Change Management - Is Corporate Culture Important?

A Lighthouse Warning

In 2002, President Bush proposed revolutionary reform to US corporate governance legislation with the Sarbanes-Oxley Act, as a result of a succession of US scandals. In Hong Kong, there has been a call for administration of the HK Ex Listing Rules to be transferred to the SFC and to give the rules statutory backing, so that offenders can be fined rather than just reprimanded. The transfer would remove the conflict of interest that HK Ex faces between being a for-profit company and a regulator. It is clear to the international community that new steps need to be taken to safeguard shareholders’ and other stakeholders’ interests for the wellbeing of local and international economies. However, while governments play a central role in shaping the legal, institutional and regulatory climate within which individual corporate governance systems are developed, the approach of any organisation to corporate governance will be largely a function of its own corporate