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4 At an academic conference, a debate took place on the implementation of corporate governance practices in
developing countries. Professor James West from North America argued that one of the key needs for developing
countries was to implement rigorous systems of corporate governance to underpin investor confidence in businesses
in those countries. If they did not, he warned, there would be no lasting economic growth as potential foreign inward
investors would be discouraged from investing.
In reply, Professor Amy Leroi, herself from a developing country, reported that many developing countries are
discussing these issues at governmental level. One issue, she said, was about whether to adopt a rules-based or a
principles-based approach. She pointed to evidence highlighting a reduced number of small and medium sized initial
public offerings in New York compared to significant growth in London. She suggested that this change could be
attributed to the costs of complying with Sarbanes-Oxley in the United States and that over-regulation would be the
last thing that a developing country would need. She concluded that a principles-based approach, such as in the
United Kingdom, was preferable for developing countries.
Professor Leroi drew attention to an important section of the Sarbanes-Oxley Act to illustrate her point. The key
requirement of that section was to externally report on – and have attested (verified) – internal controls. This was, she
argued, far too ambitious for small and medium companies that tended to dominate the economies of developing
countries.
Professor West countered by saying that whilst Sarbanes-Oxley may have had some problems, it remained the case
that it regulated corporate governance in the ‘largest and most successful economy in the world’. He said that rules
will sometimes be hard to follow but that is no reason to abandon them in favour of what he referred to as ‘softer’
approaches.
(a) There are arguments for both rules and principles-based approaches to corporate governance.
Required:
(i) Describe the essential features of a rules-based approach to corporate governance; (3 marks)
参考答案
更多 “ 4 At an academic conference, a debate took place on the implementation of corporate governance practices indeveloping countries. Professor James West from North America argued that one of the key needs for developingcountries was to implement rigorous systems of corporate governance to underpin investor confidence in businessesin those countries. If they did not, he warned, there would be no lasting economic growth as potential foreign inwardinvestors would be discouraged from investing.In reply, Professor Amy Leroi, herself from a developing country, reported that many developing countries arediscussing these issues at governmental level. One issue, she said, was about whether to adopt a rules-based or aprinciples-based approach. She pointed to evidence highlighting a reduced number of small and medium sized initialpublic offerings in New York compared to significant growth in London. She suggested that this change could beattributed to the costs of complying with Sarbanes-Oxley in the United States and that over-regulation would be thelast thing that a developing country would need. She concluded that a principles-based approach, such as in theUnited Kingdom, was preferable for developing countries.Professor Leroi drew attention to an important section of the Sarbanes-Oxley Act to illustrate her point. The keyrequirement of that section was to externally report on – and have attested (verified) – internal controls. This was, sheargued, far too ambitious for small and medium companies that tended to dominate the economies of developingcountries.Professor West countered by saying that whilst Sarbanes-Oxley may have had some problems, it remained the casethat it regulated corporate governance in the ‘largest and most successful economy in the world’. He said that ruleswill sometimes be hard to follow but that is no reason to abandon them in favour of what he referred to as ‘softer’approaches.(a) There are arguments for both rules and principles-based approaches to corporate governance.Required:(i) Describe the essential features of a rules-based approach to corporate governance; (3 marks) ” 相关考题
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此题为判断题(对，错)。
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Text 2 Economic refugees have traditionally lined up to get into America.lAtely,they have been lining up to leave.In the past few months,half a dozen biggish comparues have announced plans to merge with foreign partners and in the process move their corporate homes abroad.The motive is simple:corporate taxes are lower in Ireland,Britain and,for that matter,almost everywhere else than they are in America.In Washington,D.C.,policymakers have reacted wiLh indignation.Jack Lew,the treasury secretary,has quesLioned che companies'patriotism and called on Congress to outlaw such transactions.His fellow Democrats are eager to oblige,and some Republicans are willing to listen.The proposals are misguided.Tightening the rules on corporate"inversions",as these moves are called,does nothing to deal with the reason why so many firms want to leave:America has the rich world's most dysfunctional corporate-tax system.It needs fundamental reform,not new complications.America's corporate tax has two horrible flaws.The first is the tax rate,which at 35%is the lughest among the 34 mostly rich-country members of the OECD.Yet it raises less revenue than the OECD average ihanks to countless loopholes and tax breaks aimed at everything from machinery investment to NASCAR race tracks.Last year these breaks cost$150 billion in forgone revenue,more than half of what America collected in total corporate taxes.The second flaw is that America levies lax on a company's income no matter where in the world it is eamed.In contrast,every other large rich country taxes only income eamed within its borders.Here,too,America's system is absurdly ineffective at collecting money.Firms do not have to pay tax on foreign profits until Lhey bring them back home.Not surprisingly,many do not:American multinationals have some$2 trillion sittiry;on their foreign units'balance-sheets,and growing.All this imposes big costs on the economy.The high rate discourages investment and loopholes distort it,because decisions are driven by tax considerations rather than a project's economic merits.The tax rate companies actually pay varies wildly,depending on cheir type of business and the creativity of their lawyers:some pay close to zero,others the fuU 35%.But as other countries chopped their rates and America's stayed the same,the incentive to flee grew.A possible solution is to lower the corporate rate,eliminate tax breaks and move America from a worldwide system to a territonal one.
We can infer from Paragraph 4 that______A.some tax reduction in America might be irrational
B.most rich countries in OECD have sound tax systems
C.America's corporate tax rale is the highesL in the world
D.American firms raise less revenue than other countries
考题
Text 2 Economic refugees have traditionally lined up to get into America.lAtely,they have been lining up to leave.In the past few months,half a dozen biggish comparues have announced plans to merge with foreign partners and in the process move their corporate homes abroad.The motive is simple:corporate taxes are lower in Ireland,Britain and,for that matter,almost everywhere else than they are in America.In Washington,D.C.,policymakers have reacted wiLh indignation.Jack Lew,the treasury secretary,has quesLioned che companies'patriotism and called on Congress to outlaw such transactions.His fellow Democrats are eager to oblige,and some Republicans are willing to listen.The proposals are misguided.Tightening the rules on corporate"inversions",as these moves are called,does nothing to deal with the reason why so many firms want to leave:America has the rich world's most dysfunctional corporate-tax system.It needs fundamental reform,not new complications.America's corporate tax has two horrible flaws.The first is the tax rate,which at 35%is the lughest among the 34 mostly rich-country members of the OECD.Yet it raises less revenue than the OECD average ihanks to countless loopholes and tax breaks aimed at everything from machinery investment to NASCAR race tracks.Last year these breaks cost$150 billion in forgone revenue,more than half of what America collected in total corporate taxes.The second flaw is that America levies lax on a company's income no matter where in the world it is eamed.In contrast,every other large rich country taxes only income eamed within its borders.Here,too,America's system is absurdly ineffective at collecting money.Firms do not have to pay tax on foreign profits until Lhey bring them back home.Not surprisingly,many do not:American multinationals have some$2 trillion sittiry;on their foreign units'balance-sheets,and growing.All this imposes big costs on the economy.The high rate discourages investment and loopholes distort it,because decisions are driven by tax considerations rather than a project's economic merits.The tax rate companies actually pay varies wildly,depending on cheir type of business and the creativity of their lawyers:some pay close to zero,others the fuU 35%.But as other countries chopped their rates and America's stayed the same,the incentive to flee grew.A possible solution is to lower the corporate rate,eliminate tax breaks and move America from a worldwide system to a territonal one.
Which of the following would be the best tide for the text?A.Corporate Tax in America:Time to Reform
B.The QuesLionable Tax Breaks in America
C.Corporations in America:Time to Leave
D.The Hopeless Corporate Tax in America
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Text 2 Economic refugees have traditionally lined up to get into America.lAtely,they have been lining up to leave.In the past few months,half a dozen biggish comparues have announced plans to merge with foreign partners and in the process move their corporate homes abroad.The motive is simple:corporate taxes are lower in Ireland,Britain and,for that matter,almost everywhere else than they are in America.In Washington,D.C.,policymakers have reacted wiLh indignation.Jack Lew,the treasury secretary,has quesLioned che companies'patriotism and called on Congress to outlaw such transactions.His fellow Democrats are eager to oblige,and some Republicans are willing to listen.The proposals are misguided.Tightening the rules on corporate"inversions",as these moves are called,does nothing to deal with the reason why so many firms want to leave:America has the rich world's most dysfunctional corporate-tax system.It needs fundamental reform,not new complications.America's corporate tax has two horrible flaws.The first is the tax rate,which at 35%is the lughest among the 34 mostly rich-country members of the OECD.Yet it raises less revenue than the OECD average ihanks to countless loopholes and tax breaks aimed at everything from machinery investment to NASCAR race tracks.Last year these breaks cost$150 billion in forgone revenue,more than half of what America collected in total corporate taxes.The second flaw is that America levies lax on a company's income no matter where in the world it is eamed.In contrast,every other large rich country taxes only income eamed within its borders.Here,too,America's system is absurdly ineffective at collecting money.Firms do not have to pay tax on foreign profits until Lhey bring them back home.Not surprisingly,many do not:American multinationals have some$2 trillion sittiry;on their foreign units'balance-sheets,and growing.All this imposes big costs on the economy.The high rate discourages investment and loopholes distort it,because decisions are driven by tax considerations rather than a project's economic merits.The tax rate companies actually pay varies wildly,depending on cheir type of business and the creativity of their lawyers:some pay close to zero,others the fuU 35%.But as other countries chopped their rates and America's stayed the same,the incentive to flee grew.A possible solution is to lower the corporate rate,eliminate tax breaks and move America from a worldwide system to a territonal one.
The author suggests that the corporate-tax system in America is_____A.misguided
B.complicated
C.incomplete
D.fundamental
考题
Text 2 Economic refugees have traditionally lined up to get into America.lAtely,they have been lining up to leave.In the past few months,half a dozen biggish comparues have announced plans to merge with foreign partners and in the process move their corporate homes abroad.The motive is simple:corporate taxes are lower in Ireland,Britain and,for that matter,almost everywhere else than they are in America.In Washington,D.C.,policymakers have reacted wiLh indignation.Jack Lew,the treasury secretary,has quesLioned che companies'patriotism and called on Congress to outlaw such transactions.His fellow Democrats are eager to oblige,and some Republicans are willing to listen.The proposals are misguided.Tightening the rules on corporate"inversions",as these moves are called,does nothing to deal with the reason why so many firms want to leave:America has the rich world's most dysfunctional corporate-tax system.It needs fundamental reform,not new complications.America's corporate tax has two horrible flaws.The first is the tax rate,which at 35%is the lughest among the 34 mostly rich-country members of the OECD.Yet it raises less revenue than the OECD average ihanks to countless loopholes and tax breaks aimed at everything from machinery investment to NASCAR race tracks.Last year these breaks cost$150 billion in forgone revenue,more than half of what America collected in total corporate taxes.The second flaw is that America levies lax on a company's income no matter where in the world it is eamed.In contrast,every other large rich country taxes only income eamed within its borders.Here,too,America's system is absurdly ineffective at collecting money.Firms do not have to pay tax on foreign profits until Lhey bring them back home.Not surprisingly,many do not:American multinationals have some$2 trillion sittiry;on their foreign units'balance-sheets,and growing.All this imposes big costs on the economy.The high rate discourages investment and loopholes distort it,because decisions are driven by tax considerations rather than a project's economic merits.The tax rate companies actually pay varies wildly,depending on cheir type of business and the creativity of their lawyers:some pay close to zero,others the fuU 35%.But as other countries chopped their rates and America's stayed the same,the incentive to flee grew.A possible solution is to lower the corporate rate,eliminate tax breaks and move America from a worldwide system to a territonal one.
Many corporations decide to withdraw from America because of_____A.low corporate tax rate
B.enormous tax pressure
C.intense domestic competition
D.numerous economic refugees
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One-room schoolhouse can still be found in isolated areas of North America.A:bare
B:deprived
C:remote
D:developed
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There are seven basic steps of the core baseline process. Which one takes place first?（）A、Implement threshold monitoring using RMON.B、Poll and record specific SNMP MIB objects from the deviceC、Verify that the SNMP MIB is supported in the relevant core device.D、Implement monitoring using SNMP or RMON.
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class Parent { String one， two； public Parent（String a， String b）{ one = a； two = b； } public void print（）{ System.out.println（one）； } } public class Child extends Parent { public Child（String a， String b）{ super（a，b）； } public void print（）{ System.out.println（one + " to " + two）； } public static void main（String arg[]）{ Parent p = new Parent（"south"， "north"）； Parent t = new Child（"east"， "west"）； p.print（）； t.print（）； } } Which of the following is correct？（）A、 Cause error during compilation. B、 south east C、 south to north east to west D、 south to north east E、 south east to west
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There are three major routes of container transportation： Far East to North America， Far East to Europe and Mediterranean， North America to Europe and Mediterranean.
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Which three best practices should be implemented at the campus backbone submodule to supportthe server farm module？ （）A、 Implement highly redundant switching and links with no single points or paths of failure.B、 Implement server load balancing.C、 Implement the Hot Standby Router Protocol （HSRP） for failover protection.D、 Implement intrusion detection with automatic notification of intrusion attempts in place.
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单选题In North America the majority of the weather systems move from（）.A
north to southB
south to northC
east to westD
west to east
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单选题In the Sargasso Sea there are large quantities of seaweed and no well defined currents. This area is located in the（）.A
Central North Atlantic OceanB
Caribbean SeaC
Western North Pacific OceanD
area off the west coast of South America
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单选题Which of the following could NOT get benefit from the devaluation of US dollar?A
Foreign visitors in the US.B
Foreign investors.C
Exporters of America.D
American visitors to other countries.
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单选题The best definition of “claustrophobia” in “One of the classic train fights took advantage of rail claustrophobia, when James Bond fought Red Grant in From Russia With Love” is ______.A
fear of close-in roomB
high speedC
difficulty to stopD
link with romance
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单选题A SEAMARK，I.E. A BUOY，INDICATING THE NORTH，EAST，SOUTH OR WEST FROM A FIXED POINT，E.G. A WRECK is（）.A
Entrance buoyB
New buoyC
Port buoyD
Cardinal buoy
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单选题______ Pacific Ocean is ______ very large sea to the west of North and South America, and to the east of Asia and Australia.A
The; aB
A; theC
The; theD
A; a
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单选题Given the following tables: CONTINENTS ID NAME COUNTRIES 1 Antarctica 0 2 Africa 53 3 Asia 47 4 Australia 14 5 Europe 43 6 North America 23 7 South America 12 REGION ID LOCATION 1 East 2 West How many rows would be returned using the following statement? SELECT location FROM continents, region（）A
2B
7C
9D
14
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单选题The United Nations Conference on Global Environment, which took place earlier this year in Vienna, was a very（） meeting.A
productiveB
communicativeC
aggressiveD
protective
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