APPENDIX: REFERENCES OF THE
INTERNATIONAL COMPARISON OF CODES, STANDARDS AND
RECOMMENDATIONS -ABBREVIATIONS 1-
I Codes/standards, Authors, Research reports are listed chronologically per country.
--
INT
ER
N A
TIO
NA
L
Ab
bre
viat
ion
T
ype
Au
thor
CE
PS
C
ode/
stan
dard
s C
entr
e fo
r E
urop
ean
Polic
y S
tudi
es
ICG
N
Cod
e/st
anda
rds
Inte
rnat
iona
l C
orpo
rate
Gov
erna
nce
Net
wor
k
PR
O N
ED
C
ode/
stan
dard
s P
ro
Ned
-
A
part
o
f E
gon
Zeh
nder
In
tern
atio
nal
MO
NK
S &
MIN
OW
A
utho
r M
onks
, R
.A.G
. &
Min
ow,
N.
CH
AR
KH
AM
R
esea
rch
repo
rt
Cha
rkha
m, J
.
DE
MIN
OR
R
esea
rch
repo
rt
Dem
inor
E.U
.
OE
CD
C
ode/
stan
dard
s O
rgan
isat
ion
for
Eco
nom
ic C
o-op
erat
ion
and
Dev
elop
men
t
PR
ICE
R
esea
rch
repo
rt
Pri
ce W
ater
hous
e W
AT
ER
HO
US
E
PR
ICE
R
esea
rch
repo
rt
Pri
ce W
ater
hous
e W
AT
ER
HO
US
E
Art
icle
Cor
pora
te G
over
nanc
e in
Eur
ope
Cor
pora
te g
over
nanc
e gl
obal
cod
e pr
opos
ed
A p
ract
ical
gui
de f
or n
on-e
xecu
tive
dir
ecto
rs
Wat
chin
g th
e W
atch
ers
-C
orpo
rate
Gov
erna
nce
for
the
21 s
t ce
ntur
y
Kee
ping
goo
d co
mpa
ny -
A s
tudy
of
corp
orat
e go
vern
ance
in
fiv
e co
untr
ies
Cor
pora
te
Gov
erna
nce
-C
odes
o
f B
est
Pra
ctic
e -
an
inte
rnat
iona
l co
mpa
riso
n
Cor
pora
te
gove
rnan
ce
: im
prov
ing
com
peti
tive
ness
an
d ac
cess
to
capi
tal
in g
loba
l m
arke
ts
Aud
it C
omm
itte
es
A S
tudy
in
Eur
opea
n C
orpo
rate
Gov
erna
nce
Con
verg
ing
cult
ures
-
Tre
nds
in
Eur
opea
n C
orpo
rate
G
over
nanc
e
1995
1996
1996
1996
1995
1997
1998
1997
1997
N
N
Q
AU
ST
RA
LIA
Ab
bre
viat
ion
T
ype
Au
thor
AS
X
Cod
e/st
anda
rds
Aus
tral
ian
Sto
ck E
xcha
nge
AIC
D
Cod
e/st
anda
rds
Aus
tral
ian
Inst
itut
e o
f C
ompa
ny D
irec
tors
AlM
A
Cod
e/st
anda
rds
Aus
tral
ian
Inve
stm
ent
Man
ager
s A
ssoc
iati
on
WO
RK
ING
C
ode/
stan
dard
s W
orki
ng
Gro
up,
chai
red
by
Bos
ch
Hen
ry,
GR
OU
P
AO
BE
LG
IUM
SA
NT
EN
S
Cod
e/st
anda
rds
San
tens
Com
mis
sion
C
OM
MIS
SIO
N
CB
F
Cod
e/st
anda
rds
Ban
king
and
Fin
ance
Com
mis
sion
VB
O
Cod
e/st
anda
rds
Ass
ocia
tion
of
Bel
gian
Ent
erpr
ises
BS
E
Cod
e/st
anda
rds
Bel
gian
Sto
ck E
xcha
nge
IBR
R
esea
rch
repo
rt
Inst
itut
e o
f Com
pany
Aud
itor
s M
iche
l de
Sam
blan
x
Art
icle
Aus
tral
ian
Sto
ck E
xcha
nge
Lis
ting
Rul
e 3
(3)0
) (A
ppen
dix
33)
Cod
e o
f C
ondu
ct
The
AlM
A R
epor
t :
Cor
pora
te G
over
nanc
e :
A G
uide
for
In
vest
men
t M
anag
ers
&
A
Sta
tem
ent
of
Rec
omm
ende
d C
orpo
rate
Pra
ctic
e
Cor
pora
te P
ract
ices
and
Con
duct
T
hird
Edi
tion
The
orie
s an
d pr
opos
als
for
furt
her
rese
arch
in
to
the
desi
rabi
lity
an
d co
nten
t o
f ru
les
or
qual
ity
stan
dard
s re
gard
ing
soun
d C
orpo
rate
Gov
erna
nce
and
soci
o-cu
ltur
al
grou
ndin
g (i
n D
utch
)
Rec
omm
enda
tion
s o
f the
Ban
king
and
Fin
ance
Com
mis
sion
to
B
elgi
an
list
ed
com
pani
es
rega
rdin
g th
eir
info
rmat
ion
abou
t th
e w
ay i
n w
hich
the
y or
gani
se t
heir
gov
erna
nce
and
poli
cy (
in D
utch
)
Rec
omm
enda
tion
s fo
r th
e sm
ooth
ope
rati
on o
f th
e B
oard
of
Dir
ecto
rs o
f a
com
pany
(in
Dut
ch)
Rep
ort
of
the
Bel
gian
C
omm
issi
on
on
Cor
pora
te
Gov
erna
nce
Aud
it c
omm
itte
es a
nd C
orpo
rate
Gov
erna
nce
(in
Dut
ch)
IBR
Stu
dies
In
spec
tion
3/9
5
Yea
r
1995
1995
1995
1995
1995
1997
1199
8
1997
1199
8
1998
1995
--
I
-
N
N .....
CA
NA
DA
Ij
N
Abb
revi
atio
n T
yp
e A
utho
r A
rtic
le
Yea
r
PIA
C
Cod
e/st
anda
rds
Pen
sion
Inv
estm
ent
Cor
pora
te G
over
nanc
e S
tand
ards
19
93
Ass
ocia
tion
of C
anad
a
TS
E
Cod
e/st
anda
rds
The
Tor
onto
Sto
ck E
xcha
nge
Com
mit
tee
on
Whe
re w
ere
the
dire
ctor
s?
1994
C
orpo
rate
Gov
erna
nce
in C
anad
a G
uide
line
s fo
r im
prov
ed C
orpo
rate
Gov
erna
nce
in C
anad
a
OS
LE
R, H
OS
KIN
R
esea
rch
repo
rt
Osl
er,
Hos
kin
& H
arco
urt
Dir
ecto
rs' D
utie
s: A
gui
de to
the
resp
onsi
bili
ties
of
HA
RC
OU
RT
C
orpo
rate
Dir
ecto
rs i
n C
anad
a (S
econ
d E
diti
on)
1995
FR
AN
CE
VIE
NO
T
Cod
e/st
anda
rds
ViI~not, M
. T
he B
oard
of D
irec
tors
of L
iste
d C
ompa
nies
(in
Fre
nch)
19
95
CO
B
Cod
e/st
anda
rds
Sto
ck E
xcha
nge
Ope
ratio
ns C
omm
issi
on
Reg
ulat
ion
no.
91-0
2, D
iagr
am A
, ap
pend
ix I
V (
in F
renc
h)
1996
MA
RIN
I C
ode/
stan
dard
s M
arin
i, P.
T
he M
oder
nisa
tion
of C
ompa
ny L
aw (
in F
renc
h)
1996
VA
JDA
R
esea
rch
repo
rt
Vaj
da,
P.
The
Bal
ance
of P
ower
s (i
n F
renc
h)
1996
PE
YR
EL
EV
AD
E
Res
earc
h re
port
P
eyre
leva
de, J
. C
orpo
rate
go
vern
ance
or
th
e in
cert
ain
base
s o
f a
new
19
98
pow
er,
note
s o
f the
'Fon
dati
on S
aint
Sim
on' (
in F
renc
h)
GE
RM
AN
Y
DS
W
Cod
e/st
anda
rds
Ger
man
Se
curi
ty
Hol
ding
s P
rote
ctio
n P
ropo
sal
for
a nu
mbe
r o
f cha
nges
to G
erm
an c
orpo
rate
law
19
96
Ass
ocia
tion
HO
NG
KO
NG
Abb
revi
atio
n T
ype
Aut
hor
Art
icle
Y
ear
HO
NG
KO
NG
C
ode/
stan
dard
s H
ong
Kon
g S
ocie
ty o
f Acc
ount
ants
-F
irst
Rep
ort
of t
he C
orpo
rate
Gov
erna
nce
Wor
king
Gro
up
1995
C
hair
man
Edw
ard
K.F
. C
how
HO
NG
KO
NG
C
ode/
stan
dard
s H
ong
Kon
g S
ocie
ty o
f Acc
ount
ants
-S
econ
d R
epor
t o
f th
e C
orpo
rate
G
over
nanc
e W
orki
ng
1997
C
hair
man
Edw
ard
K.F
. C
how
G
roup
TH
E N
ET
HE
RL
AN
DS
I
PE
TE
RS
C
ode/
stan
dard
s P
eter
s,l.
F.M
. C
orpo
rate
Gov
erna
nce
in t
he N
ethe
rlan
ds:
an i
niti
ativ
e fo
r 19
96
chan
ge a
nd a
n in
vita
tion
to
disc
ussi
on (
in D
utch
)
PE
TE
RS
C
ode/
stan
dard
s Pe
ters
, J.F
.M.
Cor
pora
te
Gov
erna
nce
in
the
Net
herl
ands
th
e fo
rty
1997
re
com
men
dati
ons
(in
Dut
ch)
DE
N B
OO
GE
RT
A
utho
r de
n B
ooge
rt, M
.W.
Cor
pora
te G
over
nanc
e in
the
Net
herl
ands
: an
out
line
of t
he
1996
le
gal
back
grou
nd a
gain
st w
hich
the
rec
omm
enda
tion
s o
f the
P
eter
s co
mm
issi
on m
ust b
e se
en (
in D
utch
)
NV
A
utho
r D
e N
aam
loze
Ven
noot
scha
p R
eact
ions
to
Pet
ers
Rep
ort
: re
acti
ons
of
FN
V,
VN
O-N
CV
, V
EB
, V
EU
O,
CN
V,
NIV
RA
, In
vest
ors'
Pla
tfor
m,
Nat
iona
l 19
97
Coo
pera
tive
Cou
ncil
fo
r ag
ricu
ltur
e an
d ho
rtic
ultu
re
(in
Dut
ch)
NV
A
utho
r D
e N
aam
loze
Ven
noot
scha
p T
he
NC
D
reac
tion
to
th
e re
port
by
th
e C
orpo
rate
19
97
Gov
erna
nce
Com
mis
sion
(in
Dut
ch)
DE
LO
ITT
E&
R
esea
rch
repo
rt
Del
oitte
&
T
ouch
e/D
eloi
tte
Tou
che
Cor
pora
te
Gov
erna
nce
and
the
role
o
f th
e ex
tern
al
1996
T
OU
CH
E
Toh
mat
su I
nter
nati
onal
ac
coun
tant
. W
hat
cont
ribu
tion
can
the
ext
erna
l ac
coun
tant
m
ake
to e
ffec
tive
sup
ervi
sion
of e
nter
pris
es?
(in
Dut
ch)
GlT
P
Res
earc
h re
port
C
orpo
rate
gov
erna
nce
advi
sory
gro
up
Boa
rdro
om d
ynam
ics:
les
sons
in n
avig
atio
n (i
n D
utch
) 19
97
N
-_
._
-~
Ab
bre
viat
ion
T
ype
ICS
A
Cod
es/s
tand
ards
CIS
CO
C
odes
/sta
ndar
ds
CA
DB
UR
Y
Cod
es/s
tand
ards
GR
EE
NB
UR
Y
Cod
es/s
tand
ards
10D
C
odes
/sta
ndar
ds
HA
MP
EL
C
odes
/sta
ndar
ds
SIB
C
odes
/sta
ndar
ds
CA
DB
UR
Y
Aut
hor
AB
I R
esea
rch
repo
rt
BA
IN &
BA
ND
R
esea
rch
repo
rt
RR
A
Res
earc
h re
port
AA
R
esea
rch
repo
rt
U.K
.
Aut
hor
Art
icle
Inst
itut
e o
f C
hart
ered
S
ecre
tari
es
and
I G
ood
Boa
rdro
om
Pra
ctic
e A
C
ode
for
Dir
ecto
rs
and
Adm
inis
trat
ors
The
Cit
y G
roup
for
Sm
alle
r C
ompa
nies
The
Com
mit
tee
on t
he F
inan
cial
Asp
ects
of
Cor
pora
te G
over
nanc
e an
d G
ee a
nd C
o. L
td.
Gre
enbu
ry,
Sir
Ric
hard
Inst
itut
e o
f D
irec
tors
Ham
pel,
R.
Sec
urit
ies
& I
nves
tmen
t B
oard
Cad
bury
, S
ir A
dria
n
Ass
ocia
tion
of
Bri
tish
Ins
urer
s
Bai
n, N
. &
Ban
d, D
.
Rus
sell
Rey
nold
s A
ssoc
iate
s
Art
hur
And
erse
n
Com
pany
Sec
reta
ries
The
CIS
CO
Gui
de :
The
Fin
anci
al A
spec
ts o
f C
orpo
rate
G
over
nanc
e: G
uida
nce
for
Sm
alle
r C
ompa
nies
Cad
bury
Rep
ort,
Rep
ort
of
the
Com
mit
tee
on t
he F
inan
cial
A
spec
ts
of
Cor
pora
te
Gov
erna
nce,
T
he
Cod
e o
f B
est
Pra
ctic
e
Gre
enbu
ry R
epor
t, D
irec
tors
' R
emun
arat
ion
Rep
ort
of
a S
tudy
Gro
up
Goo
d P
ract
ice
for
Dir
ecto
rs
Sta
ndar
ds f
or t
he B
oard
Com
mit
tee
on C
orpo
rate
Gov
erna
nce:
rep
ort
Cal
l fo
r m
ore
atte
ntio
n to
cor
pora
te g
over
nanc
e. S
IB:
mor
e re
spon
sibi
lity
of t
op m
anag
emen
t de
sire
d.
Th
e U
.K.
Cod
e o
f B
est
Pra
ctic
e an
d Is
sues
Com
mon
to
othe
r C
odes
on
Cor
pora
te G
over
nanc
e
Com
plia
nce
wit
h th
e C
ode
of
Bes
t P
ract
ice
Win
ning
Way
s T
hrou
gh C
orpo
rate
Gov
erna
nce
Th
e st
ate
of C
orpo
rate
Gov
erna
nce
in B
rita
in
1996
Sur
vey
of
Dir
ecto
rs a
t to
p 25
0 U
.K.
Com
pani
es
Cor
pora
te G
over
nanc
e -
too
grea
t a
burd
en?
A s
urve
y o
f at
titu
des
amon
g qu
oted
com
pani
es o
utsi
de th
e F
TS
E 3
50
Yea
r
1992
1995
1995
1997
1997
1997
1995
1996
1996
1997
N
N ...
US
Ab
bre
viat
ion
T
ype
Au
thor
NY
SE
C
ode/
stan
dard
s N
ew Y
ork
Sto
ck E
xcha
nge
ER
ISA
C
ode/
stan
dard
s
AL
I C
ode/
stan
dard
s A
mer
ican
Law
Ins
titu
te
TR
EA
DW
AY
C
ode/
stan
dard
s T
he T
read
way
Com
mis
sion
CO
SO
C
ode/
stan
dard
s C
omm
itte
e o
f S
pons
orin
g O
rgan
isat
ions
o
f th
e T
read
way
Com
mis
sion
TIA
A-C
RE
F
Cod
e/st
anda
rds
Tea
cher
s In
sura
nce
and
Ann
uity
Ass
ocia
tion
-C
olle
ge R
etir
emen
t E
quit
ies
Fun
d
AR
CO
C
ode/
stan
dard
s A
tlan
tic
Ric
hfie
ld C
ompa
ny A
nnua
l R
epor
t
GM
C
ode/
stan
dard
s G
ener
al M
otor
s
Cal
PE
RS
C
ode/
stan
dard
s C
alif
orni
a P
ubli
c E
mpl
oyee
R
etir
emen
t S
yste
m
NA
CD
/BR
C
Cod
e/S
tand
ards
N
atio
nal
Ass
ocia
tion
of
Cor
pora
te D
irec
tors
BR
T
Cod
e/st
anda
rds
The
Bus
ines
s R
ound
tabl
e
LIP
TO
N &
LO
RS
CH
A
utho
r L
ipto
n, M
. &
Lor
sch,
l.W
.
BR
YN
E &
ME
LC
HE
R
Res
earc
h re
port
B
ryne
, l.
A.
& M
elch
er,
R.A
.
------
Art
icle
NY
SE
Lis
ted
Com
pany
man
ual
Em
ploy
ee R
etir
emen
t In
com
e S
ecur
ity
Act
Pri
ncip
les
of C
orpo
rate
Gov
erna
nce
The
Tre
adw
ay R
epo
rt:
Rep
ort
of
the
Nat
iona
l C
omm
issi
on
on F
raud
ulen
t F
inan
cial
Rep
orti
ng
CO
SO
rep
ort:
Int
erna
l C
ontr
ol-I
nteg
rate
d F
ram
ewor
k
Impo
rtan
t E
lem
ents
of G
ood
Cor
pora
te G
over
nanc
e
Cor
pora
te G
over
nanc
e P
rinc
iple
s
GM
Boa
rd G
uide
line
s on
Sig
nifi
cant
Cor
pora
te G
over
nanc
e Is
sues
Sta
tem
ent
of G
over
nanc
e P
rinc
iple
s
Rep
ort
of
the
NA
CD
Blu
e R
ibbo
n C
omm
issi
on o
n D
irec
tor
Pro
fess
iona
lism
Sta
tem
ent o
n C
orpo
rate
Gov
erna
nce
A m
odes
t pr
opos
al f
or i
mpr
oved
Cor
pora
te G
over
nanc
e
The
Bes
t an
d W
orst
Boa
rds
---_
... -
------
Yea
r
1974
1984
1987
1992
1993
1995
1995
1996
1996
1997
1992
1996
I I I
N
N
til
BIBLIOGRAPHICAL REFERENCES
Ackoff, R.L., 1994, The Democratic Corporation - A radical prescription for recreating corporate America and rediscovering success, Oxford University Press, New York
Aghion, PH, Harris, CH. & Vickers, J, 1997, Competition and growth with stepby-step innovation: An example, European Economic Review, v41, n3-5, pp 771-782
Albert, M, 1991, Capitalisme contre capitalisme, Editions du Seuil American Law Institute, 1984, Principles of Corporate Governance Arthur Andersen, 1997, Corporate Governance - too great a burden ? A survey of
attitudes among quoted companies outside the FTSE 350 AR CO, Atlantic Richfield Company, 1995, Annual Report, Corporate
Governance Principles, Los Angeles Australian Investment Managers Association, The AlMA Report : Corporate
Governance: A Guide for Investment Managers & A Statement of Recommended Corporate Practice
Australian Stock Exchange, 1995, Australian Stock Exchange Listing Rule 3C (3)(j) (Appendix 33)
Australian Working Group chaired by Bosch Henry, AO, 1995, Corporate Practices and Conduct, Third edition, FT Pitman Publishing
Bain, N & Band, D., 1996, Winning Ways through Corporate Governance, Mac Millian Press Ltd
Belgische Commissie Corporate Governance van de Beurs van Brussel, 1997, Corporate Governance, aanbevelingen
Berle, A.A. & Means, G.c., 1932, The Modern Corporation & Private Property, originally published in 1932, New edition-second printing 1997, Transaction Publishers, New Yersey with a new introduction by M.L. Weidenbaum & M. Jensen
Bertrand, L. & Daems, H, 1997, Dossier Innovatie : Beter bestuur, Maandblad VKW,jrg 53, nr4, pp 9-17
Bertrand, L. & Suykens, J, 1997, Corporate Governance : standpunt van de referentie-aandeelhouder, Revue de la Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 451-458
Broome, D.H, 1997, Hampel does nothing for role of private shareholder, Financial Times, 9-10/8/97
Bruel, M., 1996, Corporate Governance - laat het echte debat beginnen, Nijenrode Management Review, nov-dec, 1 , pp 4-6
228 Bibliographical References
Bryne, J.A. & Melcher, R.A., 1996, The Best and Worst Boards, Business Week, nov, pp 62-68
Business Roundtable, 1997, Statement on Corporate Governance Business Sector Advisory Group on Corporate Governance, 1998, Corporate
Governance : improving competitiveness and access to capital in global markets, a report to the Organisation for Economic Co-operation and Development (OECD)
Cadbury, Sir Adrian, 1996, Corporate Governance : Brussels, Instituut voor Bestuurders, Brussel
Cadbury, Sir Adrian, 1997, The U.K. Code of Best Practice and Issues Common to other codes on Corporate Governance, Revue de la Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 479-484
Cadbury, Sir Adrian, 1992, The Code of Best Practice, Report of the Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd.
CaIPERS, California Public Employee Retirement System, 1996, Statement of Governance Principles
CaIPERS, California Public Employees' Retirement System, 1998, Corporate Governance Principles & Guidelines
CEPS, Centre for European Policy studies, 1995, Corporate Governance in Europe, Prospectus for a Working Party of the CEPS Financial Markets Programme
Chandler, A.D, Jr, 1977, The Visible Hand: The Managerial Revolution in American Business
Charkham, J., 1995, Keeping good company, a study of Corporate Governance in five countries, Oxford University Press, New York
Cherpitel, D. J., 1995, Les defis du rapport Vienot, Banque Strategie, n° 120, pp2-5
City Group for Smaller Companies, The CISCO Guide: The Financial Aspects of Corporate Governance: Guidance for Smaller Companies
Commissie voor het Bank- en Financiewezen, 1997, Aanbevelingen van de Commissie voor het Bank- en Financiewezen aan de Be1gische genoteerde vennootschappen i.v.m. hun informatie over de wijze waarop zij hun bestuur en be1eid organiseren
Commissie Santens, 1995, Stellingen en voorstellen voor verder onderzoek naar de wenselijkheid en inhoud van spe1rege1s of kwa1iteitsstandaarden inzake behoorlijk vennootschapsbestuur en maatschappelijke-cu1ture1e verankering
Committee of Sponsoring Organisations of the Treadway Commission, 1992, Het COSO-rapport: Internal Control-Integrated Framework
Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd., 1992, Cadbury Report, Report of the Committee on the Financial Aspects of Corporate Governance, The Code of Best Practice, Gee
Dalton, D.R., Daily, C.M., Ellstrand, A.E. & Johnson, J.L, 1998, Meta-Analytic Reviews of Board Composition, Leadership Structure and Financial Performance, Strategic Management Journal, vol. 19, pp 269-290
Davis, S. & Lannoo, K., 1997, Shareholder Voting in Europe, Centre for European Policy Studies, workshop "Shareholder Value" : Quantite Negligeable, pp 1-19
De Geus, A., 1997, The Living Company, Harvard Busniness School Press, Boston
De Jong, H w., 1996, Rijnlandse ondernemingen presteren beter, ESB, pp 228-232
Bibliographical references 229
De Keu len eer, E., 1997, Corporate Governance: leyons belges et etrangeres, Revue de la Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 466-472
De Naamloze Vennootschap, 1997, Reacties Rapport Peters: reacties FNV,VNONCW,VEB,VEUO,CNV,NIVRA, Platform Beleggers, Nationale Cooperatieve Raad voor land-en tuinbouw, jrg 75, 4/4, pp 100-124
De Naamloze Vennootschap, 1997, De NCD-reactie op het rapport van de Commissie Corporate Governance,jrg 75,5/5, pp 149-152
de Samblanx, M J, 1997, Onafhankelijke bestuurders en Corporate Governance, Financieel Economische Tijd, 5/7/1997
Dehaene, A. & Ooghe, H., 1997, De disciplinering van het management : een literatuuroverzicht, Working Paper nr. 97/40, faculteit Economische en Toegepaste Economische Wetenschappen, Universiteit Gent
Deloitte & TouchelDeloitte Touche Tohmatsu International, 1996, Corporate Governance en de rol van de externe accountant. Welke bijdrage kan de externe accountant leveren aan een effectief toezicht op ondernemingen
Deminor, 1997, Corporate Governance - Codes of Best Practice - An international comparison
Den Boogert, MW., 1996, Corporate Governance in Nederland: een schets van de juridische achtergrond waartegen de aanbevelingen van de Commissie Peters moeten worden bezien, interne memo Loeff Claeys Verbeke, 12/12/96, Werkgroep vennootschapsrecht - 17/12/97
DrUcker, P.F., 1995, The Information, Executives Truly Need - Redesigning the corporation requires a new set of tools and concepts, Harvard Business Review, Jan-Feb, pp 54-62
Edgecliffe - Johnson, A., 1997, Institute seeks better standard of direction, Financial Times, 18-19/10/97
European Commission, 1996, Green Paper : The role, the position and the liability of the statutory auditor within the European Union
Felton, F.R., Hudmud, A. & van Heeckeren, J., 1996, Putting a value on Board Governance, Mc Kinsey Quarterly,4, pp 170-175
Financial Times, 1998, BMW to promote identity ofR-R Motors, Haig Simonian and Roger Taylor, 31/3/98
Financieel Economische Tijd, 1997, Institutionelen vragen uniforme regels Corporate Governance - Deminor houdt 9 beurzen tegen het licht, 10/10/97
Financieel Economische Tijd, 1997, Oproep om meer aandacht voor 'Corporate Governance', SIB : meer verantwoordelijkheid van topmagament gewenst, 9/4/97
Financieel Economische Tijd, 1998, Brusselse beurs heeft ook gedragscode bedrijven klaar - Twaa1f bestuurders ideale maat voor Raad van Bestuur, 20/1/98
Franks, JR. & Mayer, c., 1992, Coporate Control : A Synthesis of the International Evidence, IF A Working Paper 165-92, London Business School
Generale Bank - jaarvers/ag, 1996, Corporate Governance, pp 17-19 General Motors, 1995, GM Board Guidelines on Significant Corporate
Governance Issues GITPIAdviesgroep ondernemingsbestuur, 1997, Boardrooms dynamics: lessen in
stuurmanskunst Gomez, P.r., 1997, Le gouvernement de l'entreprise, Les Echos, avril, pp II-III Greenbury, Sir Richard, 1995, Greenbury Report, Directors' Remuneration :
Report of a Study Group, Gee Publishing
230 Bibliographical References
Hampel, R., 1997, Committee on Corporate Governance Handy, e, 1995, Trust and the virtual organization - How do you manage people
whom you do not see?, Harvard Business Review, May-June, pp 40-50 Handy, e, 1997, The Hungry Spirit : Beyond Capitalism - A Quest for Purpose
in the Modern World, Hutchinson Harvard Business Review, 1995, juli-augustus, A new tool for Boards: The
strategic Audit Henrot, F., 1997, Corporate Governance et capitalisme fran9ais, Revue de la
Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 485-489
Hong Kong Society of Accountants - Chairman Edward K.F. Chow, 1995, First Report of the Corporate Governance Working Group
Hong Kong Society of Accountants - Chairman Edward K.F. Chow, 1997, Second Report of the Corporate Governance Working Group
Hunt, J. w., 1998, Why conventional wisdom about non-executives may be wrong, Financial Economische Tijd, 9/2/98
IBR-jaarverslag, 1996, Bedenkingen omtrent Corporate Governance, pp 102-106 Instituut der Bedrijfsrevisoren - IBR., Michel J. de Samblanx, 1995,
Auditcomites en Corporate Governance, Studies IBR, Controle 3/95 10D, Institute of Directors, 1995, Good Practice for Directors - Standards for the
Board Jackson, T., 1997, Corporate Governance, Financial Times, 11/8/97 Jensen, Me, 1986, Agency costs of the free cash flow, corporate finance and
takeovers, American Economic Review, 76, pp 323-329 Kay, J., 1997, Guestions of duty - The Hampel Report poses more questions on
how to run a company than it answers, Financial Times, 8/8/97 Keller, D., 1996, Le gouvernement d'entreprise : Quels enjeux pour les
entreprises fran9aises, Les notes bleues de Bercy - Questions Juridiques, du 16 au 31 janvier, 79, pp 1-12
Kelly, J. & Lewis, w., 1997, Latest Corporate Governance committee has the task of incorporating two earlier sets of rules - Shareholder groups open harmonisation talks, Financial Times, 8/8/97
Kelly, J. & Lewis, w., 1997, Move to ease burden of compliance, Financial Times, 4/8/97
Kelly, J. & Lewis, w., 1997, Report to urge neutral directors, Financial Times, 5/8/97
Kelly, J. & Lewis, w., 1997, Directors may face company 'super-code', Financial Times, 6/8/97
Kemna, A. (Robeco Groep), 1997, Tekort aan bedrijfsherstructureringen weegt op Be1gische aandelen, Financieel Economische Tijd, 22/10/97
Keutgen, Go, 1997, Le Corporate Governance: solution ou faux-semblant?, L'Echo de la Bourse, 24/4/1997
Kops, H. en Gaastra, Ro, 1997, Topmannen steken hand in eigen boezem aan Ronde Tafel over commissie Peters - Wij hebben een communicatieprobleem met de politiek, Elan, febr, pp 14-18
L'Helias, So, 1995, Le Corporate Governance aux Etats-Unis, Banque Strategie, n0120, pp 20-22
Laga, Ho, 1997, Het Corporate Governance-model van de wetgever van 1873, Revue de la Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 459-465
Lambrechts, M, 1997, Aandeelhouderschap en goed bestuur, Revue de la Banque, Bank-en Financiewezen, Tribune, sept, pp 427-428
Bibliographical references 231
Lannoo, K., 1995, Corporate Governance in Europe, Centre for European Policy Studies, CEPS Working Party Report N° 12
Lannoo, K., 1997, Corporate Governance in Europees perspectief, Revue de 1a Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 473-478
Lewis, W, 1997, Governance report under attack, Financial Times, 1118/97 LEX column: Corporate Governance, Financial Times, 25/3/97 LEX column : Corporate Governance, Financial Times, 5/8/97 Lipton, M. & Lorsch J. W, 1992, A modest proposal for improved Corporate
Governance, The Business Lawyer, vol 48, nov, pp 59-77 Lord Simon of High bury, 1997, Governance report not a problem issue, Financial
Times, 13/8/97 Lorsch, J. W & MacIver, E., 1989, Pawns or Potentates, The Reality of America's
Corporate Boards, Harvard Business School Press, Boston, Massachusetts Maatman, R.H, 1997, Normen voor behoorlijk beheer in relatie tot normen voor
zorgvuldig beleggingsbeleid, De Naamloze Vennootschap, 75, pp 73-81 Marini, P., 1996, La Modernisation du Droit des Socit~tes, La documentation
franyaise Monks, R.A.G. & Minow, N., 1996, Watching the Watchers - Corporate
Governance for the 21st Century, Blackwell Publishers, Inc. Naert, Ph., 1997, De negatieve spiraal en de uitweg, Financieel Economische
Tijd, 11110/97 NA CD, National Association of Corporate Directors, 1996, Report of the NACD
Blue Ribbon Commission on Director Professionalism NCW- Nederlands Christelijk Werkgeversverbond, 1997, Ondernemen is meer...
over maatschappelijke betrokkenheid van bedrijven, Discussienota NCW, Bi1derberg-Conferentie
Nesbitt, S.L., 1995, 'The CalPERS' effect : A Coporate Governance Update Wilshire Association Incorporated, Journal of Applied Corporate Finance, July, pp 200-209
Neuville, c., 1995, Pour un bon fonctionnement du capitalisme, Banque Strategie, n° 120, pp 14-16
OECD, Business Sector Advisory Group on Corporate Governance, 1998, Corporate Governance: improving competitiveness and access to capital in global markets, report
Olivier. H, 1997, L'importance des comites specifiques, en particulier Ie comite d'audit, Revue de 1a Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 445-450
Osler, Hoskin & Harcourt, 1995, Directors' Duties : A guide to the Responsibilities of Corporate directors in Canada, Second edition, Obal Shelley
Pastn?, 0., 1996, Gouvernement d'entreprise : les dix commandements, Epargne & Finance, 2
PIAC, Pension Investment Association of Canada, 1993, Corporate Governance Standards, Toronto
Peters, J.F.M., 1996, Corporate Governance in Nederland : een aanzet tot verandering en uitnodiging tot discussie, Rapport Commissie Peters
Peters, J.F.M., 1997, Corporate Covernance in Nederland: de veertig aanbevelingen
Peyrelevade, J., 1995, Le Corporate Governance dans les groupes franyais, Banque Strategie, n° 120, pp 6-8
Peyrelevade, J., 1998, Le Corporate Governance ou 1es fondements incertains
232 Bibliographical References
d'un nouveau, notes de la Fondation Saint-Simon Plender, J., 1997, John Plender argues that new plans for Corporate Governance
are aiming at the wrong target- Hampel's rotten boroughs, Financial Times, 6/8/97
Price Waterhouse, 1997, Converging Cultures - Trends in European Corporate Governance
Price Waterhouse, 1997, Audit Committees - A Study in European Corporate Governance
Pro Ned, 1996, A part of Egon Zehnder International, A practical guide for nonexecutive directors
Renneboog, L., 1997, Corporate Governance in Belgium: ownership, managerial control and the governance of companies listed on the Brussels stock exchange, documentatiemap Seminar Voseko, Gent, 22/10/97
Russell Reynolds Associates, 1996, The state of Corporate Governance in Britain; Survey of Directors at top 250 U.K. Companies
Scalais, J., 1997, Beursadviseur Jean Scalais maakt balans op van beurshervorming : Beurs van Brusse1 moet Belgische referentiemarkt blijven, Financieel Economische Tijd, 25/7/97
TIAA-CREF, Teachers Insurance and Annuity Association-College Retirement Equities Fund, 1993, Important Elements of Good Corporate Governance, New York
Toronto Stock Exchange Committee on Corporate Governance in Canada, 1994, Where Were The Directors ? Guidelines For Improved Corporate Governance in Canada
Treadway Commission, 87, The Treadway Report: Report of the National Commission on Fraudulent Financial Reporting
Vajda, P., 1996, L' equilibre des pouvoirs, Epargne & Finance, 2 Van den Berghe, L, 1997, Regels inzake goed bestuur : Geen eenheidsworsten,
ook niet in het mekka van de Cadbury regels, Het Instituut voor Bestuurders. Van den Berghe, L, 1997, Corporate Governance en verankering : waarom is het
Nederlandse anker zovee1 doe1treffender dan het Be1gische?, Nijenrode Management Review, nr. 4, 1997
Van den Brande, L., 1996, Toespraak Minister-President Van den Brande Luc van de Vlaamse Regering n.a.v. de voorstelling van het IvB, 11112/96
Van der Nat, M, 1997, The debate on Corporate Governance in the Netherlands, The Treasurer, March, pp 44-46
Van Hulle, C, 1996, Corporate Governance : een overzicht van disciplineringsmechanismen en empirische evidentie, Tijdschrift voor Economie en Management, KUL, jg. XLI, pp 81-129
Van Hulle, C, 1997, Is het systeem van Corporate Governance belangrijk? - Op zoek naar de impact van verschillen in modellen, ontwerprapport referaat VWEC
van Waterschoot, J., 1997, Corporate Governance: de aandeelhouders achter beursgenoteerde bedrijven, Revue de la Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 429-434
Verbeke, L.H., 1996, Corporate Governance: de juiste dingen doen en de dingen juist doen, Instituut voor Bestuurders, Ontwerpnota's
Verbeke, L.H., 1997, Groei, continulteit, structuur en paradox. De structure1e vormgeving van strategische groeikeuzes in familia1e ondernemingen, Instituut voor Bestuurders, pp 1-24
Verbeke, L.H., 1997, Corporate Governance visiting the Nasdaq and the Belgian governance scenes, Instituut voor Bestuurders, symposium Nasdaq, Brussel
Bibliographical references 233
Verbond van Belgische Ondernemingen - VBO - 1997, Aanbevelingen voor een goede werking van de raad van bestuur van een vennootschap, VBO bulletin, februari
Verbond van Belgische Ondernemingen, 1998, Corporate Governance aanbevelingen van het VBO
Vienot, M, 1995, Le Conseil d'Administration des Societes Cotees Vincke, F., 1997, La relation actionnariat et Conseil d'Administration, Revue de
la Banque, Bank-en Financiewezen, Dossier Corporate Governance, sept, pp 435-444
Vinek, K., 1997, Vlaams Ekonomisch Verbond - VEV stelt duurzame werkgelegenheid prioritair: niet wachten op staatshervorming voor Vlaams werkgelegenheidsplan, Financieel Economische Tijd, 16/10/1997
Wahl, Ph., 1996, Structure duale et Corporate Governance, Epargne & Finance,2 Weekberiehten Kredietbank, 1994, Naar een nieuw contract met de
aandeelhouder, jrg 49, nr. 21 Wei!, Gotshal & Manges, 1998, International Comparison of Board 'Best
Practices' Weimer, J & Pape, J., 1996, Corporate Governance en ondernemingsdoelen,
Nijenrode Management Review, 1, pp 59-67 Williamson, o.E., 1985, The economic institutions of capitalism: Firms, markets
and relational contracting, New York, Mac Millian Free Press
Agency theory, 17,20, 136 Anglo-Saxon model, 4, 7, 39, 41, 42,
45,136, 144 Annual report, 54, 78, 91 Anti-takeover, 4, 43 Appointment, 78, 79, 91, 158 - 162,
165,176 Aufsichtsrat, 60
Banking capitalism, 27, 29 Board profile, 5, 66, 69, 75, 80 Boxticking, 4, 7, 128
CalIPERS effect, 4, 18 Chairman, 4, 44,59,62,94, 134, 140,
145,147,161,162,164,170,171, 179,181,184,190,191,210 - 218
Chartered directors, 76,81, 166 Chief accounting officer, 172 Chief Executive Officer, 44,59,61,
62,79,91,94, 134, 140, 161, 181, 191,213
Chief financial officer, 4, 172 Chief financial officer, 4, 172 Committee, 4, 7, 101, 102
audit committee, 101, 103, 113, 115,135,172,205-218
compensation committee, 195, 208, 209,213,215,217
corporate governance committee, 104,136,185,212,217
INDEX
Committee (continued) executive committee, 137, 105,207,
208,213,215 financial committee, 105, 213, 217 management committee, 156, 175,
213 nomination committee, 75, 78, 101,
104,143,159,160,161,169,206 - 217
remuneration committee, 101, 104, 164,196, 199,206 - 216
selection committee, 164, 208, 216 strategic committee, 105, 209
Committee on Directors' affairs, 166, 172, 187, 197,217
Company performance, 16 - 18, 88 Composition of the board, 4, 5, 75, 77,
160,164, 166, 170, 199 Conflict of interests, 6, 15, 17, 23, 40,
43,65,69,72,141- 147, 152, 173, 199
Co-option system, 79, 159, 160 Corporate citizenship, 28 Corporate governance
Definition, 21, 22, 23,24 Practices, 3, 4, 7 Process, 40, 196 Standards, 3, 211, 146 Structure,4,17,40,43,44 System, 3, 6,43, 176
236
Corporate strategy, 15 Countervailing power, 47
Democratic corporate model, 28, 35 Disciplinary effect of the market, 4,
11, 19,46,54 Disclosure, 4, 21, 43, 46, 53, 55, 86,
90,97, 142, 145, 198,200 - 203
Enforceability, 53, 54 Entrepreneurial capitalism, 27, 29 Ethical behaviour, 4, 7, 80, 91, 92 Evaluation, 6, 75, 91,159,172,185-
188 Executive directors, 129, 133, 142,
146, 149, 150, 154, 161, 162, 164, 165,170,171,172,177,180,181, 187,195,197,200,207,212
External directors, 59
Free cash flow theory, 17
General meeting of shareholders, 111, 158,159,175,199,200,202,209
Geographical perspective, 3, 19,24, 39
Global profile, 160, 163, 164, 165, 167
Globalisation, 11, 12,47
Historical perspective, 3, 19,24,27 Independence
Decision-making, 67, 143, 146 Definition, 6, 66, 142
Independent directors, 4, 6, 7, 43, 44, 65,67,71,102, 106, 138, 141 -, 144, 147 - 154, 157 - 160, 163, 185, 194,201,203,207,214 - 217
Individual profile, 76, 80, 160, 167 Inside directors, 59, 61, 65, 70, 139,
151,143, 146, 163, 170, 171, 184, 216
Insider model, 39, 41 Insider training, 147, 198 Institutional investors, 4, 7, 12, 15, 18,
41,48,54,114,117,130,154,157, 160, 181, 196,203,211
Institutional capitalism, 28, 31, 45 Interlocking directorship, 45, 68, 84,
145, 146, 147, 168, 169 Investors relations, 178
Index
Japanese model, 42
Knowledge worker, 28,35,37
Lead director, 59, 61, 135, 136, 139 Life cycle of the firm, 3, 4, 6, 12,49 Listed companies, 6, 12, 111, 120,
129,148 - 151,157,172,181,190, 209,210,212
Managerial capitalism, 6, 27, 30, 65 Minority shareholder, 116, 144, 149,
152, 153, 158,201
Net added value, 36 Net present value, 36 NIFO-method, 85, 87, 138, 181 Non-executive directors, 6, 67, 129,
133, 135, 142 - 154, 157, 163, 165, 170,171,174,177 -181,185,186, 192,193,195,197,201,203,210-216
Number of directors, 5
One tier - two tier, 5, 44,59,60,61, 69,131 - 134, 158
Outside directors, 4, 43, 44, 59, 61, 67, 70,138, 141, 143, 146, 147, 149, 151,152,164,182, 184, 190,215, 216,217
Outsider model, 39, 41 Ownership structure, 4, 12
Reference shareholding, 6, 25, 33, 42, 66, 72, 118, 149
Register, 165 Remuneration of directors, 4, 7, 73,
86,96, 145, 194 - 207 Resignation, 158, 159, 161 Rhineland model, 39, 40, 42
Secretary, 174, 183, 193,202,213 Selection, 5, 78, 79, 112, 148, 160,
164,165,170 Self evaluation, 7, 78, 92 Self-fulfilling prophecy, 4, 15, 18 Shareholder activism, 112, 198 Shareholder agreement, 98, 115 Shareholder return, 196 Shareholder structure, 3, 43, 44
Index
Shareholder value, 4, 36, 40, 44, 72, 112,153,176,182,183
Shareholders model, 6, 39,40 Soft law, 13, 54, 55 Stakeholders model, 39, 40, 66 Stock option plans, 4, 146, 196, 197,
198 Stock quoted companies, 6, 12,55,56 Subsidiary, 6 Supervisory board, 59 - 61, 70, 145,
151, 157, 160, 164, 169, 177, 178, 184, 186, 189, 190, 193,201,209
Tasks of the Board of Directors, 85, 86
Training, 81, 162, 163, 164, 165, 167, 176,210
Transparancy,4,21,43,46,53,55, 86,90,97, 198,200 - 203
Value chain, 29 Vorstand,60, 169, 177
237