane }vnmo}% V`bq ngvbe `df d wb}vbf+ |bx}nedk def bcnvanedk aevbxb}v ae v`b mnx|nxdvane} z`n}b }`dxb} v`bq nzebf% V`b xa}b ng v`b ae}vavrvanedk aewb}vnx `d} hxnrj`v zav` av }ncb aemxbd}b ng |xngb}}anedk fakajbemb zàm` `d} vbefbf vn ac|xnwb xbjrkdvane ng v`b }vnmo cdxobv% Ae v`b gax}v `dkg ng v`b 411<}+ v`b a}}rb ng mnx|nxdvb jnwbxedemb ae v`b R] xbmbawbf mne}afbxdhkb dvvbevane frb vn v`b zdwb ng MBN fa}ca}}dk} (AHC+ Onfdo def @nebqzbkk! hq v`bax hndxf}% Ae 411:+ v`b Bd}v D}ade Gaedemadk Mxa}a} }dz v`b bmnencab} ng V`dakdef+ Aefneb}ad+ ]nrv` Onxbd+ Cdkdq}ad def v`b \àka||aeb} \àka| |aeb} }bwbxbkq dggbmvbf hq v`b bpav ng gnxbaje md|avdk dgvbx |xn|bxvq d}}bv} mnkkd|}bf% ]ncb aefr}vxq bp|bxv} bp|xb}}bf v`bax wabz v`dv v`b kdmo ng mnx|nxdvb jnwbxedemb cbm`dea}c} ae v`b}b mnrevxab} àj`kaj`vbf v`b zbdoeb}}b} ng v`b ae}vavrvane} ae v`bax bmnencab}% Bwbe v`b Znxkf Hdeo dkdxcbf v`n}b mnrevxab}+ v`dv gnx }r}vdaedhkb fbwbkn|cbev+ mnx|nxdvb jnwbxedemb `d} vn hb jnnf% Ae v`b bdxkq 8<<<}+ v`b cd}}awb hdeoxr|vmab} (gxdrf} def }mdefdk}! ng Bexne def Znxkfmnc d} zbkk d} kb}}bx mnx|nxdvb fbhdmkb}+ }rm` d} Dfbk|àd Mnccreamdvane}+ DNK+ Dxv`rx Defbx}be+ Jknhdk Mxn}}aej+ Vqmn def cnxb xbmbevkq+ Gdeeab Cdb def Gxbffab Cdm+ kbf vn aemxbd}bf }`dxb`nkfbx def jnwbxecbevdk aevbxb}v ae mnx|nxdvb jnwbxedemb% V`b Bexne mnkkd|}b a} de bpdc|kb ng ca}kbdfaej gaedemadk xb|nxvaej% V`b mnc|deq mnembdkbf `rjb kn}}b} hq mxbdvaej akkr}ane} v`dv d vàxf |dxvq zd}







mnevxdmvrdkkq nhkajbf vn |dq v`b dcnrev ng deq kn}}b}% @nzbwbx+ v`b vàxf |dxvq zd} de bevavq ae zàm` Bexne `df d }rh}vdevadk bmnencam }vdob% Ae fa}mr}}ane} ng dmmnrevaej |xdmvamb} zav` Dxv`rx Defbx}be+ v`b |dxvebx ae m`dxjb ng drfavaej+ wabz} aebwavdhkq kbf vn v`b mkabev |xbwdakaej% Và} a} xbgkbmvbf ae v`b |d}}djb ng v`b ]dxhdeb}# Npkbq Dmv ng 8<<8% Ae 8<<8+ v`b R] Gbfbxdk Jnwbxecbev |d}}bf v`b ]dxhdeb}#Npkbq Dmv+ aevbefaej vn xb}vnxb |rhkam mnegafbemb ae mnx|nxdvb jnwbxedemb% Mnx|nxdvb Jnwbxedemb Cnfbk} dxnref v`b Znxkf9 Dkv`nrj` v`b R] cnfbk ng mnx|nxdvb jnwbxedemb a} v`b cn}v envnxanr}+ v`bxb a} d mne}afbxdhkb wdxadvane ae mnx|nxdvb jnwbxedemb cnfbk} dxnref v`b znxkf% V`bxb dxb cdeq faggbxbev cnfbk} ng mnx|nxdvb jnwbxedemb dxnref v`b znxkf% V`b}b faggbx dmmnxfaej vn v`b wdxabvq ng md|avdka}c ae zàm` v`bq dxb bchbffbf% V`b kahbxdk cnfbk v`dv a} mnccne ae Dejkn#Dcbxamde mnrevxab} vbef} vn jawb |xanxavq vn v`b aevbxb}v} ng }`dxb`nkfbx}% V`b mnnxfaedvbf cnfbk v`dv neb gaef} ae Mnevaebevdk Brxn|b def Id|de dk}n xbmnjea}b} v`b aevbxb}v} ng znxobx}+ cdedjbx}+ }r||kabx}+ mr}vncbx} def v`b mnccreavq% Hnv` cnfbk} `dwb fa}vaemv mnc|bvavawb dfwdevdjb}+ hrv ae faggbxbev zdq}% V`b kahbxdk cnfbk ng mnx|nxdvb jnwbxedemb bemnrxdjb} xdfamdk aeenwdvane def mn}v mnc|bvavane+ z`bxbd} v`b mnnxfaedvbf cnfbk gdmakavdvb} aemxbcbevdk aeenwdvane def trdkavq mnc|bvavane% @nzbwbx+ v`bxb dxb ac|nxvdev faggbxbemb} hbvzbbe v`b R]‑ xbmbev d||xndm` vn jnwbxedemb a}}rb} def z`dv `d} `d||bebf ae v`b RO% Ae v`b R]+ d mnx|nxdvane a} jnwbxebf hq d hndxf ng faxbmvnx}+ faxbmv nx}+ zàm` `d} v`b drv`nxavq drv`nxav q vn m`nn}b d MBN% V`b MBN `d} hxndf |nzbx vn cdedjb v`b mnx|nxdvane‑} mnx|nxdvane‑} fdq#vn# fdq dmvawavab}+ hrv ebbf} vn jbv hndxf befnx}bcbev gnx mbxvdae cdinx fbma}ane}+ kaob m`nn}aej.xbmxravaej à}.`bx accbfadvb }rhnxfaedvb}+ xda}aej md|avdk def dmtraxaej denv`bx mnc|deq% Nv`bx frvab} ng v`b hndxf cdq aemkrfb |nkamq }bvvaej+ fbma}ane#cdoaej+ fbma}ane#cdoa ej+ cneavnxaej cdedjbcbev‑} |bxgnxcdemb nx mnx|nxdvb mnevxnk% V`b hndxf ng faxbmvnx} a} encaedkkq }bkbmvbf }bkbmvb f hq def xb}|ne}ahkb vn v`b }`dxb`nkfbx}+ hrv v`b hqkdz} ng cdeq mnc|deab} cdob av faggamrkv gnx dkk hrv v`b kdxjb}v }`dxb`nkfbx} vn `dwb deq aegkrbemb nwbx v`b cdobr| ng v`b hndxf% R}rdkkq+ cbchbx}





env fn }n% V`b cneavnxaej ng v`n}b bp|kdedvane} a} kbgv vn }`dxb`nkfbx} v`bc}bkwb}% v`bc}bkwb}% V`b vbebv ng v`b mnfb a} v`dv neb }ayb fnb} env gav dkk ae cdvvbx} ng mnx|nxdvb jnwbxedemb def v`dv ae}vbdf ng d }vdvrdvnxq xbjacb kaob v`b ]dxhdeb}#Npkbq Dmv ae v`b R]+ av a} hb}v vn kbdwb }ncb gkbpahakavq vn mnc|deab} }n v`dv v`bq mde cdob m`namb} cn}v }ravdhkb vn v`bax maxmrc}vdemb}% Ag v`bq `dwb jnnf xbd}ne} vn fbwadvb gxnc v`b }nref xrkb+ v`bq }`nrkf hb dhkb vn mnewaemaejkq bp|kdae v`n}b vn v`bax }`dxb`nkfbx}% V`b mnfb `d} hbbe ae |kdmb }aemb 411= def `d} `df fxd}vam bggbmv} ne v`b zdq gaxc} dxb jnwbxebf ae v`b RO% Ene Dejkn#Dcbxamde Cnfbk Ae Bd}v D}ade mnrevxab}+ gdcakq#nzebf mnc|deab} fncaedvb% Dmmnxfaej vn bdxkabx }vrfab}+ v`b vn| zbdkv`q gdcakab} ae Bd}v D}ade mnrevxab} fncaedvbf ka}vbf mnx|nxdvb d}}bv}% Ae mnrevxab} }rm` d} \doa}vde+ Aefneb}ad def v`b \àka||aeb}+ \àka|| aeb}+ v`b vn| gdcakab} mnevxnkkbf nwbx 2<" ng |rhkamkq#nzebf mnx|nxdvane} v`xnrj` d }q}vbc ng gdcakq mxn}}#`nkfaej}+ v`r} fncaedvaej v`b md|avdk cdxobv}% Gdcakq#nzebf mnc|deab} dk}n fncaedvb v`b Kdvae cnfbk ng mnx|nxdvb jnwbxedemb+ v`dv a} mnc|deab} ae Cbpamn+ Avdkq+ ]|dae+ Gxdemb (vn d mbxvdae bpvbev!+ Hxdyak+ Dxjbevaed def nv`bx mnrevxab} ae ]nrv` Dcbxamd% Mnx|nxdvb jnwbxedemb |xaema|kb} def mnfb} m nfb} `dwb hbbe fbwbkn|bf ae faggbxbev mnrevxab} def a}}rbf gxnc }vnmo bpm`dejb}+ mnx|nxdvane}+ ae}vavrvanedk ae}vavrvanedk aewb}vnx} nx d}}nmadvane} (ae}vavrvb}! ng faxbmvnx} def cdedjbx} zav` v`b }r||nxv ng jnwbxecbev} def aevbxedvanedk nxjdea}dvane}% D} d xrkb+ mnc|kademb zav` v`b}b jnwbxedemb xbmnccbefdvane} a} env cdefdvbf hq kdz+ dkv`nrj` v`b mnfb} kaeobf vn }vnmo bpm`dejb ka}vaej xbtraxbcbev} cdq `dwb d mnbxmawb bggbmv% Gnx bpdc|kb+ mnc|deab} trnvbf ne v`b Knefne def Vnxnevn ]vnmo Bpm`dejb} gnxcdkkq ebbf env gnkknz v`b xbmnccbefdvane} ng v`bax xb}|bmvawb edvanedk mnfb}% @nzbwbx+ v`bq cr}v fa}mkn}b z`bv`bx v`bq gnkknz v`b xbmnccbefdvane} ae v`n}b fnmrcbev} def z`bxb env+ v`bq }`nrkf |xnwafb bp|kdedvane} mnembxeaej fawbxjbev |xdmvamb}% ]rm` fa}mkn}rxb xbtraxbcbev} bpbxv d }ajeagamdev |xb}}rxb ne ka}vbf mnc|deab} gnx mnc|kademb%





Hd}bf ne v`b znxo ng v`b NBMF+ nv`bx aevbxedvanedk nxjdea}dvane}+ nxjdea}dvane}+ |xawdvb }bmvnx d}}nmadvane} def cnxb v`de 8< edvanedk mnx|nxdvb jnwbxedemb mnfb}+ v`b Reavbf Edvane} Aevbxjnwbxecbevdk Aevbxjnwbxecbevdk Znxoaej Jxnr| ng Bp|bxv} ne Aevbxedvanedk ]vdefdxf} ng Dmmnrevaej def Xb|nxvaej (A]DX! `d} |xnfrmbf wnkrevdxq ‐Jrafdemb ne Jnnf \xdmvamb} ae Mnx|nxdvb Jnwbxedemb Fa}mkn}rxb‑% Và} aevbxedvanedkkq djxbbf hbem`cdxo mne}a}v} ng cnxb v`de 2< fa}vaemv fa}mkn}rxb avbc} dmxn}} gawb hxndf mdvbjnxab}9 drfavaej+ hndxf def cdedjbcbev }vxrmvrxb def |xnmb}}+ mnx|nxdvb xb}|ne}ahakavq def mnc|kademb+ gaedemadk vxde}|dxbemq def aegnxcdvane fa}mkn}rxb+ def nzebx}à| }vxrmvrxb def bpbxma}b ng mnevxnk xaj`v}% V`b Znxkf Hr}aeb}} Mnremak gnx ]r}vdaedhkb Fbwbkn|cbev (ZHM]F! `d} znxobf ne mnx|nxdvb jnwbxedemb+ |dxvamrkdxkq ne dmmnrevdhakavq def xb|nxvaej+ def ae 8<<6+ mxbdvbf de A}}rb Cdedjbcbev Vnnk9 }vxdvbjam m`dkkbejb} gnx hr}aeb}} ae v`b r}b ng mnx|nxdvb xb}|ne}ahakavq mnfb}+ }vdefdxf} def gxdcbznxo}% Ae av} ‐Jknhdk Aewb}vnx N|aeane ]rxwbq‑ ng dhnwb 8<< ae}vavrvanedk aewb}vnx} ae 8<<< def 8<<8+ CmOae}bq gnref v`dv 0<" ng v`b xb}|nefbev} znrkf |dq d |xbcarc gnx zbkk#jnwbxebf zbkk#jnwbxe bf mnc|deab}% Dmmnxfaej vn v`b }rxwbq+ d zbkk#jnwbx zbkk#jnwbxebf ebf mnc|deq zd} fbgaebf d} neb v`dv `df d} cdeq d} nrv}afb faxbmvnx}+ z`n `df en cdedjbcbev vab}+ refbxvnno gnxcdk bwdkrdvane ng av} faxbmvnx} def zd} xb}|ne}awb vn aewb}vnx}‑ xbtrb}v} gnx aegnxcdvane ne jnwbxedemb a}}rb}% Nv`bx }vrfab} `dwb kaeobf hxndf |bxmb|vane} ng v`b trdkavq ng mnc|deab} vn }r|bxanx }`dxb |xamb |bxgnxcdemb% Ae d }vrfq ng 2#qbdx mrcrkdvawb xbvrxe} ng Gnxvreb cdjdyaeb‑} }rxwbq ng ‐cn}v dfcaxbf gaxc}‑+ Devrenwam`+ bv dk%+ gnref v`dv v`n}b ‐cn}v dfcaxbf‑ `df de dwbxdjb xbvrxe ng 482"+ zàk}v v`b ‐kbd}v dfcaxbf‑ gaxc} xbvrxebf 0<"% Ae d }b|dxdvb }vrfq+ Hr}aeb}}Zbbo beka}vbf ae}vavrvanedk aewb}vnx} def ‐bp|bxv}‑ vn d}}a}v ae faggbxbevadvaej hbvzbbe hndxf} zav` jnnf def d ef hdf jnwbxedemb def gnref v`dv mnc|deab} zav` v`b àj`b}v xdeoaej} `df v`b àj`b}v gaedemadk xbvrxe}% @nzbwbx+ v`b ac|nxvdemb ng MJ hbmdcb fxdcdvamdkkq mkbdx ae 8<<8+ d} d }bxab} ng mnx|nxdvb cbkvfnze}+ gxdrf} def nv`bx mdvd}vxn|`b} kbf vn v`b fb}vxrmvane ng }`dxb`nkfbx‑} zbdkv` znxv` hakkane} ng fnkkdx}+ inh kn}}b} ae v`nr}def}+ mxacaedk





Ag zb nh}bxwb v`b |dvvbxe} ng dkk v`b}b |bn|kb+ v`b xnkb ng v`b MBN} ae v`b}b mnx|nxdvb mnkkd|}b} `df d `rjb |nxvane% Dkk `dwb }`nze |nnx mnx|nxdvb jnwbxedemb irfjcbev def fbkahbxdvb jxbbf% Dmmnxfaej vn }ncb bp|bxv}+ bxdfamdvaej MBN drv`nxavq def }àgvaej v`b hdkdemb ng |nzbx vnzdxf} v`b hndxf cdq }bbc v`b xaj`v xb}|ne}b vn }acakdx mnx|nxdvb }mdefdk}% Xbdkavq+ `nzbwbx+ xbtraxb} d cnxb }n|à}vamdvbf }nkrvane% D znxodhkb hdkdemb hbvzbbe v`b hndxf def v`b MBN zakk hb faggbxbev gnx bwbxq mnc|deq def cn}vkq fb|bef} ne av} mnc|bvavawb mnevbpv% Fbgaeaej v`b hndxf‑} xnkb} def xb}|ne}ahakavab} hq gnkknzaej d }bv }vdefdxf ng |xb}mxa|vane} fnb} env dkzdq} cdob }be}b% Ae}vbdf+ v`b MBN def v`b hndxf }`nrkf mne}afbx v`b }|bmagam maxmrc}vdemb} ng v`bax mnc|deq def afbevagq zàm` vq|b} ng fbma}ane} dxb wavdk ” v`b}b dxb v`b neb} v`dv v`b hndxf ebbf} vn dffxb}}% V`b ac|nxvdev vàej d hndxf mde bp|bmv gxnc d MBN a} d }nref }vxdvbjam |kde% V`b |kde }`nrkf bc|`d}a}b hnv` knejbx#vbxc+ ‐vn|#kaeb‑ |bxgnxcdemb def }`nxvbx#vbxc ‐hnvvnc kaeb‑% Và} a} d hdkdemaej dmv ” env d vxdfb#ngg ” def v`b MBN cr}v fa}mr}} v`b xaj`v hdkdemb zav` v`b hndxf% V`b MBN mde gdmakavdvb v`b }vxdvbjq fa}mr}}ane dcnej v`b hndxf hq cd||aej v`b wdxanr} dmvawavab} gnx bdm` hr}aeb}} dxbd% V`b refbx}vdefaej ng mnx|nxdvb mnx|nxdvb jnwbxedemb `d} m`dejbf enz% Bdxkabx+ mnx|nxdvb jnwbxedemb zd} |bxmbawbf d} d }q}vbc v`dv be}rxbf v`dv v`b cdedjbx (v`b MBN} def v`bax vbdc! fnb} env vdob fbma}ane} gnx |xawdvb jdae} def fnb} env bp|xn|xadvb }`dxb`nkfbx}‑ zbdkv`% Av a} enz |bxmbawbf d} d }q}vbc v`dv be}rxb} n|vacdk rvaka}dvane ng xb}nrxmb} gnx v`b hbebgav ng }`dxb`nkfbx} zàkb cbbvaej }nmabvdk bp|bmvdvane}%4 Gnx bpdc|kb+ }vxdvbjq drfav def Mnx|nxdvb ]nmadk Xb}|ne}ahakavq (M]X! dxb bkbcbev} ng d mnx|nxdvb jnwbxedemb }q}vbc% Mnx|nxdvb gaedemadk xb|nxvaej def gaedemadk drfav }r||nxv v`b mnx|nxdvb jnwbxedemb }q}vbc% V`bq dxb ng accbe}b ac|nxvdemb vn dedkq}v} def aewb}vnx}% V`bxbgnxb+ v`bxb a} d ebbf vn grxv`bx }vxbejv`be mnx|nxdvb gaedemadk xb|nxvaej def gaedemadk drfav% Ae Cdxm` 8<<0+ Aevbxedvanedk Gbfbxdvane ng Dmmnrevdev} (AGDM! xbkbd}bf av} xb|nxv bevavkbf ‐Gaedemadk xb|nxvaej wdkrb m`dae ” mrxxbev |bx}|bmvawb} def faxbmvane‑% V`b xb|nxv nh}bxwb} v`dv v`b v`xbb obq dxbd} ng v`b

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