tailieunhanh - A Practical Guide to Information Systems Strategic Planning Second Edition_4

Tham khảo tài liệu 'a practical guide to information systems strategic planning second edition_4', kinh doanh - tiếp thị, quản trị kinh doanh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | The role of the shareholder take stakes and can engage very effectively with the management. Some of them recognise too that corporate governance is connected to value. Thus one hedge fund Knight Vinke Asset Management played an important role in helping Shell restructure in the wake of its reserves scandal and benefited as a result from the return of a governance premium once the restructuring was complete. The influence is thus not all negative but companies sometimes say they are confused about who to talk to and the way in which some investors hold their stakes through derivatives such as contracts for difference means companies may not be sure exactly who owns them. In these circumstances there is clearly an advantage in maintaining a good relationship with known long-term holders who will provide a form of anchor. Another factor is the influence of the bond markets in which investment has grown substantially particularly at critical moments in a company s history. Shareholders have ultimately for example had very little say in the affairs of a debt-ridden company such as Eurotunnel. In short just as the traditional institutions have begun to get better at exercising the responsibilities of ownership their influence is diminishing as a result of changing market structures. Finding a way of ensuring that shareholders can continue to exert a positive influence on companies in these new circumstances is the biggest challenge of all. 99 6_ The role of the regulator sir BRYAN NICHOLSON Introduction In this chapter I will briefly explain the rationale for the market-based approach to promoting good governance and why I believe the comply-or-explain approach to be the most effective means of achieving this objective before going on to set out what I see as the proper role for the regulator and governments in encouraging the uptake of good practice. I will then illustrate how this role works in practice using two examples from my period as chairman of the Financial