The Labyrinth of International Governance Codes: The Quest for Harmonization

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avondale-bepress-to-dspace.facultyBusiness
avondale-bepress-to-dspace.peer_review_statusPeer reviewed before publication
avondale-bepress.abstract<p>The background to this research is based on the considerable debate as to whether there will ever be one international currency, one “business” language spoken or one set of accounting standards applicable to all businesses listed in various countries stock exchanges. Governance principles are no different! Is it possible to create one set of rules or principles to guide all businesses across borders? This research compares the governance standards and regimes across the globe, from China, to the Nordic region (Sweden, Norway, Denmark, Iceland & Finland), Europe, Asia-Pacific (New Zealand, Australia) and the United States of America. Using archival data, governance codes from around the world are compared and contrasted. The findings show that across borders governance codes are very similar, with the opportunity to create a Global Governance Standard (GGS), applicable to any business in any country. The Global Governance Standard (GGS) is a one-size-fits-all regime applicable to businesses listing on stock exchanges. The GGS is not unlike the harmonisation of accounting standards. The “one-size-fits-all” GGS could potentially apply to any large business, listed on any stock exchange, creating efficiencies and ease of comparison for potential stakeholders interested in businesses. The “BOARDSS” model can be used by listed companies, in order to satisfy corporate governance codes from across the globe. Board: to ensure the board are selected carefully. Open: The make sure that the board is transparent and accountable. Auditor Independence: ensure accounts are audited by an independent auditor. Remuneration: the CEO and executive staff are reviewed, and supported by a smaller remuneration committee. Directors are selected for their ability to “add-value” to the strategic direction of the company, and the support of the CEO. Directors’ performance should be reviewed annually. Reducing the labyrinth of governance codes to just one GGS would create a uniform approach to governance, supported by government and stock exchanges around the world. A GGS would be the final evolution in the notion of governance since the codes of conduct of Hammurabi of 1800 BC. Let the borders be gone, and the Global Governance Standard (GGS) left standing as the final chapter in governance evolution.</p>
avondale-bepress.articleid1011
avondale-bepress.authorsErin Poulton
avondale-bepress.authorsLisa Barnes
avondale-bepress.authorsFrank Clarke
avondale-bepress.context-key10341156
avondale-bepress.coverpage-urlhttps://research.avondale.edu.au/bit_papers/11
avondale-bepress.document-typearticle
avondale-bepress.field.author_faculty_disciplineBusiness
avondale-bepress.field.comments<p>Used by permission: <a href="https://muse.jhu.edu/journal/258">Journal of Developing Areas</a> and the author.</p> <p>Staff and Students of Avondale College may access this article via a PRIMO search <a href="http://www.avondale.edu.au/library/">here.</a></p>
avondale-bepress.field.custom_citation<p>Poulton, E., Barnes, L., & Clarke, F. (2017). The labyrinth of international governance codes: The quest for harmonization. <em>The Journal of Developing Areas, 51</em>(3), 425-435. doi:10.1353/jda.2017.0082</p>
avondale-bepress.field.doihttps://doi.org/10.1353/jda.2017.0082
avondale-bepress.field.embargo_date2017-06-22T00:00:00Z
avondale-bepress.field.field_of_education08 Management and Commerce
avondale-bepress.field.for150303 Corporate Governance and Stakeholder Engagement
avondale-bepress.field.issn1548-2278
avondale-bepress.field.issue_number3
avondale-bepress.field.journalThe Journal of Developing Areas
avondale-bepress.field.page_numbers425-435
avondale-bepress.field.peer_reviewBefore publication
avondale-bepress.field.publication_date2017-07-01T00:00:00Z
avondale-bepress.field.reportable_itemsC1
avondale-bepress.field.source_fulltext_urlhttp://dx.doi.org/10.1353/jda.2017.0082
avondale-bepress.field.source_publication<p>This article was originally published as:</p> <p>Poulton, E., Barnes, L., & Clarke, F. (2017). The labyrinth of international governance codes: The quest for harmonization. <em>The Journal of Developing Areas, 51</em>(3), 425-435. doi:10.1353/jda.2017.0082</p> <p>ISSN: 0022-037X</p>
avondale-bepress.field.staff_classificationPermanent
avondale-bepress.field.volume_number51
avondale-bepress.fulltext-urlhttps://research.avondale.edu.au/cgi/viewcontent.cgi?article=1011&amp;context=bit_papers&amp;unstamped=1
avondale-bepress.keywordsGlobal Governance Standards
avondale-bepress.keywordsBOARDSS Model
avondale-bepress.keywordsCorporate Governance
avondale-bepress.label11
avondale-bepress.publication-date2017-07-01T00:00:00Z
avondale-bepress.publication-titleBusiness Papers and Journal Articles
avondale-bepress.statepublished
avondale-bepress.submission-date2017-06-22T21:26:25Z
avondale-bepress.submission-pathbit_papers/11
avondale-bepress.titleThe Labyrinth of International Governance Codes: The Quest for Harmonization
avondale-bepress.typearticle
dc.contributor.authorClarke, Frank
dc.contributor.authorBarnes, Lisa
dc.contributor.authorPoulton, Erin
dc.date.accessioned2023-11-01T00:25:03Z
dc.date.available2023-11-01T00:25:03Z
dc.date.issued2017-07-01
dc.date.submitted2017-06-22T21:26:25Z
dc.description.abstract<p>The background to this research is based on the considerable debate as to whether there will ever be one international currency, one “business” language spoken or one set of accounting standards applicable to all businesses listed in various countries stock exchanges. Governance principles are no different! Is it possible to create one set of rules or principles to guide all businesses across borders? This research compares the governance standards and regimes across the globe, from China, to the Nordic region (Sweden, Norway, Denmark, Iceland & Finland), Europe, Asia-Pacific (New Zealand, Australia) and the United States of America. Using archival data, governance codes from around the world are compared and contrasted. The findings show that across borders governance codes are very similar, with the opportunity to create a Global Governance Standard (GGS), applicable to any business in any country. The Global Governance Standard (GGS) is a one-size-fits-all regime applicable to businesses listing on stock exchanges. The GGS is not unlike the harmonisation of accounting standards. The “one-size-fits-all” GGS could potentially apply to any large business, listed on any stock exchange, creating efficiencies and ease of comparison for potential stakeholders interested in businesses. The “BOARDSS” model can be used by listed companies, in order to satisfy corporate governance codes from across the globe. Board: to ensure the board are selected carefully. Open: The make sure that the board is transparent and accountable. Auditor Independence: ensure accounts are audited by an independent auditor. Remuneration: the CEO and executive staff are reviewed, and supported by a smaller remuneration committee. Directors are selected for their ability to “add-value” to the strategic direction of the company, and the support of the CEO. Directors’ performance should be reviewed annually. Reducing the labyrinth of governance codes to just one GGS would create a uniform approach to governance, supported by government and stock exchanges around the world. A GGS would be the final evolution in the notion of governance since the codes of conduct of Hammurabi of 1800 BC. Let the borders be gone, and the Global Governance Standard (GGS) left standing as the final chapter in governance evolution.</p>
dc.description.versionBefore publication
dc.identifier.citation<p>Poulton, E., Barnes, L., & Clarke, F. (2017). The labyrinth of international governance codes: The quest for harmonization. <em>The Journal of Developing Areas, 51</em>(3), 425-435. doi:10.1353/jda.2017.0082</p>
dc.identifier.doihttps://doi.org/10.1353/jda.2017.0082
dc.identifier.issn1548-2278
dc.identifier.urihttps://research.avondale.edu.au/handle/123456789/10341156
dc.language.isoen_us
dc.provenance<p>This article was originally published as:</p> <p>Poulton, E., Barnes, L., & Clarke, F. (2017). The labyrinth of international governance codes: The quest for harmonization. <em>The Journal of Developing Areas, 51</em>(3), 425-435. doi:10.1353/jda.2017.0082</p> <p>ISSN: 0022-037X</p>
dc.rights<p>Used by permission: <a href="https://muse.jhu.edu/journal/258">Journal of Developing Areas</a> and the author.</p> <p>Staff and Students of Avondale College may access this article via a PRIMO search <a href="http://www.avondale.edu.au/library/">here.</a></p>
dc.subjectGlobal Governance Standards
dc.subjectBOARDSS Model
dc.subjectCorporate Governance
dc.titleThe Labyrinth of International Governance Codes: The Quest for Harmonization
dc.typeJournal Article
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