Institute of International Finance's Equity Advisory Group Releases Report
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Washington, DC, March 30, 2006 — China is seeking to move forward with corporate governance reforms and on January 1, 2006 it introduced new Company and Securities laws. These actions are taking place at a time, however, when current corporate governance practices in China still lag behind many emerging market countries, according to a report by the Institute of International Finance (IIF).
Dr. Josef Ackermann, Chairman of the IIF's Board of Directors and Chairman of the Group Executive Committee of Deutsche Bank AG, stated at a press conference in Zurich at the IIF's Spring Membership Meeting that, "China's authorities have made good progress in improving the quality of China's financial markets by undertaking reforms in both the banking sector and equity markets. Over the last two years China's authorities have made their awareness increasingly clear that investor confidence is tied to high standards of corporate governance and that this is a prerequisite for developing capital markets. We welcome the recent measures that have been taken, which represents an important step forward. The challenge now is to build on these measures to extend better governance practices throughout the corporate sector."
See full Press Release.
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