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Julia Mart. Conference Management. View Bio. The Asian Corporate Governance Association (ACGA) is an independent, non-profit membership organisation dedicated to working with investors, companies and regulators in the implementation of effective corporate governance practices throughout Asia...
2022年3月17日 · 2022-03-17. We are delighted to share the news that ACGA Secretary General Jamie Allen is this year's recipient of the Market Reform Award from IFLR Asia-Pacific. Jamie is being recognised for his work in developing market frameworks to improve the investment landscape.
by Jamie Allen, ACGA. Back. 5 May 2023. The financial services regulator has put down a marker for a more ambitious suite of CG reforms in Japan in coming years. ACGA’s Secretary General Jamie Allen offers initial reactions. Loyal readers of CG Watch will know that certain issues have been a deadweight on Japan’s score for many years.
ASIAN CORPORATE GOVERNANCE ASSOCIATION. PLENARY 1: “CG REFORM IN ASIA: THE NEXT 10 YEARS” JAMIE ALLEN, SECRETARY GENERAL, ACGA “ASIAN BUSINESS DIALOGUE ON CORPORATE GOVERNANCE 2022” THURSDAY, 10 NOVEMBER 2022, 116 PALL MALL, LONDON. Agenda. Flashbacks. The next 10 years: What won’t change or improve (much)
- Introduction: Bridging The Gap
- Turning Point
- ACGA Survey—The Big Picture
- Challenges—Foreign Institutional Investors
- Common Threads
- Empathy For Companies
- Brave New World of Stewardship
- Challenges—China Listed Companies
The story of modern corporate governance in China is closely connected to the rapid evolution of its capital markets following the opening to the outside world in 1978. The 1980s brought the first issuance of shares by state-owned enterprises (SOEs) and a lively over-the-counter market. National stock markets were relaunched in Shanghai and Shenzhe...
China thus appears at a new turning point in its market development and application of corporate governance principles. While it is difficult to predict how this process will unfurl, we believe three broad developments would be beneficial: 1. That unlisted and listed companies in China see corporate governance and ESG not merely as a compliance req...
Are you optimistic?
The good news from our survey is that a sizeable proportion of both foreign investors (38% of respondents) and China listed companies (52%) are optimistic about the investment potential of the A share market over the next five to 10 years, as Figure 1.1 below shows. Only 21% of foreign investors are negative, while the remainder are neutral. Not surprisingly, only 15% of China respondents were negative, while almost one-third were neutral.
Do you agree with MSCI?
The picture diverges on the issue of whether MSCI was right to include A shares in its Emerging Markets Index in 2018: only 27% of foreign respondents agreed compared to 65% of Chinese respondents, as Figure 1.2, below, shows. Almost half the foreign respondents did not agree compared to a mere 12% for Chinese respondents. A similar proportion was neutral in both surveys.
The investment process
Foreign investors face a range of challenges investing in China, the first of which is understanding the companies in which they invest. As Figure 1.3 below indicates, foreign investors do not rely solely on information provided by companies when making investment decisions, but utilise a range of additional sources. It appears that listed companies are not aware of this issue.
Company engagement
Globally, institutional investors seek to enter into dialogue with their investee companies. It is no different in China, as shown in Figure 1.4. But the process is not easy. And successful outcomes are fairly thin on the ground to date.
Respondents gave a range of answers as to why the process of engagement was difficult and successful outcomes limited, but some common threads were discernible: 1. Language and communication: In addition to straightforward linguistic difficulties (ie, companies not speaking English, investors not speaking Chinese), the communication problem is some...
Conversely, a few respondents expressed empathy for the position of companies. As one wrote: “There also appears to be an under appreciation by international investors of the differences in culture, political context, and the path and stage of economic development between China and the rest of the world. Any attempt at influencing changes without a...
Yet most investors still find engaging with companies a challenge. A further reason may be that China is one of only three major markets in Asia-Pacific that has not yet issued an “investor stewardship code”. Such codes push institutional investors to take CG and ESG more seriously, incorporate these concepts into their investment process, and help...
Some additional factors clearly play on the willingness of companies to take CG and ESG seriously, as Figures 1.8 and 1.9 below show.
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ACGA. Mr. Allen is the founding Secretary General of the Asian Corporate Governance Association (ACGA). He is a published author and has more than 28 years’ experience as a writer, editor and analyst covering Asian business, finance and economics from Hong Kong. Prior to the establishment of ACGA in mid-1999, Mr. Allen acted as a consultant ...
2023年12月13日 · Jamie Allen Secretary General, ACGA jamie@acga-asia.org +852 2160 1789 Seungjoo Ro Head of Sustain Asia Research, CLSA seungjoo.ro@clsa.com +852 2600 7587 LSA and L Securities Taiwan o., Ltd. ( > LST ?) do and seek to do business with
