ICGN2007

Conference speeches and papers

Speeches and papers will appear here as they are made available.

Opening speech by Trevor A Manuel, MP, Minister of Finance, South Africa

There was a time, long before it was thought useful or responsible to connect the words “corporate” and “governance”, when it was understood that the privilege of corporate identity has its roots in an act of government charter: that it is the law that makes possible the separation of a corporation from its shareholders or owners, and it is the law that defines the special privileges and obligations of directors in their agency role between stockholders and managers. These special arrangements have provided a powerful engine of economic and technological progress: simple proprietorships or partnerships could not have mobilised the capital, or taken the industrial risks or combined resources on the scale that has been possible in the modern corporation... more

Speech by Charlie McCreevy European Commissioner for Internal Market and Financial Services

Let me begin by congratulating the International Corporate Governance Network for organising this Conference here in South Africa. It is a very positive sign. Africa is currently enjoying strong growth. And South Africa is leading the way. We need a strong Africa. To fight poverty and pandemic diseases. To sustain growth. Sound corporate governance standards play an important role in economic growth. They ensure that businesses put down firm, healthy roots, so they can grow and flourish creating wealth and employment, rather than withering on the vine. The debates over the past two days have shown that in today's global markets, a solely domestic rule book is no longer relevant. Spill-over regulation, international standards and financial globalisation have dramatically changed the landscape. Companies increasingly shop around to get the best deal. Restructuring their organisations, settling where the business environment is optimal. And regulators, like companies, have to adapt to global competition. It is not regulators versus companies. We will succeed or fail together...more

Remarks of SEC Commissioner Roel C. Campos

Let me start by answering the general question of whether regulators are a help or hindrance with question with some rhetorical questions of my own: Does anybody seriously think that market, on its own initiative, would address all of the complex issues posed by the financial markets nowadays? Absent regulation, would companies really make full disclosure of material facts? Would exchanges provide transparency and real-time information? Would controlling shareholders uphold the rights of minority shareholders? Would brokers provide best execution? Would advisers fully comply with their fiduciary duties? For that matter, do investors believe that voluntary codes of conduct, without enforcement, will produce a fair and equitable environment for all? It seems almost impossible to answer “yes” to these questions. Therefore, the real question is how much and what type of regulation is best. I think we all agree that the best regulation is that which imposes the fewest costs and is the least invasive. I whole-heartedly agree with Commissioner McCreevy that less can certainly be more. So, yes, less regulation, but more intelligent regulation. This proposition is a given. Indeed, every regulator throughout the world that I know believes that the best regulation is the least that is required. .. more

Reports from the Breakout Sessions

• Hedge funds: curse or cure?

• Investment decision-making: how do we mainstream corporate governance?

• Private equity: what are the responsibilities of institutional investors?

• Shareholder accountability: is it 'Do as I say, not as I do'?

Reports from Hot Topic Sessions

• Accounting: is international financial reporting protecting investors' interests?

• Activism: developing investor activism and cross-border alliances

• Board performance: what are the key ingredients?

• Corruption: what should investors be doing?

• Governance: what matters to investors, country or company governance?

• Minority protection: how effective are minority rights in closely-held companies?

• Social change through governance intervention: is this the right way?

Results of the votes taken during the plenary sessions (Click the picture against each vote to see the result)

	How should hedge funds be regulated?
	How should companies deal with hedge funds?
	Do you believe that mainstream fund management firms currently have the resources to integrate effective governance issues into their work?
	Would you support the actions of a short-term activist?
	The single thing that the private equity industry could do to improve its image is:
	Investors in private equity are responsible for ensuring that the corporate governance and corporate responsibility approach of portfolio companies are consistent with public equity norms.
	What should be done to improve shareholder accountability?
	What should shareholders disclose?
	Are Directors focusing too much on compliance?
	Are compliance and performance conflicting duties for Boards?
	Are Boards doing a better job of leading in the last two years?
	All else being equal, do you support the principle of "one share, one vote"?
	The most important job for regulators is to ensure:
	Regulators need to co-operate more effectively cross-border?
	Do stakeholders’ and shareholders’ interests conflict over the long term?

2007 Conference Yearbook

Click here for the third ICGN Yearbook. "It is an honour that a conference of this significance and magnitude is being held in Africa for the first time. Once again the annual ICGN conference has attracted speakers of the highest quality. We have been able to draw on rich experience and insight in the excellent articles from thought leaders in our field, some of whom are also speakers at this year’s conference. This Yearbook intends to continue the global dialogue from previous years and I am certain that the topics covered this time will provide the basis for rigorous and rewarding debate."

Loren Wulfsohn, Group Secretary, Standard Bank Group Limited, Guest Editor ICGN Yearbook