Translated for the OECD by Coudert Brothers LLP, Global Legal Advisors, Beijing, Shanghai and Hong Kong, China

______

2003 6 10 2003 7 15 2003 9 30 2003 12 4

1960 12 14 1961 9 30



 

1964 4 28 1969 1 28 1971 6 7 1973 5 29 1994 5 18 1995 12 21 1996 5 7 1996 11 22 1996 12 12 2000 12 14 13

70

”OECD 2003 2003

Centre français d'exploitation du droit de copie CFC 20 rue des Grands-Augustins 75006 Paris France 33-1 44 07 47 70 33-1 46 34 67 19 Copyright Clearance Center CCC Customer Service 508 750-8400 222 Rosewood Drive Danvers MA 01923 USA CCC CCC Online www.copyright.com OECD Publications 2, rue André-Pascal, 75775 Paris Cedex 16, France

1997

üü

Donald J. Johnston

...... 6

...... 9

...... 12

...... 17 / ...... 17 ...... 31 ...... 35 ...... 46

...... 60

...... 84

5

1.

2. 1999 2003

3. 1 

4. 1997

5. 2 

6.

7. 3 

8.

6

9. IAS 1 /

10. 4 

11.

12.

13. 5 

14. 1 / 2 3 4 5

15. 6 

16.

1 2001 IASB IFRS

7

/

8

17.

18. 1999 3 2003 3

2

2000 5

19.

3

20.

2 Corporate Governance in Asia: A Comparative Perspective Role of Disclosure in Strengthening Corporate Governance and Accountability

Role of Boards and Stakeholders in Corporate Governance Shareholder Rights and the Equitable Treatment of Shareholders

3

9

21. 1 2 3 4 5

22.

4

23.

24.

25.

12 IOSCO

26. 1999 5

27.

4

10

APEC

11

28. 5

29. 6

30.

/

31.

7

32.

33.

5 153

6 1999 Who Controls East Asian Corporations? Stijn Claessens, Simeon Djankov Larry H.P. Lang 20%

7

12

34.

35. 1 

36. 1997

37.

38.

39. 2 

13

40.

41.

42.

43. 3 

44.

45. /

241

46.

14

47.

48. 4 

49.

50.

51.

52. 5 

53.

15

54. 1 / 2 3 4 8 5

55. /

9 10

56. 6 

57.

58. 1997

59.

/

8

9

10 /

15 109 117 134

16

/

60.

61. 1 2 3 4 5 1 4

62.

63.

/ 1 2

64.

65.

66.

17

11

67.

/

A.

68.

69.

70.

11

Robert C. Clark Corporate Law 29 Little Brown and Company 1986

18

71.

72.

73.

74.

75.

B.

76. 1 2 3 4

77.

78.

19

79.

C.

80.

81.

82.

D.

83.

84.

20

85.

86. i ii iii 12 iv 13 v 14 vi vii viii

ix x

87.

88.

89.

90. ADR GDR

12

13

14

12 10 60 30 45

21

91.

92.

93.

94. 15

95.

1 2 3

96.

97.

22

98.

99.

100.

101.

102.

103.

104.

23

105.

106.

107.

108.

15

109.

110.

15

Complexity in Corporate Governance: The Case of Corporate Opportunities Eric Talley 2002 11 11 12 www.oecd.org/daf/corporate-affairs/

24

111.

112. üü üü

113.

114.

16

115.

17

116.

18

16

Gesetz Kber den Wertpapierhandel 21-22 Code du Commerce 233-9

17  18 Options For Obtaining Beneficial Ownership and Control Information: A Template , 2002 Behind the Corporate Veil: Using Corporate Entities for Illicit Purposes 2001 

25

117.

118.

119.

120. /

121. 112 116

122. / /

123.

/ 1

19 2 20

19

  20

11 Clark 180-89

26

124.

125.

21

126. /

127.

128.

/

129.

1 2 / 3

130.

21 318 321

27

/ / 22

131.

132. / / /

1 2 /

133. /

134.

135.

136.

137.

22 11 Clark 180-89

28

138.

139.

140.

141.

142.

285

143.

144.

29

145. ” ……

146.

147. 1 2

148. 23

24

149.

150.

23

24 Empowering Shareholders Rights: Derivative and Class-Action Lawsuits” Hasung Jang 2002 11 11 12 www.oecd.org/daf/corporate-affairs/

30

151. 142

25

152.

153.

154.

155. /

156.

25 1995 US Private Securities Litigation Reform Act of 1995

5

5

31

157.

1 2 / 3 4

158. 26

159.

160. 1997 1 2 3

161.

26 Principles and Guidelines for Effective Insolvency and Creditor Rights Systems

32

162.

163.

x

x

x

x

27

x

x AMC

1997

27

33

164.

165.

166.

167.

168.

169.

170.

171.

OECD Guidelines for Multinational Enterprises

172.

34

173.

174.

175.

176.

177.

178.

179.

180.

35

181.

182.

183. 1997

28

184.

185.

A.

186.  1997

187.

IAS

188. 

28

36

189. 

190.

191. 

192. 

193.  MD&A

29

194. 

29 IOSCO 141 General Principles Regarding Disclosure of Management’s Discussion and Analysis of Financial Condition and Results of Operations 2003 2

37

B.

195. 

196.

197. 

198.

IAS ISA 30

C.

199.

30 IAS IOSCO Bank for International Settlements ISA FSF

IFAC Objectives and Principles of Securities Regulation International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers

38

D.

200. 

2002

KLSE

10

201. 

202.

203.

204.

249 254

205.

39

/

206.

IASB IFAC

207.

208.

209.

210. 1997

40

211.

212.

213.

214.

215.

216.

x

x

x

x

x

217.

41

218.

219.

220.

221.

222.

223.

/

224.

225. 31

31

42

226.

/ 117 134

227.

228. 1 2 32

229.

230.

231.

232.

233.

234.

32 IOSCO Principles for Ongoing Disclosure and Material Reporting by Listed Entities 2002 10

43

235.

236.

237.

238.

239.

240.

241.

33

242.

33 IOSCO 134 Principles of Auditor Oversight 2002 10

44

243.

244.

245. 34 1

2 3 4 5

246.

247.

248.

249.

250.

251.

34 ISA

45

252.

202 207

253.

254.

35

255.

256.

257.

258.

35

46

259.

260.

261.

262.

263. 

264. 

265.

47

266. 

70

267. /  20 36

268. /

25% 50%

269. 

270.

36

48

271. 

272. /

2003

20

2003

273.

274. 

275.

276. 37

37 V.A

49

277.

278.

/ /

279.

38

280.

281.

282.

283.

284.

285.

38

50

286.

287.

288.

289

290.

291.

292.

51

293.

294.

295.

296.

297.

298.

299.

300.

52

301.

302.

1.

2.

3.

4.

5.

6.

7.

303. 1

1

/

304.

1

53

305.

306.

307.

308.

309.

39

310.

311.

39

54

312.

313.

314.

315.

316.

10 15 5 5

317.

318.

319.

320.

55

321.

322.

323.

1.

324.

40 41

/ /

325.

40

41 117 134

56

326.

42 /

327. 43

328.

329.

330.

42 1992 Cadbury Report 2003 Conference Board

1

2

3

43 The Core Fiduciary Duties of Outside Directors Bernard Black John M.Olin Program in Law and Economics , 219

www.oecd.org/daf/corporate-affairs/

57

331.

332.



333.

334.

44

30%

335.

44 A Self-Enforcing Model of Corporate Law Black, Bernard S. Kraakman, Reinier, Harvard Law Review 109 1911 1982 1996

58

2 15.4 3% 3%

336.

337.

338.

339.

45

45 KLSE

59

/ 46

1.

1.1. ?

/ 7500

1.2. ?

46

,

2.

2.1.

- 30 - 28 - 14 / 21 14 - : 7 14 21 14 21 20/30 - - 21 - 21 15 - 7 14 21 14/21 14/21 : 10/15

10% 10% 5% 10 % 10 % 10 % 10 % 10 % 3% 3% 20% 25 10% ; 10%

>1/2

61

5 2 2 50% 2 >50 % 2 50% 50% 25% : 25 : 51% ( 10 ( 33% ; 67% 67% ) 50% 75%) ; 30%

2.2. ?

2.3.

/

62

2.4. :

>50% >50% >50% >50% >50% >50% >50% >50% >50% 51%

t2/3 >75% >75% >50% >50% >50% >50% 67% 67% 75% 51%

>50% (>50%; >50% >50% 2/3 >50% >50% >50%

75%) 2/3 >50% >75% >50% 75% 75% >50% 67% 75% 65%

2/3 >50% >75% >50% >50% >50% >75% >65%

75% >50% cf.4.3 t2/3

63

75% 66% 75% >75% 75% >50% >75% 67% 67% >75% >65%

t2/3

>50% >50% >50% >50% >50% >50% >50% >50% t2/3

>66% 75% 75% >50% 67% 67% 65% >50% >25% t2/3 75%

/ >50% >50% > > 20%

2/3 3%

75% 75% 75% 67% >75% >50% 75% >50% 75%

t2/3

2.5.

10% 10% / 5% 5% 50000

64

2.6.

2.7. 5% 100 t5% 5% 1% 100 >1% >10% >5% 500

130

2.8. 2003 5 ?

2.9. 10% t5% 5% 5 % 100 1% 1/3 10% 10% 100 100

500

130

3.

3.1. 2 2 30 45 18 ? 1 3

65

3.2. :

t2/3

4.

4.1. 5% 5 5% 5% 5% 10% 5% 5% 5% 10% 5% 5% : 10%

4.2. 30% 30% 15 % 25% 33% 25% 35% 30%; 5 25%, 50%, 25% ( 20% 75% : 20 %) 1% •È

4.3. SPO /

5.

5.1. ?

66

( 3% 10% >10% 1% 20% 100 )

/ ( ( ) )

5.2. ?

5.3. ?

6.

6.1. :

500,000 Ã

150 2000 5,000 1,000,000 50,000 250,000 500,000 -5000 or 1,250-3,1 100 500 500,000 25

67

10 10 3 10 10 3 7-21 7 10 7 2

/

6.2. / SGX (SFC), : KSE , Bapepa TSE m PSE KSDA , GTSM FSC

7.

7.1. ?

7.2. ? > >5% >5% > t5% 20% 3%

7.3. ?

68

1.

1.1. Kumar : Mangalam

2.

2.1.

/

2.2.

69

2.3. ? / CPF

2.4. , 130 ,

, (

) 2.5. / /

/ ?

3.

3.1. / / / ? / ) )

Ã

70

3.2.

?

3.3. ?

[ ]

1.

1.1. / ?

2.

2.1.

/

71

MD&A CEO

3. /

3.1. ?

3.2. ?

3.3. CEO, ?

3.4. ? 50 1973 1949 1961 1988

1956 1983 2003

1984 2003 6 30

3.5. ?

72

3.6. ?

3.8. ?

BAPEPA M BAPEPAM

3.9. ?

3.10. 41 IAS 2003 IAS ISA 25 GAAP 2004 ? ISA ISA 2005 23 11 GAAP

3.11. ?

4.

73

4.1.

7500

6 6 4 120 90 105 120 21 60

21

1/2 10

4.2. 500.00 / 50,000 - ; ”à 120,000 - 2 -5 ? 500,000 250,000 600,000 100,000 ”00 , + 1,250-3, 100,000 , 7 . 3,000 / 125 )

<5 1,000 <3

4.3.

?

74

4.4. ? ( )

1.

1.1. / :

1.2. ?

1.3. : 3; : 5; : 2; : 3; : 2; : 2; : 7; : 7; : 2; : 3 : 5; : 5; : ; / : : : 19 : : : : : : 15 : : : : 11 •

1.4. ?

1.5. ? 30%

1.6. :

75

1.7. / ?

1.8. / ? ( 15) 10 10 2 5 15 5

1.9. ( ? ) 1.10. 4 4 4 4 4 12 ( 4 4 ? ) ( 6 ) ) ) ) 1.11. 1/2

:

1.12.

14 >10%

•È

100

500 130

3/4 2/3 2/3 75% 51% 28 - 50% 76

1.13. CEO ?

2.

2.1. :

, , , , > 25%

, , , , , , / (

)

( )

, , , , , , , , ” > 5% •Èà 20% ”

77

3.

3.1. ?

( >2 ) , , , ( )

, , , ( >2 ( ) )

, 2003 6 > 30 11

4.

4.1. ?

4.2. / 18 25-70 21 18 21 20 ( 70 25 )

4.3. ?

( ( ) )

78

, ( )

( ( ) )

4.4. ,

?

4.5. ,

? 4.6. ( ) ( , ( , ) ( ) ( ? ) )

5.

5.1. , ( ( / , ( ( ) ( (2 ) (2 ( 1/3 ) ( ( ? ) ) 1/3) 2002 2 1/3, 20% ) 25%; ½ ) , )

> 2

79

)

5.2.

,

,

6.

6.1.

( )

( )

( )

6.2.

(

5%) , ,

12 15

80

, , ( •È 5%) , ( ) ( )

6.3. 3 ?

6.4. ?

6.5. / ? ( ( ) ) 6.6. ?

7.

7.1. ? ( (2001 (2003 3-5% 20 ) ) 3 ) ) 7.2. , , ? /

81

7.3.

?

8.

8.1.

>

1%

>5% a > > t5% 12.5 > 1% 20% b 3% 3% 10 0.03% >5% (c) 0.01%

> 3% 0.03% 10

MOPS

8.5.

>

>1% 20%

82

>5%

, > t5% 5% a > 20% 125 5% 3%

b 3% (c) 1%

,

83

Mr. Ian Dunlop Mr. Michael Kooymans Independent Manager, Accounting Policy & Information Economy 22, Baldwin St. Unit 2072 Gordon Australian Treasury Parkes Place 2603 Canberra Mr. Robert Elliott Policy Manager/Company Secretary/Legal Counsel Australian Institute of Company Directors Mr. Terry O’Brien Level 25, Australia Square Specialist Advisor APEC 264-278, George Street Economic Group Sydney NSW 2000 Australian Treasury Newlands Crescent PARKES Mr. John Hall 2600 Canberra Chief Executive Officer Australian Institute of Company Directors National Office Mr. Jamie Ogilvie Level 25 Australia Square 264-278, George Street 2000 Sydney Mr. Nara Srinivasan Head Faculty of Business and Public Management Ms. Veronique Ingram Murdoch Business School, Chief Adviser (International) South Street, Murdoch Corporate Governance and Accounting Policy Division Perth, Western Australia 6150 Australian Treasury Parkes Place ACT 2600 Canberra Mr. Christopher Thomas Global Head, Board Consulting and Director Search Practice Group Mr. Stephen Joske Egon Zehnder International Manager, Asia-Pacific Division Level 27, 333 Collins Street Australian Treasury Melbourne Newlands Street Parkes Place ACT 2600 Parkes

Mr. Peter Macalka

Mr. Tomas Jezek Vice Chairman The Association of Investment Services Intermediaries 2, Kopernikova 4 120 00 Prague

Mr. Peter Dey Mr. Wayne Foster Partner Chief - Pensions and Investment Policy Sect. Osler, Hoskin & Harcourt, Barristers & Solicitors Department of Finance P.O. Box 50, 66th Floor 140, O’Connor Street 1, First Canadian Place Ottawa Ontario M5X 1B8 Toronto

Mr. Michael Davies Vice President General Counsel and Secretary for General Electric Canada Inc. 2300, Meadowvale Blvd. Mississauga ON L5N 5P9 Ontario

Mr. Stig Enevoldsen Mr. Flemming Nielsen Partner Danish Commerce and Companies Agency Deloitte & Touche Tohmatsu Kampmannsgade 1 H.C. Andersens Boulevard 2 DK-1780 København V 1780 Copenhagen V

Ms. Laurence Loulmet Mr. Jacques Manardo Université de Toulouse Global Managing Partner - Strategic Clients, Member Manufacture des Tabacs of Worldwide Executive Committee 21, Allée de la Brienne Deloitte & Touche Tohmatsu F-31042 Toulouse 185, avenue Charles de Gaulle 92524 Neuilly-sur-Seine cedex

Dr. Manfred Balz General Counsel Deutsche Telekom AG Friedrich Ebert Alle 140 Postfach 2000 53113 Bonn

Dr. László Szöllösi Deputy General Director Ministry of Economic Affairs Honvéd u 13-15 H-1880 Budapest

85

Mr. Mitsuhiro Fukao Mr. Shinichi Nakabayashi Faculty of Business and Commerce, Keio University Former First Secretary, Finance and Development 2-15-45, Mita, Minato-ku Formerly at Japanese delegation 108-8345

Mr. Terukazu Inoue Mr. Nobuyuki Nakama Corporate Auditor, Board of Corporate Auditors, Professor, Management Studies Toyota Motor Corporation and Chairperson, Department of Economics, Teikyo University Japan Corporate Auditors Association 359, Otsuka, Hachioji 1, Toyota-cho Tokyo 192-0395 Tokyo Mr. Taiji Okusu Prof. Hideki Kanda Managing Director & Vice Chairman Professor of Law UBS Warburg LLC Faculty of Law East Tower, Otemach First Square, 5-1, Otemache University of Tokyo 1-chome Chiyoda-ku 7-3-1, Hongo, Bunkyo-ku 100-0006 Tokyo 113-8654 Tokyo Mr. Kenichi Osugi Mr. Chan Kean Assistant Professor, Law Faculty Tokyo Metropolitan University Manager 1-1, Minami-Osawa Sony Electronics (Singapore) Pte. Ltd. Hachioji Sony Electronics (Singapore) Pte. Ltd. 192-0397 Tokyo 2, International Business Park, #01-10

Singapore 609930 Mr. Sumio Sano Mr. Kyoji Kimura Corporate Executive Vice President Sony Corporation General Manager and Chief Representative 6-7-35, Kitashinagawa Tokyo Stock Exchange Shinagawa-ku Singapore Office Tokyo, 141-0001 20, Collyer Quay, #10-02A

Tung Centre, Singapore 049319 Singapore Mr Akihiro Tada Deputy Director, Industrial Structure Division, Industrial Policy Bureau Mr Hiroki Kurihara Ministry of International Trade and Industry Chief Representative Industrial Policy Bureau, 1-3-1 Tokyo Stock Exchange, London Representative Office Chiyoda-ku 100-8901 Tokyo

Mr. Shoji Matsumoto Mr. Mitsuhiro Teraoka Corporate Auditor, Komori Corporation and Chairman First Secretary of the Committee on Corporate Auditing System, and Embassy of Japan Director 16, Nassim Road Japan Corporate Auditors Association 258390 Singapore 11-1, Azumabashi 3-chome, Sumida-ku

130-8666 Tokyo Mr. Yasuo Tomomatsu Mr. Daikichi Monma Corporate Auditor, Suntory Limited, Member of the Committee on Corporate Auditing Quality Former Counselor Improvement of Japan Corporate Japanese Delegation Auditors Association Director, Regional Co-operation Division, International Corporate Auditors Association Bureau 1-2-3, Motoakasaka, Minato-ku Ministry of Finance 107-8430 Tokyo Tokyo

Mr. Isao Misono Mr. Toru Tsuji General Director Counsellor Toyota Motor Asia Pacific Finance 3, Temasek Avenue #13-01 Permanent Delegation of Japan to the OECD Centennial Tower 11, avenue Hoche 039190 Singapore 75008 Paris

86

Mr. Keiichi Yoshida Mr. Shusai Nagai Manager, Head of Foreign Section, Listing Supervision Corporate Auditor, Mizuho Holdings Inc. Office Managing Director, Japan Corporate Auditors Tokyo Stock Exchange Association 2-1, Nihombashi Kabuto-cho, Chuo-ku Center Building Tokyo 103-8220 1-6-1,Chiyoda-ku 100-0005 Tokyo

Prof. Jang Hasung Mr. Yongbeom Kim Professor in Finance, Director of the Centre for Finance and Banking Research Dr. Kwang Woo Jun Korea University Special Advisor to the Minister Room 407, College of Business Administration Ministry of Finance and Economy 136-701 1, 5Ka, Anam-dong, Sungbuk-ku Seoul Government Complex Kwachon 1, Joongang-dong Mr. Oh-Seok Hyun Kwachon-si Director General of Economic Policy Ministry of Finance and Economy Mr. Suk-Jun Lee Government Complex Kwachon Corporate Accounting Division 3, Accounting and 1, Joongang-dong Audit Department Kwachon-si Financial Supervisory Service 27, Yoido-Dong Youngdeungpo-Gu Mr. Joongi Kim 150-743 Seoul Professor of Law Yonsei University Dr. Il Chong Nam Graduate School of International Studies (GSIS) Fellow 134, Shinchongdong, Sudaemungu Korea Development Institute 120-749 Seoul 207-41, Cheongnyangri-dong 130-012 Dongdaemoon-gu, Korea

Ms. Vanessa Rubio Márquez Deputy General Director for International Financial Affairs Dirección General de Asuntos Hacendarios Internacionales Secretaría de Hacienda y Crédito Público Palacio Nacional 4° Patio Mariano Edif D 4° Piso Col. Centro 06000 México

Mr. André Betting Mr. Hugo Oppelaar Head of Privatisation & Participation Department Senior Advisor, Securities Supervision Policy Dutch Ministry of Finance Ministry of Finance P.O. Box 20201 Directorate for Monetary and Financial Affairs NL-2500 EE The Hague Korte Voorhout 7, P.O. Box 20201 NL-2500 The Hague Mr. Stijn Claessens Formerly at the World Bank Professor, Finance Group University of Amsterdam Roetersstraat 11 NL-1018 WB Amsterdam

87

Mrs. Lisa Barrett Ms. Sarah Stephenson Senior Analyst Analyst, Business Law Team (Corporate Governance Ministry of Economic Development and 33, Bowen Street International Issues) P.O. Box 1473 Ministry of Economic Development Wellington 33, Bowen Street P.O. Box 1473 Mrs. Kay Brown Wellington Senior Policy Analyst Regulatory & Competition Policy Mr. Peter Watts Ministry of Economic Development Senior Lecturer Research Centre for Business Law 33, Bowen Street Faculty of Law Wellington University of Auckland

9, Eden Crescent Auckland Central

Mr. Francisco Uria Fernández Legal Advisor Ministerio de Economía Calle Alcalá, 11. 1 planta 28014 Madrid

Mr. Roger Adams Mr. Kenneth Rushton Head of Technical and Research Director of Listing Chartered Association of Certified Accountants Financial Services Authority 29, Lincoln's Inn Fields 25, The North Colonnade, Canary Wharf WC2A 3EE London London

Mr. Stilpon Nestor Mr. Simon Wong Practice Specialist in Corporate Governance Former Head of the Corporate Affairs Division at the McKinsey & Company OECD 1, Jermyn Street Principal London Nestor Advisors Ltd. SW1Y 4UH 280, Grays Inn Road WC1X 8EB London

Mr. Nigel Peace Director Department of Trade and Industry (DTI) Company Law and Investigations Directorate 1, Victoria Street SW1H 0ET London

Mr. Bernard Black Mr. Barry Metzger Professor of Law Senior Partner Stanford Law School Coudert Brothers (Attorneys at Law) Crown Quadrangle 1114, Avenue of the Americas 559, Nathan Abbott Way New York 94305-8610 Stanford New York 10036-7703

Dr. Carolyn Brancato Mr. Ira Millstein Research Director Senior Partner Conference Board Weil, Gotshal & Manges, LLP 845, Third Avenue, 3rd Floor 767, Fifth Avenue 10022 New York 10153-0119 New York

Dr. Stephen Davis Mr. Patrick Smith President Global Affairs Columnist Davis Global Advisors, Inc. Grant Farm 57, Hancock Street 515, Ashpohtag Road 02466-2308 Newton Norfolk, Conn. 06058

88

Mr. Warren Gorlick Ms. Joanna Shelton Senior Special Counsel, Office of International Affairs Former Deputy Secretary General at the OECD Commodity Futures Trading Commission Director (Interim) 1155, 21st Street Maureen and Mike Mansfield Center 20581 Washington University of Montana 59812 Missoula

Ms. Holly Gregory Mr. James Shinn Attorney-at-Law Princeton University Weil, Gotshal & Manges, LLP 4710, Province Line Road 767, Fifth Avenue NJ 08540 Princeton 10153-0119 New York

Prof. Stephan Haggard Mr. Robert Strahota Assistant Director, Office of International Affairs Director of the Institute on Global Conflict and United States Securities and Exchange Commission Cooperation (SEC) University of California San Diego 450, Fifth Street, N.W. 9500, Gilman Drive, Mail code 0518 20549 Washington D.C. 92093-0518 La Jolla

Mr. David Luna Prof. Eric Talley Director, Center for Law, Economics and Organization Director, Anticorruption & Governance Initiatives USC Law School United States Department of State Los Angeles, CA 90089 Room 5819

2201, C Street, N.W. 20520 Washington

Ms. Shahnila T. Azher Mr. Farooq Sobhan Project Assistant President A Comparative Analysis of Corporate Governance in Bangladesh Enterprise Institute South Asia: Charting a Road map for Bangladesh House N 20, Road N 5 3/7, Mohammadpur Gulshan 1 Dhaka Dhaka 1212

Ms. Nihad Kabir Mr. Yawer Sayeed Legal Consultant, A comparative Analysis of Corporate Managing Director Governance in South Asia: Charting a Roadmap for Asset & Investment Management Services of Bangladesh Syed Ishtiaq Ahmed and Associates Bangladesh Ltd. (AIMS) Syed Ishtiaq Ahmed and Associates Chandrashila Suvastu Tower (5th floor) Walsow Tower (1st Floor)21-23 Kazi Nazrul Islam 69/1, Panthapath (East) Avenue Dhaka 1205 Dhaka 1000 Ms. Wendy Werner Ms. Sheela Rahman Project Assistant Legal Consultant A Comparative Analysis of Corporate Governance in Rokanuddin Mahmud and Associates South Asia: Charting a Roadmap for Bangladesh Walsow Tower (1st Floor)21-23 Kazi Nazrul Islam Bangladesh Enterprise Institute Avenue Road: 5, House: 20, Gulshan-1 Dhaka 1000 Dhaka-1212

Mr. Mahani Mohsin Finance Officer Ministry of Finance Ministry of Finance Complex Jalan Kebangsaan BB 3910 Bandar Seri Begawan Brunei Darussalam

Ms. Maria-Helena Santana Listings and Issuer Relations Superintendent Bolsa de Valores de Sao Paulo (Bovespa) Rua XV de Novembro, 275 5, Andar 01013-001 São Paulo

89

Mr. Shi Donghui Dr. Shawn Xu Research Fellow General Manager, Research Department Shanghai Stock Exchange China International Capital Corporation Beijing 28th Floor,China World Tower 2 # 1 Jian Guo Men Wai Avenue 100004 Beijing Prof. Ruyin Hu Director, Research Centre Shanghai Stock Exchange Ms. Xiao Qing Xun 528, South Pudong Rd. Senior Officer, Listing Company Management Dept. 200120 Shanghai Shenzhen Stock Exhange 5045, Shennan East Road Shenzhen 518010 Mr. Xiang Kong Senior Research Analyst Shenzhen Stock Exchange Research Institute Mr. Chen Yuansheng 5045, Shennan East Road Assistant Executive President 518010 Shenzhen China Everbright Bank 6, Fuxingmenwai Avenue, Xincheng District Mr. He Jian Liang Beijing 100045 Vice Manager Shenzhen Stock Exchange 5045, Shennan East Road Mr. Weidong Zhang 518010 Shenzhen Senior Research Fellow Shanghai Stock Exchange Research Centre Mr. Cai Mingjie 528, Pudongnan Road China Everbright Bank Shanghai 200120 6, Fuxingmenwai Avenue, Xincheng District Beijing 100045 Dr. Wei Guo Zhang Chief Accountant Chinese Securities Regulatory Commission Mrs. Ting Ting Ru Jinyang Plaza, 16, Jinrong St. Legal Expert Xicheng District China Securities Regulatory Commission (CSRC) 100032 Beijing Department of Listed Company Supervision Jin Yang Plaza 100032 Beijing Ms. Wen Zhang Senior Officer International Cooperation Department Mr. Daochi Tong 5045, Shennan East Road Deputy Director-General, Department of Listed 518010 Shenzhen Company Supervision China Securities Regulatory Commission (CSRC) Mr. Li Zhaoxi Jin Yang Plaza Senior Research Fellow, Section Head, 16, Jin Rong Street Enterprise Research Institute Xi Cheng District Development Research Center of The State Council of Beijing 100032 P.R.C. (DRC) Enterprise Research Institute, Rm 208 (Back), 225 Dr. Lu Tong Chaonei Dajie Professor, Institute of World Economics & Politics, 100010 Beijing Chinese Center for Corporate Governance Chinese Academy of Social Sciences (CASS) Ms. Yi Fei Zhao 5, Jianguomennei Dajie Senior Officer Beijing Listing Companies Management Department 100732 China 5045, Shennan East Road 518010 Shenzhen Mr. Niu Xiangdong Department of Enterprise Reform of Economic and Trade Commission Development Research Center of The State Council of P.R.C. (DRC) 26, Xuanwumen West Street 100053 Beijing

90

Mr. Jamie Allen Ms. Christine Loh Secretary General Chairperson Asian Corporate Governance Association Civic Exchange Room 901-3 Executive Center Citibank Tower 16F Cheung Kong Center 3, Garden Road Hong Kong Central, Hong Kong Mr. Douglas Naismith Mr. Moses Cheng Senior Director Chairman Fidelity Investment Management Limited The Hong Kong Institute of Directors 16/F Citibank Tower 505, Bank of America Tower 3, Garden Road, Central 12 Harcourt Road Hong Kong Central, Hong Kong Ms. Estella NG Mr. Edward Chow Senior Vice President, Listing Division Vice President of Hong Kong Society of Accountants Hong Kong Exchanges and Clearing Limited & Deputy Chairman 11th Floor, One International Finance Centre, Hong Kong Institute of Directors 1, Harbour View Street 505, Bank of America Tower Central 12 Harcourt Road, Central Hong Kong Hong-Kong Mr. James O’Connell Prof. Stephen Cheung Chief Executive Officer Chair, Professor of Finance, Department of Economics Cameron Butler and Finance 15/f Cindic Tower City University of Hong Kong 128, Gloucester Road Hong Kong Wanchai Hong Kong, China Ms. Winnie Cheung Director of Professional Practices Ms. Lim Yam Poh Hong Kong Society of Accountants Corporate Finance Division 4th Floor, Tower Two, Securities & Futures Commission (SFC) Lippo Centre, 12th Floor, Edinburgh Tower, The Landmark 89, Queensway 15, Queen’s Road Central Hong Kong Hong Kong

Mr. Andrew Procter Mr. Theodore Chong Member of the Commission and Executive Director Chief Executive Securities & Futures Commission (SFC) The Hong Kong Institute of Company Secretaries 12th Floor, Edinburgh Tower, The Landmark 22/F, Prosperous Commercial Bldg.,54-58 Jardine’s 15, Queen’s Road Central Bazaar, Causeway Bay Hong Kong Hong Kong

Mr. Vincent Duhamel Justice Anthony Rogers Principal & Chief Executive Chairman State Street Global Advisors Standing Committee on Company Law Reform 48/F, Bank of China Tower High Court, 1 Garden Road 38, Queensway Hong Kong Hong Kong

Mr. Richard Roque Mr. Lawrence Fok Principal Chief Executive Director William E. Simon & Sons (Asia) Ltd. Stock Exchange of Hong Kong Ltd., The 1809 Harbour Centre 36th Floor, Jardine house1, Connaught Place, Central 25, Harbour Road Hong-Kong Wanchai Hong Kong Mr. Charles Grieve Director of Accounting Policy, Corporate Finance Mr. Torbjorn Segerstedt Division Managing Director Securities & Futures Commission (SFC) Skandia Asset Management 1308 One International 12th Floor, Edinburgh Tower, The Landmark Finance Centre 15, Queen’s Road Central 1, Harbour View Street

91

Hong-Kong Hong Kong Prof. Ferdinand Gul Mr. Andrew Sheng Chair Professor, Department of Accountancy Chairman City University of Hong Kong Hong-Kong Securities & Futures Commission 83, Tat Chee Avenue, 12th Floor, Edinburgh Tower, The Landmark Kowloon Tong, 15, Queen’s Road Central Kowloon Hong Kong Hong-Kong Ms. Barbara Shiu Ms. Susie Ho Senior Director of Corporate Finance Securities & Futures Commission (SFC) Deputy Secretary for Financial Services 12th Floor, Edinburgh Tower, The Landmark The Financial Services Bureau of the Hong Kong 15, Queen’s Road Central Government Hong-Kong Hong Kong

Mr. Gerry Hopkinson Mr. James Soutar Chairman, Standing Committee Company Law Reform Managing Director Shareholder Sub Committee Phoenix Research Limited KPMG Corporate Services Limited Suite 1506 14th Floor, Alexandra House Asia Pacific Finance Tower 16-20, Chater Road 3, Garden Road Hong Kong Central Hong Kong

Mr. Gordon Jones Mr. David Stannard Registrar of Companies Financial Services and Treasury Bureau (FSTB) Mr. David Sun 66, Queensway Vice President of HKSA and Chairman of HKSA’s Hong Kong HKSAR Corporate Governance Committee Ernst & Young Mr. P.M. Kam 15th Floor, Hutchison House, 10 Harcourt Road President Central, Hong Kong Hong Kong Society of Accountants 4/F Tower Two, Lippo Centre, 89 Queensway Mr. Peter Tashjian Hong Kong Director Institute of Professional Development Mr. Kevin Lau Central Conference Centre Chairman 2000/2001 Wheelock House, 20 Pedder Street The Association of Chartered Certified Accountants Central Hong Kong HK 1002A World Wide House Prof. Judy Tsui 19, Des Voeux Road Dean, Chair Professor of Accounting, Faculty of Central Hong Kong Business & Information Systems The Hong Kong Polytechnic University Mr. Andy Lee Hung Hom , Kowloon Vice President FHKSA Hong Kong Hong Kong Society of Accountants 4/F Tower Two, Lippo Centre Mr. Alvin Wong 89, Queensway Vice President of HKSA and chairman of the Hong Kong Central Corporate Reporting Sub-committee of the Standing

Committee on Company Law Reform Ms. Karen Lee PricewaterhouseCoopers Head of Listing, Regulation and Risk Management 22nd Floor, Prince’s Building LRRM 5, Ice House Street Hong Kong Exchanges Central, Hong Kong 11/F, One International Finance Centre, Hong Kong, China 1, Harbour View Street, Central Hong Kong

Mr. Pradeep Baijal Mr. Ravi Narain Secretary Managing Director and CEO Ministry of Disinvestment National Stock Exchange of India Ltd. Room No. 407, Block No.14 Exchange Plaza, Bandra Kurla Complex, Bandra (East) CGO Complex, Lodi Road 400 051 Mumbai

92

New Delhi 110 001

Mr. G N Bajpai Dr. R.H. Patil Chairman Securities and Exchange Board of India (SEBI) Mittal Court, ’B’ Wing, Ist Floor Mrs. Chitra Ramkrishna 224, Nariman Point Director Business Operations Mumbai 400 021 National Stock Exchange of India Ltd. "Exchange PLaza", Bandra Kurla Complex Bandra East Dr. Omkar Goswami 400 051 Mumbai - Chief Economist Confederation of Indian Industry 23, Institutional Area, Lodi Road Mr. Anand Rathi 110 003 New Delhi President Stock Exchange Mumbai P.J. Tower, 26th flor, Dalal Street Mr. Pratip Kar 400001 Mumbai Executive Director Securities and Exchange Board of India Mittal Court “B” Wing, 1st floor Mr. Deepak Satwalekar 224, Nariman Point Managing Director and CEO Mumbai 400 021 HDFC Standard Life Insurance Company Ltd. 5th Floor, The IS&FS Financial Centre, Plot C-22, Mr. T.S. Krishna Murthy "G" Block, Bandra Kurla Complex, Bandra (East) Secretary to the Government of India 400 051 Mumbai Ministry of Finance Department of Company Affairs Shastri Bhavan New Delhi

Mr. Anis Baridwan Dr. Nur Indriantoro Director of Accounting Standards and Disclosure Chairman of Accounting Standards Board Bureau Indonesian Institute of Accountants Capital Market Supervisory Agency (BAPEPAM) Jl. Sisingamangaraja No. 59, Kebayoran Baru Jl. Dr Wahidin Raya n° 1 12120 Jakarta 10710 Jakarta Mr. Aditya Jayaantara Mr. Abraham Bastari Head of Establishment and Development of Head of Human Resources Development Division Accounting Standards Bapepam Capital Market Supervisory Agency (BAPEPAM) JL. Dr Wahidin Jl. Dr Wahidin Raya n° 1 10710 Jakarta 10710 Jakarta

Mr. Robertus Bilitea Mr. Kurniawan Legal Director Indonesian Institute of Accountants Indonesian Bank Restructuring Agency, IBRA Jl. Sisingamangaraja No. 59 10th Floor Wisma Bank Danamon Kebayoran Baru Jalan Sudirman Kay 45-46 12120 Jakarta Jakarta 12930 Mr. I Nyoman Sender Dr. Djisman Simandjuntak Deputy Chairman, Bank Restructuring Unit Prasetiya Mulya, Graduate School of Management Indonesian Bank Restructuring Agency (IBRA) Jalan RA Kartini - Cilandak Barat 10th Floor Wisma Bank Danamon Jakarta 12430 Jalan Sudirman Kay 45-46 Jakarta 12930 Dr. Djunaedi Hadisumarto Vice-Chairman Mr. Moh Hanief Arie Setianto National Development Planning Agency (BAPPENAS) Indonesian Institute of Accountants Jalan Taman Suropati no. 2 l, Sisingamangaraja No. 59 Jakarta 10310 Kebayoran Baru 12120 Jakarta

93

Mr. Zaenal Soedjais President Mr. Edward Gustely Indonesian Institute of Accountants Senior Advisor l, Sisingamangaraja No. 59 Capital Market Supervisory Agency (BAPEPAM) Kebayoran Baru Gedung Baru Departemen Keuangan RI 3th floor 12120 Jakarta Jl. DR Wahidin, Jakarta 10710 Mr. Indra Surya Head of International Affair Division Mrs. Annie Frieda Hanafiah International Affair Director Capital Market Supervisory Agency (BAPEPAM) Jakarta Stock Exchange New Building of Ministry of Finance of Republic of Jakarta Stock Exchange Building Indonesia, 5th floor Jl. Jend. Sudirman Kav. 52-53 Jalan Dr. Wahidin Raya 12190 Jakarta 10710 Jakarta

Mr. Herwidayatmo Dr. Djoko Susanto Chairman Dean Capital Market Supervisory Agency (BAPEPAM) STIE-YKPN School of Business New Building Ministry of Finance 3rd Floor Seturan Jl. Dr. Wahidin Raya No. 1 55281 Yogyakarta 10710 Jakarta

Mr. Yusof Abu-Othman Mr. Md. Nor Chief Executive Officer (CEO) Deputy President Minority Shareholder Watchdog Group Kuala Lumpur Stock Exchange 11th Floor, Bangunan KWSP 15th floor, Exchange Square N° 3 Changkat Raja Chulan, off Jalan Raja Chulan Bukit Kewangan 50200 Kuala Lumpur 50200 Kuala Lumpur

Mr. Cheah Foo Seong Datuk Raja Arshad Uda Council Member Chairman Institute of Company Secretaries Malaysia Malaysian Accounting Standards Board ICSM, No. 57-8 The Boulevard, Mid Valley City, c/o PricewaterhouseCoopers Lingkaran Syed Putra 11th Floor, Wisma Sime Darby 59200 Kuala Lumpur Jalan Raja Laut 50706 Kuala Lumpur

Mr. Lee Leok Soon Executive Director Mrs. Selvarany Rasiah Malaysian Institute of Corporate Governance (MICG) Legal Advisor 27A Jalan Tun Mohd Fuad 3, Taman Tun dr. Ismail Kuala Lumpur Stock Exchange 60000 Kuala Lumpur 9th Floor Exchange Square Bukit Kewangan Ms. Shanti Geoffrey 50200 Kuala Lumpur Manager, Law Reform and Regulatory Policy Dept. Securities Commission Ms. Sujatha Sekhar Naik 3, Persiaran Bukit Kiara, Bukit Kiara Senior Executive Officer 50490 Kuala Lumpur Securities Commission Law Reform and Regulatory Policy Dept. Ms. Khadijah Abdullah 3, Persiaran Bukit Kiara Secretary, Federation of Public Listed Companies Bukit Kiara (FPLC), Secretary General Kuala Lumpur Malaysian Institute of Corporate Governance (MICG) N° 6 Jalan Pahang Kecil Mr. Kim Lun Siow 53200 Kuala Lumpur Director, Market Supervision Securities Commission 3, Persiaran Bukit Kiara Dr. Sulaiman Mahboob Bukit Kiara Special Officer to the Minister of Special Functions, 50490 Kuala Lumpur Economic Planning Unit NEAC Secretariat, Prime Minister's Department 4th Floor,Bangunan Lama EPU Jalan Dato' Onn

94

50502 Kuala Lumpur

Dr. Nik Ramlah Mahmood Dr. Thillainathan Director Director of Finance Securities Commission Genting Berhad Market Policy & Development Division 25th Floor, Wisma Genting 3, Persiaran Bukit Kiara, Bukit Kiara Jalan Sultan Ismail 50490 Kuala Lumpur 50250 Kuala Lumpur

Dato Megat Najmuddin Khas Mr. David Yap Tien-Wei President Executive Officer, Law Reform and Regulatory Policy Malaysian Institute of Corporate Governance (MICG) Department 27, A Jalan Tun Mohd Fuad 3 Securities Commission of Malaysia Taman Tun Dr. Ismail 3, Persiaran Bukit Kiara, Bukit Kiara 60000 Kuala Lumpur 50490 Kuala Lumpur

Mr. Rabindra Nathan Ms. Yew Yee Teen Partner Manager, Listing Shearn Delamore & Co. Kuala Lumpur Stock Exchange 7th floor, Wisma Hamzah Kwong Hing 9th Floor, Exchange Square No. 1, Leboh Ampang Bukit Kewangan 50100 Kuala Lumpur 50200 Kuala Lumpur

Mrs. Jaweria Ather Mr. Faisal Bari Director Associate Professor of Economics Securities & Exchange Commission of Pakistan Lahore University and Management Sciences Specialized Companies Division Opposite Sector U, LCCHS NIC building, Jinnah Avenue Lahore Cantt. 54792 Islamabad

Ms. Alicia Antonio Albert Prof. Juan Miguel Luz Assistant Vice President, Managing Director Office of Corporate Secretary Ramon V. del Rosario, Sr. AIM Center for Corporate GSIS Financial Center, Reclamation Area, Roxas Responsibility Boulevard 123, Paseo de Roxas Pasay City 1260 Makati City

Mr. Felipe Alfonso Mr. Jonathan Juan Moreno Executive Director, Center for Corporate Program Director Responsibility, Asian Institute of Management Institute of Corporate Directors Joseph R. McMicking Campus Unit 51/f Legaspi Suites, 178 Salcedo Street, Legaspi 123, Paseo de Roxas Village 1260 Makati City Makati City 1227

Mr. Roman Azanza Mr. Roberto de Ocampo President President Equity Managers Asia, Inc Asian Institute of Management Suite 1806, Centerpoint Building Joseph R. McMicking Campus J. Vargas Ave. corner Garnet St., Ortigas Center 1605 123, Paseo de Roxas Ave. Pasig City 1260 Makati City

Ms. Gloria L. Climaco Ms. Joselia J. Poblador President & Chief Executive Officer Commissioner Crown Equities Corporation Securities and Exchange Commission (SEC) 17th Floor, Equitable Bank Tower, 8751 Paseo de SEC Bldg. Roxas 1550, EDSA, Greehills Makati City Mandaluyong City 1200 Manila

Prof. Meliton Salazar Mr. Jesus Estanislao Corporate Governance Researcher University Professor, University of Asia and the Pacific Asian Institute of Management and Chairman and CEO Joseph R. McMicking Campus Institute of Corporate Directors 123, Paseo de Roxas

95

Unit 51, 5th Floor, Legaspi Suites, 178 Salcedo St. 1260 Makati City Legaspi Village Makati City Mr. Eugenio Reyes Executive Director Department of Finance Mr. Atty Candon B. Guerrero Securities and Exchange Commission Director of the Department of Thrift Banks and SEC Bldg. Non-Bank Financial Institutions 1550, EDSA, Greehills Bangko Sentral Ng Pilipinas Institute Mandaluyong city Apolinario Mabini St. cor. Cruz St. Malate 1004 Manila Mr. Cesar Saldaña Principal, PSR Development Consulting Mr. Mario Lamberte 2500-B, Stock Exchange Center Tektite Tower 1, Exchange Road, Pasig, President Metro Manila Philippine Institute for Development Studies Room 3, NEDA sa Makati Bldg. 106, Amorsolo St., Legaspi Village Ms. Cyd Tuaño-Amador 1229 Makati City Bangko Sentral Ng Pilipinas A. Mabini Street Mr. Ernest Leung 1004 Malate, Manila President Philippine Stock Exchange Mr. Jose Luis Yulo Exchange Road, Ortigas Centre Philippine Stock Exchange 1605, Pasig City Philippine Stock Exchange Centre Exchange Road, Ortigas Center 1605 Pasig City

Mr. Brian Brown Dr. Mark Mobius PricewaterhouseCoopers President, Templeton Emerging Markets Fund 6, Battery Road, 32-00 Templeton International 04 93 15 Singapore 7, Temasek Boulevard #38-03 Suntec Tower One Mr. Chee Hong Tat 03 8987 Singapore Head (Regulatory Services) Ministry of Finance Mr. Ng Boon Yew 100, High Street #06-03 Consultant The Treasury Singapore Technologies Pte Ltd. 179434 Singapore 51, Cuppage Road #09-01 StarHub Centre Mr. Chew Heng Ching 229469 Singapore President of the Governing Council Singapore Institute of Directors (SID) Mr. Pulak Prasad 2, Finlayson Green Managing Director #07-01/02 Asia Insurance Building Warburg Pincus Singapore LLC 049247 Singapore UOB Plaza, #10-02 80, Raffles Place Mrs. Sandy Ho Singapore 048624 Assistant Director (Market Conduct Policy), Market & Business Conduct Department Mr. Manish Singhai Monetary Authority of Singapore Vice President, Portfolio Manager 10, Shenton Way, MAS Building Alliance Capital Management (Singapore) Limited 079117 Singapore 30, Cecil Street 28-01 Prudential Tower 049712 Singapore Mr. Huong Wei Beng Senior Officer (Corporate Finance), Securities & Mr. Tan Kim Kway Futures Department, Financial Supervision Group Senior Director, Corporate Finance Division Monetary Authority of Singapore Monetary Authority of Singapore 10, Shenton Way, MAS Building 10, Shenton Way 079117 Singapore MAS Building 079117 Singapore Mr. Dennis Lim Senior Executive Vice President & Director Ms. Margaret Tay Templeton Asset Management Ltd. Member of the Governing Council 7, Temasek Boulevard

96

#38-03 Suntec Tower One SID 038987 Singapore 79A Lorong N Telok Kurau 425225 Singapore Mr. John Lim Council Member Singapore Institute of Directors (SID) Mr. Cheong Kwee Teng 2, Finlayson Green Council Member #07-01/02 Asia Insurance Building Singapore Institute of Directors (SID) 049247 Singapore 6, Raffles Quay, #10-01 John Hancock Tower Mr. Lim Choo Peng 048580 Singapore Partner The Capital Markets Company Mr. Stanley Watt Singapore Partner Andersen Worldwide Ms. Shirlynn Loo Mui Hoon 10, Hoe Chiang Road Regulatory Development Officer #18-00 Keppel Towers Ministry of Finance Singapore 089315 100, High Street #06-03 The Treasury Mr. Lucien Wong 179434 Singapore Managing Partner

Allen & Gledhill Dr. Mak Yuen Teen 36, Robinson Road, #18-01, Associate Professor, Department of Finance and City House Accounting, School of Business 068877 Singapore National University of Singapore BIZ 2 Building, 1 Business Link Singapore 117592

Mr. John Bailey Mr. Chen-en Ko Director, Corporate Ratings Professor, Department of Accounting Taiwan Ratings Corp National Taiwan University, College of Management 23rd Floor, 100 Roosevelt Road, Sec 2. 50, Lane 144. Taipei Sec. 4 Keelung Road Taipei Mr. Chen-Shan Chang Section Chief Ministry of Finance Mr. Chi-Hsien Lee Securities and Futures Commission Commissioner 85, Section 1, Hsin-Sheng South Road Securities & Futures Commission (SFC) Taipei 85, SEC. 1, Hsin-Sheng S. Road Taipei Mr. Pao Jui Chen Deputy Director General Mr. Lawrence Liu Council for Economic Planning and Development Lawyer 3, Pao Ching Rd Lee and Li, Attorneys-at-Law Taipei 100 20 7th Floor, 201, Tun Hua N. Road 105 Taipei Mr. Venping Chen Vice President of Listing Department Mr. Philip Ong GreTai Securities Market (GTSM, Taiwan OTC Director, International Banking Division market) Bureau of Monetary Affairs (MOF) 15F, No. 100, Roosevelt Road, Sec. 2 9F, No. 87, Section 2, Nan King East Road Taipei (ZIP 100) Taipei Chinese Taipei Mr. Ching-Nain Tsai Mr. Chien Shin-nan Deputy Director General, Bureau of Monetary Affairs President Ministry of Finance Over-The-Counter Securities Exchange 9F, No. 87, Section 2, Nan King East Road 15F. NO. SEC. 2, Roosevelt Road Taipei Taipei

Mr. Steve Wei Mr. Ding Kung-wha Specialist, Corporate Finance Division of SFC Vice Chairman, Securities and Exchange Commission

97

Ministry of Finance Ministry of Finance 85, SEC. 1, Hsin-Sheng S. Road, No. 85, SEC. 1, Hsin-Sheng South Road Taipei Taipei

Mr. Jackie Huang Mr. Wu Kuei-mao Securities & Futures Commission (SFC) Section Chief Securities & Futures Commission 85, SEC. 1, Hsin-Sheng S. Road Ministry of Finance Taipei 85, SEC. 1, Hsin-Sheng S. Road, Taipei Mr. Paul Hsu Senior Partner Ms. Stephanie Wu Lee and Li Specialist 7th Floor, 201, Tun Hua N. Road Listing and Screening Department 105 Taipei Gretai Securities Market 15F, No 100, Sec.2 Roosevelt Road Taipei

Mr. Ajith Cabraal Principal Consultant Cabraal Consulting Group #18/1, School Lane Nawala

Ms. Amornrat Srivachiranont Ms. Patareeya Benjapolchai Senior Officer, Listing Company Department Senior Vice President Stock Exchange of Thailand Stock Exchange of Thailand The Stock Exchange of Thailand Building The Stock Exchange of Thailand Building 10110 62 Rachadapisek Road, Klongtoey 10110 62, Rachadapisek Road, Klongtoey

Dr. Areepong Bhoocha-oom Mrs. Pornkanok Wipusanawan Director of Privatisation, Office of State Enterprise and Vice President, Research and Policy Government Securities, Ministry of Finance Thai Institute of Directors Association 10400, Rama VI Road Rachadapisek Road, Klongtoey Bangkok 10110 Bangkok

Mr. Charnchai Charuvastr Mr. Prasarn Trairatvorakul President Secretary-General Thai Institute of Directors Securities and Exchange Commission 5th floor, The Stock Exchange of Thailand Building 13th-16th Floor, Diethelm Towers B, 93/1 10110 62, Rachadapisek Road Klongtoey Wireless Road Bangkok 10330 Lumpini, Pathumwan

Ms. Choladda Bussabong Ms. Rongruja Saicheua Assistant Division Chief Education and Professional Development Manager Legal Department Thai Institute of Directors Association The Office of the Securities and Exchange Commission 5th Floor, The Stock Exchange of Thailand Building 15th Fl. Diethelm Towers B, 93/1 Wireless Road 62, Rachadapisek Road, Klongtoey Lumpini, Patumwan 10110 Bangkok Bangkok 10330

Mr. Chanchai Supasagee Dr. Somkiat Tangkitvanich Research Specialist Director, Risk Control Management Thailand Development Research Institute Foundation Government Pension Fund (GPF) of Thailand 565, Soi Ramkamhaeng 39 - Bankapi District 4th Fl., 990 Rama IV Road, Silom, Bangrak 10300 Bangkok Bangkok 10500

Mr. Chumpol Nalamlieng Ms. Sumalee Bumrungchatudom President Division Chief, Corporate Finance Department The Siam Cement Public Cie Ltd. Securities and Exchange Commission 1, Siam Cement Road, Bangsue 14th-16th Floor, Diethelm Towers B, 93/1 10800 Bangkok Wireless Road 10330 Lumpini, Patumwan

98

Mr. Kiattisak Jelatianranat Mr. Visit Tantisunthorn G. BASE ALLIANCE CO., LTD., Secretary General 2013 ItanThai Building, 12A Floor, New Petchburi Government Pension Fund Road, Bangkapi, Huaykwang 4th FL., 990, Rama IV RD., Silom, Bangrak Bangkok 10320 Bangkok 10500

Dr. Pisit Leeahtam Ms. Warangkana Pattarasen Senior Analyst of Listing Department Chairman Stock Exchange of Thailand Institute for Saving Development 62, Rachadapisek Road 111/150, Nakornsawan Road Klongtoev 10100 Bangkok 10110 Bangkok

Mr. Richard Moore Ms. Waratchya Srimachand Partner, Global Risk Management Solutions, Asia Acting Director Corporate Finance Department Pacific Leader for Internal Audit Services Securities and Exchange Commission PricewaterhouseCoopers 9th floor, Diethelm Towers B, 93/1 Wireless Road 15th Floor Bangkok City Tower Lumpini, Patumwan 179/74-80, South Sathorn Road 10330 Bangkok 10120 Bangkok

Ms. Deunden Nikomborirak Research Director Sectoral Economic Program Economic Governance 565 Soi Ramkhamhaeng 39 Ramkhamhaeng Road, Wangthonglang 10310 Bangkok

Mrs. Hoa Nguyen Mrs. Lien Vu Deputy Director of Securities Market Development Director of Issuance Department State Securities Commission State Securities Commission 164, Tran Quang Khai St. 164, Tran Quang Khai St. Hanoi Hanoi

Ms. Kim-Chi Trinh Researcher, Fuqua School of Business Duke University Business Administration 502, Carved Oak Dr. Durham, NC 27707 United States

Mr. Charles Coe Mr. John Samy Controller Senior Economic Advisor and Head of Extended Asian Development Bank Mission Korea 6, ADB Avenue Asian Development Bank Mandaluyong City 16th Daekyung Building 0401 Metro manila 120, 2-ka Taepyung-ro Philippines Choong-ku 100-102 Seoul Ms. Christine Infantado Associate Project Analyst Mr. Myoung-Ho Shin Private Sector Operations Department Vice President, Region West Asian Development Bank Asian Development Bank 6, ADB Avenue 6, ADB Avenue Mandaluyong City Mandaluyong City 0401 Metro Manila 0401 Metro Manila Philippines Mr. Klaus Peter Kriegsmann Financial Economist, Financial Sector and Industry Mr. Gerald Sumida Division Former General Counsel Asian Development Bank Asian Development Bank 6, ADB Avenue Mandaluyong City

99

0401 Metro Manila Mr. Hyong-Jong Yu Philippines Senior Investment Officer, Financial Sector & Industry Division, Infrastructure, Energy & Financial Sectors Mr. Arvind Mathur Department, Region West (IWFI) Asian Development Bank Head, Capital Markets Unit, Private Sector Group 6, ADB Avenue Asian Development Bank Mandaluyong City 6, ADB Avenue 0401 Metro Manila Mandaluyong City Philippines 0401 Metro Manila Philippines

Mr. Raj Chhikara Prof. Toru Yanagihara Senior Capacity Building Specialist Special Advisor to the Dean for Research Asian Development Bank Institute Asian Development Bank Institute Kasumigaseki Bldg. 8F 2-5, Kasumigaseki, 3-chome 3-2-5, Kasumigaseki 3-Chome Chiyoda-ku Chiyoda-ku 100-6008 Tokyo 100-6008 Tokyo Japan Japan Mr. Masaru Yoshitomi Mr. Sang-Woo Nam Dean Senior Research Fellow Asian Development Bank Institute ADB Institute 8F Kasumigaseki Building 8F 2-5, Kasumigaseki 3-chome 2-5, Kasumigaseki 3-chome Chiyoda-ku, 100-6008 Tokyo 100-6008 Tokyo Japan Japan

Mr. George Pickering Chief Representative, Representative Office for Asia and the Pacific Bank for International Settlements (BIS) 8/f Citibank Tower 3, Garden Road, Central Hong Kong Hong Kong, China

100

Mr. John Callebaud Senior Program Officer, Asia Center for International Private Enterprise (CIPE) 1155, 15th Street NW, Suite 700 Washington D.C. 20005

Mr. Michael Gillibrand Ms. Elizabeth Lange Director and Special Adviser, Management and 45, Woodfield Avenue Training Services Division Fullarton, SA 5063 Commonwealth Secretariat Australia Marlborough House Pall Mall SW1Y 5HX London United Kingdom

Dr. Ranee Jayamaha Special Adviser (Economic), Economic and Legal Advisory Services Division Commonwealth Secretariat Marlborough House Pall Mall SW1Y 5HX London United Kingdom

Mr. Jules Muis Formely at the World Bank Director General, Internal Audit European Commission IAS B-1049 Bruxelles

Mr. Tsuguoki Fujinuma Partner International Federation of Accountants (IFAC) C/o Ernst & Young Hibiya Kokusai Bldg 2-2-3 Uchisaiwai-cho Chiyoda-kyu 100-0011 Tokyo Japan

Mr. Vipul Prakash Regional Manager, South Asia International Finance Corporation (IFC) 11 F Tower One Ayala Triangle Ayala Avenue 1200 Makati City Philippines

Mr. Ross Leckow Mr. Herbert Morais Senior Counsel, Legal Department Senior Policy Advisor International Monetary Fund (IMF) Dewey Ballantine LLP, Washington 700, 19th Street, N.W. 1775, Pennsylvania Avenue, NW 20431 Washington 20006-4605 Washington United States United States

101

Mr. Brian Gelfand Director Derivatives Institute, Montréal Exchange Stock Exchange Tower P.O. Box 61800, Victoria Square Montreal Canada

Ms. Alyssa Machold Ms. Anne Simpson Project Development Consultant Senior Manager Global Corporate Governance Forum Global Corporate Governance Forum 1818, H Street, NW c/o The World Bank Group Washington D.C. 20433 1818, H Street NW United States 20433 Washington United States

Mr. Shoji Nishimoto Formerly at the ADB Assistant Administrator and Director Bureau for Development Policy UNDP 1, UN Plaza New York United States

Ms. Nadereh Chamlou Mr. William Mako Sr. Analyst, Corporarate Restructuring, Private Sector Development Department Mr. Gary Fine World Bank PSDEN 1818, H Street NW World Bank 20433 Washington D.C. 1818, H Street NW United States 20433 Washington United States Mr. Behdad Nowroozi Senior Financial Management Specialist, East Asia & Mr. Olivier Frémond Pacific Region, EAPCO Program Manager, Corporate Governance Unit, Private World Bank Sector Advisory Services 1818, H Street NW The World Bank Group Washington D.C. 20433 1818, H Street NW United States Room I9-025 Washington D.C. 20433 Mr. Djordjija Petkoski United States Principal Enterprise Restructuring Specialist World Bank Mr. Magdi Iskander 1818, H Street, N.W. Director, Private Sector Development 20433 Washington World Bank United States 1818, H Street NW 20433 Washington Ms. Christine Wallich United States Formely at the ADB Responsible for strategic issues and operational policies Ms. Cally Jordan World Bank Formerly at the ADB Rm MC10-545 Legal Reform and Private Sector Group 1818, H Street, NW World Bank 20433 Washington 1818, H Street NW United States United States

Mr. R. Shyam Khemani Mr. Chunlin Zhang Advisor Senior Enterprise Restructuring Specialist Competition Policy- Private Sector Advisory Services World Bank Dept. 9th Floor, Bldg. A, Fuhua Mansion World Bank N° 8 Chaoyangmen Beidajie - Dongcheng District 1818, H Street NW, 20433 Washington 100027 Beijing United States China

102

Mr. Michael Klein Acting Vice President, Private Sector Development and Infrastructure Director, Private Sector Advisory Services World Bank 1818, H Street NW Room 19033 20433 Washington D.C. United States

Mr. Yoon Mo Director International Affairs Korean Confederation of Trade Unions 5th Daeyoung Building 139, Youngdeungpo 2ga Youngdeungpo-ku Seoul Korea

Ms. Marie-Christine du Bouëtiez de Mr. Masaaki Kaizuka Kerorguen Principal Administrator Budget and Project Coordinator OECD OECD DIRECTORATE FOR FINANCIAL, FISCAL, AND DIRECTORATE FOR FINANCIAL, FISCAL, AND ENTERPRISE AFFAIRS ENTERPRISE AFFAIRS 2, rue André Pascal Corporate Affairs Division F-75016 Paris 2, rue André Pascal F-75016 Paris Mr. Seiichi Kondo Deputy Secretary-General General Secretariat Ms. Manuela Caruso OECD Former Administrator at the Corporate Affairs of the 2, rue André Pascal OECD F-75016 Paris Legal Department IEA 9, rue de la Fédération Mr. Takahiro Yasui 75739 Paris cedex 15 Former Principal Administrator at the OECD

Mrs. Helen Fisher Mr. Robert Zafft Press Manager Senior Corporate Governance Specialist OECD OECD PUBLIC AFFAIRS AND COMMUNICATIONS DIRECTORATE FOR FINANCIAL, FISCAL, AND DIRECTORATE ENTERPRISE AFFAIRS 2, rue André Pascal Corporate Affairs Division F-75016 Paris 2, rue André Pascal F-75016 Paris Mr. Richard Frederick Former Principal Administrator at the Corporate Mr. André von Walter Affairs Division of the OECD Former Consultant at the Corporate Affairs Division of the OECD

Mr. Mats Isaksson Mr. William Witherell Head of the Corporate Affairs Division Director, Directorate for Financial, Fiscal and OECD Enterprise Affairs (DAFFE) DIRECTORATE FOR FINANCIAL, FISCAL, AND OECD ENTERPRISE AFFAIRS 2, rue André-Pascal 2, rue André Pascal F-75775 Paris Cedex 16 F-75016 Paris

103

ÃÃUXHÃ$QGUp3DVFDOÃÃ3$5,6Ã&('(;ÃÃ

(Ãà à à ±Ã1RÃ

104