asia: overview of corporate governance frameworks …
TRANSCRIPT
ASIA: OVERVIEW OF CORPORATE
GOVERNANCE FRAMEWORKS IN
2007
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
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Member countries, while maintaining financial stability, and thus to contribute to the development of the
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to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance
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16, France.
ASIA: OVERVIEW OF CORPORATE GOVERNANCE FRAMEWORKS IN 2007© OECD 2006
Foreword
In 2003, the Asian Roundtable on Corporate Governance1 issued a White Paper on
Corporate Governance in Asia. In the White Paper, senior policy makers, regulators,
business leaders and other experts from the region agreed on a set of common policy
objectives and a concrete agenda for reform. Their conclusions were based on
experiences from the Asian financial crisis in 1997, the international debate on corporate
governance and the standards that are established in the OECD Principles of Corporate
Governance.
This comparative table is an up-date of an annex to the 2003 White Paper and
contains a comparative overview of the corporate governance frameworks in 13 Asian
economies. Reflecting recent corporate governance developments around the world and
the revision of the OECD Principles in 2004, this updated table has been extended to
include some additional information that we believe is important for evaluating progress.
These new items are shown in italic fonts.
This table is primarily based on information provided by experts in the respective
economies and has been verified and complemented by additional information from other
sources. The information in the table is valid as of December 2006. The main chapters,
I-VI, of the table correspond to the six chapters of the OECD Principles. The reader
should note that the details and nuances of the frameworks, which are necessary for fully
understanding national corporate governance practices, are not necessarily captured by
the table. The information in the table is intended to guide further efforts by public and
private sectors to improve corporate governance and is not intended to rate or rank
corporate governance frameworks across economies.
The table was completed with the support of policy makers and experts in Asian
Roundtable economies who filled out a questionnaire. The names of the respondents to
the questionnaire are provided in the end of this publication. We are most appreciative of
their time, commitment and efforts to ensure that information contained in this table is
up-to-date and accurate, to the best of their knowledge. We are extremely grateful to
them and to all those who have contributed, directly or in a team effort.
1. The Asian Roundtable was established in 1999 and serves as a high-level regional forum for a structured policy
dialogue on corporate governance. It also provides participants with direct access to the work of the OECD and to
developments in other parts of the world. The Roundtable economies include Bangladesh, China, Hong Kong, India,
Indonesia, Korea, Malaysia, Pakistan, the Philippines, Singapore, Chinese Taipei, Thailand and Viet Nam.
ASIA: OVERVIEW OF CORPORATE GOVERNANCE FRAMEWORKS IN 2007© OECD 2006
Table of Contents
I. Ensuring the Basis for an Effective Corporate Governance Framework ……………………................... 1
I-1 Laws, Regulations and Rules on Corporate Governance ………………………………………… 1
I-2 Major Organisations that Promote "Improvement of Corporate Governance" ….……………….. 2
II./III. Shareholders' Rights and Equitable Treatment ……………………………………………………………. 4
II-1 Shareholder Information …………………………………………………………………………. 4
II-2 Shareholders’ Participation ………………………………………………………………………. 4
II-3 Share in the Profits of Corporation ………………………………………………………………. 9
II-4 Corporate Control ………………………………………………………………………………… 10
II-5 Shareholders’ Redress …………………………………………………………………………..... 12
II-6 Insider Trading …………………………………………………………………………………… 13
II-7 Related Party Transactions ……………………………………………………………………….. 14
IV. The Role of Stakeholders in Corporate Governance ……………………………………………………… 15
IV-1 Employees' Rights ………………………………………………………………………………... 15
IV-2 Creditors' Rights ………………………………………………………………………………….. 16
V. Disclosure and Transparency ………………………………………………………………………………. 17
V-1 Consolidated Financial Reporting ………………………………………………………………. 17
V-2 Non-Financial Information ……………………………………………………………………..... 17
V-3 Audit/Accounting ………………………………………………………………………………… 17
V-4 Intermediaries …………………………………………………………………………………..... 19
V-5 Reporting Requirements …………………………………………………………………………. 20
VI. The Responsibilities of the Board ………………………………………………………………………… 22
VI-1 Members of the Board ……………………………………………………………………………. 22
VI-2 Powers of the Board ……………………………………………………………………………… 25
VI-3 Board Committees ………………………………………………………………………………... 26
VI-4 Directors' Qualifications ………………………………………………………………………….. 26
VI-5 Independent Directors ……………………………………………………………………………. 27
VI-6 Directors' Liabilities ……………………………………………………………………………… 28
VI-7 Remuneration of Board Members ………………………………………………………………... 29
VI-8 Self-Dealing Transactions ……………………………………………………………………....... 30
Contact Information ……………………………………………………………………………………………………. 33
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Ch
. T
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Th
ail
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am
The C
om
panie
s
Act,
1994
The C
om
pany A
ct
(htt
p:/
/ww
w.n
mgla
wyer.
com
/Art
icle
/9
13.h
tml)
Main
Board
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ting
Rule
s
(htt
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om
.hk/r
ule
/lis
trule
s
/lis
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s.h
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The C
om
panie
s
Act,
1956
Corp
ora
te L
aw
No.1
(1995)
(ww
w.indonesia
.g
o.id)
Com
panie
s A
ct
of
1965
(ww
w.k
pdnhep.g
o
v.m
y)
The C
ode o
f
Corp
ora
te
Govern
ance
(ww
w.s
ecp.g
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k
)
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orp
ora
te
Code
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f C
orp
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ance
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orp
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)
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om
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aw
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aw
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aw
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India
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ark
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Law
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(ww
w.b
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g a
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l
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ct
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f
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ode
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orp
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ance (
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ncip
les o
f
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aw
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ment
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e
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te o
f
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pany
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tary
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1980
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The S
EC
Regula
tions
(ww
w.b
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.g
o.id)
Securi
ties
Com
mis
sio
n A
ct
1993
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om
.my)
Genera
l B
ankin
g
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of
2000
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The R
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(ww
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o.k
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ess
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aw
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om
.tw
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WD
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Best
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ctices
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elines f
or
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om
mitte
e
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aw
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ties I
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(ww
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.my)
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r's
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/499a5.p
df)
Bankin
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ancia
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aw
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ula
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les o
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FR
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ment
Bangla
desh B
ank
(Centr
al B
ank)
Chin
a S
ecuri
ties
Regula
tory
Com
mis
sio
n
(CS
RC
)
The S
ecuri
ties a
nd
Futu
res
Com
mis
sio
n
Securi
ties a
nd
Exchange B
oard
of
India
(S
EB
I)
Jakart
a S
tock
Exchange (
JS
X)
&
Sura
baya S
tock
Exchange
The C
entr
al B
ank
Sto
ck E
xchange
The B
angko
Sentr
al ng
Pilip
inas (
BS
P)
Council o
f
Corp
ora
te
Dis
clo
sure
and
Govern
ance
(CC
DG
)
Fin
ancia
l
Superv
isory
Com
mis
sio
n (
FS
C)
Min
istr
y o
f
Econom
ic A
ffair
s
The M
inis
try o
f
Com
merc
e (
MO
C)
Min
istr
y o
f F
inance
The R
egis
trar
of
Join
t S
tock
Com
panie
s a
nd
Fir
ms
Sta
ted-o
wned
Assets
Superv
isio
n
and A
dm
inis
tration
Com
mis
sio
n
(SA
SA
C)
Reserv
e B
ank o
f
India
(R
BI)
Bank o
f In
donesia
(The C
entr
al B
ank
of
Indonesia
)
Com
panie
s
Com
mis
sio
n o
f
Mala
ysia
Institu
te o
f
Chart
ere
d
Accounta
nt
Pakis
tan
Philip
pin
e S
tock
Exchange (
PS
E)
Accounting a
d
Corp
ora
te
Regula
tory
Auth
ori
ty (
AC
RA
)
Fin
ancia
l
Superv
isory
Serv
ice (
FS
S)
Council f
or
Econom
ic
Pla
nnin
g a
nd
Develo
pm
ent
The S
ecuri
ties a
nd
Exchange
Com
mis
sio
n
(SE
C)
Min
istr
y o
f
Pla
nnin
g a
nd
Investm
ent
The C
hie
f
Contr
oller
of
Insura
nce
Depart
ment
of
Public E
nte
rpri
se
Min
iste
r of
Sta
te
Ow
ners
hip
Ente
rpri
ses
Burs
a M
ala
ysia
Berh
ad
Pakis
tan I
nstitu
te
of
Corp
ora
te
Govern
ance
Institu
te o
f
Corp
ora
te
Dir
ecto
rs
Fair
Tra
de
Com
mis
sio
n (
FT
C)
Taiw
an S
tock
Exchange
Corp
ora
tion
The S
tock
Exchange o
f
Thailand (
SE
T)
Sta
te B
ank
Institu
te o
f
Com
pany
Secre
tari
es o
f
India
Royal M
ala
ysia
n
Police
Sta
te B
ank o
f
Pakis
tan
Kore
a E
xchange
(KR
X)
The B
ank o
f
Thailand (
BO
T)
India
n C
hart
ere
d
Accounta
nts
Institu
te
Anti-C
orr
uption
Agency
The F
edera
tion o
f
Accounting
Pro
fessio
ns (
FA
P)
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
National
Foundation o
f
Corp
ora
te
Govern
ance
(ww
w.n
fcgin
dia
.org
)
National
Com
mitte
e f
or
Govern
ance P
olicy
(KN
KG
)
Securi
ties
Com
mis
sio
n;
Mala
ysia
n I
nstitu
te
of
Inte
gri
ty
Securi
ties &
Exchange
Com
mis
sio
n o
f
Pakis
tan
Securi
ties &
Exchange
Com
mis
sio
n
The C
ouncil o
f
Corp
ora
te
Dis
clo
sure
and
Govern
ance
(CC
DG
), u
nder
the
auspic
es o
f th
e
Min
istr
y o
f F
inance
(MO
F)
Securi
ties P
olicy
Div
isio
n,
Fin
ancia
l
Policy B
ure
au,
MO
FE
Taskfo
rce f
or
Refo
rmin
g
Corp
ora
te
Govern
ance
The N
ational
Corp
ora
te
Govern
ance
Com
mitte
e
(NC
GC
)-
esta
blished in
2002
No
No
No
No
No
Yes
No
No
No
No
Yes
Yes
Yes
Com
merc
ial
Div
isio
n o
f th
e
Hig
h C
ourt
;
Sessio
ns C
ourt
Bankru
ptc
y C
ourt
Econom
ic C
ourt
s
I-1.2
Th
e e
xis
ten
ce o
f a 'C
orp
ora
te G
overn
an
ce C
od
e' th
at
was e
nd
ors
ed
by t
he g
overn
men
t o
r sto
ck e
xch
an
ge
I-2.1
Po
licy m
akin
g, re
gu
lati
ng
, su
perv
isin
g, an
d e
nfo
rcin
g a
uth
ori
ties
I-2.2
Th
e e
xis
ten
ce o
f an
ag
en
cy o
r ad
-ho
c e
nti
ty t
hat
co
ord
inate
s C
orp
ora
te G
overn
an
ce p
olicie
s w
ith
in g
overn
men
t
I-2.3
Th
e e
xis
ten
ce o
f 'S
pecia
l C
ou
rts' to
lit
igate
or
ch
allen
ge m
att
ers
rela
ted
to
Co
rpo
rate
Go
vern
an
ce
I-2. M
ajo
r O
rgan
izati
on
s T
hat
Pro
mo
te 'Im
pro
vem
en
t o
f C
orp
ora
te G
overn
an
ce'
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Yes
No
No
No
No
No
Yes
No
No
No
Yes
No
Yes
If
yes,
nam
e o
f th
ose
entities
Securi
ties &
Exchange
Com
mis
sio
n
Securi
ties &
Exchange
Com
mis
sio
n o
f
Pakis
tan
1.S
ecuri
ties &
Futu
res I
nvesto
rs
Pro
tection C
ente
r
2.T
he A
rbitra
tion
Associa
tion o
f th
e
RO
C
Sta
te B
ank;
Min
istr
y o
f
Fin
ance;
Min
istr
y
of
Pla
nnin
g &
Investm
ent
Bangla
desh
Ente
rpri
se I
nstitu
te
(ww
w.b
ei-
bd.o
rg)
Shanghai S
tock
Exchange
The H
ong K
ong
Institu
te o
f
Dir
ecto
rs (
HK
IoD
)
Confe
dera
tion o
f
India
n I
ndustr
y
Indonesia
n
Institu
te f
or
Corp
ora
te
Dir
ecto
rship
(II
CD
)
Mala
ysia
n I
nstitu
te
of
Inte
gri
ty (
IIM
)
Pakis
tan I
nstitu
te
of
Corp
ora
te
Govern
ance
Institu
te o
f
Corp
ora
te
Dir
ecto
rs
Council o
f
Corp
ora
te
Dis
clo
sure
and
Govern
ance
Kore
a C
orp
ora
te
Govern
ance
Serv
ice (
KC
GS
)
Securi
ties &
Futu
res I
nvesto
rs
Pro
tection C
ente
r
The T
hai In
stitu
te
of
Dir
ecto
rs (
IOD
)
Centr
e f
or
Corp
ora
te
Govern
ance o
f
Dhaka U
niv
.
Shenzhen S
tock
Exchange
The A
sia
n
Corp
ora
te
Govern
ance
Associa
tion
(AC
GA
)
Associa
ted
Cham
bers
of
Com
merc
e a
nd
Industr
y o
f In
dia
(ww
w.a
ssocham
.or
g)
Foru
m f
or
Corp
ora
te
Govern
ance
(FC
GI)
Mala
ysia
n I
nstitu
te
of
Corp
ora
te
Govern
ance
(MIC
G)
Securi
ties &
Exchange
Com
mis
sio
n
Sin
gapore
Institu
te
of
Dir
ecto
rs
Cente
r fo
r G
ood
Corp
ora
te
Govern
ance
(CG
CG
)
Securi
ties a
nd
Futu
res I
nstitu
te
The L
iste
d
Com
panie
s
Associa
tion (
LC
A)
The H
ong K
ong
Institu
te o
f
Cert
ifie
d P
ublic
Accounta
nts
(HK
ICP
A)
Indonesia
n
Independent
Com
mis
sio
ners
Associa
tion
(IS
ICO
M)
Min
ori
ty
Share
hold
er
Watc
hdog G
roup
(MS
WG
)
Institu
te o
f
Chart
ere
d
Accounta
nts
Pakis
tan
National U
niv
ers
ity
of
Sin
gapore
Corp
ora
te
Govern
ance a
nd
Fin
ancia
l
Report
ing C
ente
r
Asia
n I
nstitu
te o
f
Corp
ora
te
Govern
ance
Corp
ora
te
Govern
ance
Associa
tion
The T
hai In
vesto
rs
Associa
tion (
TIA
)
The H
ong K
ong
Institu
te o
f
Chart
ere
d
Secre
tari
es
(HK
ICS
)
Capital M
ark
et
and
Fin
ancia
l S
erv
ice
Superv
isory
Agency
Mala
ysia
n I
nstitu
te
of
Dir
ecto
rs (
MID
)
Institu
te o
f C
ost
&
Managem
ent
Accounta
nts
Pakis
tan
Securi
ties
Investo
rs
Associa
tion o
f
Sin
gapore
Hills
Govern
ance
Cente
r
The I
nstitu
tion o
f
Inte
rnational
Auditors
The A
ssocia
tion o
f
Securi
ties
Com
panie
s
(AS
CO
)
Federa
tion o
f
Public L
iste
d
Com
panie
s
(FP
LC
)
Accounting
Researc
h a
nd
Develo
pm
ent
Foundation
The A
ssocia
tion o
f
Investm
ent
Managem
ent
Com
panie
s (
AIM
C)
The T
hai B
ankers
'
Associa
tion
I-2.4
Th
e e
xis
ten
ce o
f a b
od
y t
hat
is e
mp
ow
ere
d t
o m
itig
ate
or
arb
itra
te d
isp
ute
s m
att
ers
rela
ted
to
Co
rpo
rate
Go
vern
an
ce
I-2.5
No
n-p
rofi
t in
sti
tuti
on
s t
hat
pro
mo
te b
ett
er
Co
rpo
rate
Go
vern
an
ce p
racti
ces
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
3
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
4
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Annual re
port
sY
es
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(b)
Quart
erl
y f
inancia
l
sta
tem
ents
No
Yes
Yes*
Yes
Yes
Yes
Yes
No
Yes*
Yes
Yes
Yes
Yes
* C
om
panie
s lis
ted
on t
he G
EM
Board
are
requir
ed t
o
publish q
uart
erl
y
report
where
as
com
panie
s lis
ted
on M
ain
Board
are
not
* Q
uart
erl
y
Report
s a
re
requir
ed f
or
com
panie
s w
hose
mark
et
capitalisation
exceeds S
$75
million
(a)
Genera
l in
form
ation o
n
the c
om
pany
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(b)
Audited a
nnual
financia
l sta
tem
ents
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(c)
Fin
ancia
l sta
tus o
f th
e
com
pany
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(d)
Dir
ecto
rs' re
port
on t
he
past
and f
utu
re o
pera
tions
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(e)
Consolidate
d f
inancia
l
report
s
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(f)
Info
rmation o
n
Corp
ora
te G
overn
ance
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
(g)
Managem
ent
Dis
cussio
n &
Analy
sis
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(h)
Share
s h
eld
by t
he
contr
ollin
g s
hare
hold
ers
(inclu
din
g indir
ect
share
s)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(i)
Share
ow
ners
hip
Y
es
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(j)
Sig
nific
ant
rela
ted p
art
y
transactions
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(a)
Tim
e o
f notice (
days
befo
re m
eeting)
AG
M:
14 d
ays
(EG
M:
21 d
ays)
AG
M:
20 d
ays
(EG
M:
15 d
ays)
AG
M:
21 d
ays
EG
M w
/ specia
l
resolu
tion:
21 d
ays
EG
M w
/o s
pecia
l
resolu
tion:
14 d
ays
EG
M f
or
appoin
tment
and
rem
oval of
Auditors
: 28 d
ays
AG
M:
21 d
ays
14 d
ays
14 d
ays (
21 d
ays
when s
pecia
l
resolu
tion is
pro
posed)
21 d
ays
14 d
ays m
inim
um
14 d
ays (
21 d
ays
when s
pecia
l
resolu
tion is
pro
posed,
28 d
ays
where
specia
l
notice is r
equir
ed)
14 d
ays
AG
M:
20/3
0 d
ays
EG
M:
10/1
5 d
ays
7 d
ays (
public
notice:
3 d
ays)
14
days t
o v
ote
on
cert
ain
issues
7 d
ays
(b)
Info
rmation c
onta
ined
in t
he n
otice
Date
, tim
e,
venue,
record
date
,
agenda,
pro
xy
form
, audited F
/S,
Dir
ecto
rs' R
eport
,
pro
posed g
enera
l
resolu
tion (
or
specia
l, if
needed)
Agenda,
pla
ce,
tim
e
Agenda,
pro
posed
resolu
tion,
com
pany's
audited
F/S
, A
nnual R
eport
Agenda,
pla
ce,
tim
e,
sta
tem
ent
of
the b
usin
ess t
o b
e
transacte
d a
t th
e
meeting
Agenda,
pla
ce,
tim
e o
f th
e
meeting
Pla
ce,
tim
e,
agenda,
nam
e a
nd
sig
natu
re o
f th
e
convenor,
pro
xy
form
s,
type o
f
meeting
Venue,
date
,
sta
tem
ent
of
mate
rial fa
cts
in
case o
f specia
l
busin
ess,
pro
xy
form
, agenda,
pro
posed
resolu
tions a
nd
etc
.
Date
, pla
ce,
venue
of
meeting a
nd
agenda
Agenda,
deta
ils o
f
pro
posed
resolu
tion
Agenda,
financia
l
sta
tem
ent,
deta
ils
of
the c
andid
ate
s
Agenda ite
ms,
pro
xy f
orm
Date
, venue,
tim
e,
agenda,
pro
posed
matt
ers
, th
e
opin
ion o
f B
OD
Agenda,
pro
posed
resolu
tions,
voting
pro
xy
II-1
.2 W
hat
info
rmati
on
mu
st
be c
on
tain
ed
in
th
e c
om
pan
y's
an
nu
al re
po
rt?
II-2
.1 C
on
ven
ing
of
sh
are
ho
lder'
s m
eeti
ng
s
II-1
. S
hare
ho
lder
Info
rmati
on
II-2
. S
hare
ho
lders
' P
art
icip
ati
on
II./
III.
Sh
are
ho
lders
' R
igh
ts a
nd
Eq
uit
ab
le T
reatm
en
t
II-1
.1 W
hat
peri
od
ic in
form
ati
on
are
lis
ted
co
mp
an
ies r
eq
uir
ed
to
pro
vid
e?
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(c)
Thre
shold
s f
or
requesting c
onvenin
g a
n
EG
M
10%
10%
5%
10%
10%
(jo
int
repre
senta
tion)
10%
10%
None.
The S
EC
,
upon p
etition o
f a
sto
ckhold
er,
may
issue a
n o
rder
to
call a
meeting
10%
(tw
o o
r m
ore
share
hold
ers
)
3%
3%
of
the
outs
tandin
g s
hare
s
i)20%
or
ii)
25
share
hold
ers
hold
ing 1
0%
10%
for
at
least
6
month
s
(d)
Legal m
inim
um
quoru
m r
equir
em
ents
As p
er
Art
icle
s o
f
Associa
tion.
50%
of
part
icip
ation
2 p
ers
ons
att
endin
g in p
ers
on
or
by p
roxy
At
least
2
mem
bers
50%
2 p
ers
ons
(public lis
ted
com
panie
s)
Not
less t
han 1
0
mem
bers
pre
sent
pers
onally,
who
repre
sent
not
less
than 2
5%
of
the
tota
l voting p
ow
er
Sto
ckhold
er
repre
senting a
majo
rity
of
the
outs
tandin
g c
apital
sto
ck is r
equir
ed
2 p
ers
ons
2 p
ers
ons
50%
of
voting
share
s (
67%
for
specia
l re
solu
tion)
i) N
ot
less t
han 2
5
pers
ons o
r ii)
Not
less t
han 5
0%
of
share
hold
ers
hold
ing 3
3%
1st
call:
65%
2
nd
call:
51%
(a)
Multip
le v
oting r
ights
Yes
No
No
Yes
No
No
Yes
No
No
No
No
No
Yes
(b)
Rem
ovable
voting
rights
Yes
No
No
No
Yes (
if a
gre
em
ent
betw
een
share
hold
ers
and
the t
hir
d p
art
y
exis
ts)
No
Yes
No
No
Yes
No
N/P
(a)
by p
roxy
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(b)
by m
ail
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
(c)
by e
-mail o
r oth
er
ele
ctr
onic
means
No
Yes
No
No
No
No
No
Yes
Yes
No
Yes
No
(d)
by t
ele
phone/
vid
eoconfe
rence
No
No
No
No
No
No
No
No
Yes
No
No
No
(e)
any o
ther
means?
*(N
ote
)
Share
hold
ers
hold
ing s
hare
s
thro
ugh t
he
Centr
al C
leari
ng
and S
ett
lem
ent
Syste
m c
an
instr
uct
CC
AS
S o
n
how
to v
ote
ele
ctr
onic
ally o
r by
tele
phone u
sin
g
the C
CA
SS
Phone
Opera
tions H
otlin
e
and C
CA
SS
Inte
rnet
Syste
m.
The law
pro
vid
es
voting b
y p
hysic
al
pre
sence
(pers
onally o
r by
pro
xy).
Oth
er
means c
ould
be
allow
ed if
they a
re
pro
vid
ed f
or
in t
he
com
pany's
AO
I
II-2
.2 W
hat
kin
d o
f vo
tin
g r
igh
ts m
ay s
hare
s h
ave?
II-2
.3 C
an
sh
are
ho
lders
vo
te ~
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
5
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
6
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Appoin
tment
of
dir
ecto
rs
Yes (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
the c
andid
ate
who r
eceiv
es t
he
most
vote
s g
ets
appoin
ted)
Yes (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es
Yes (
50%
)Y
es (
65%
)
(b)
Rem
oval of
dir
ecto
rs
with c
ause
Yes (
75%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es(*
)Y
es (
67%
)Y
es (
50%
)Y
es (
67%
)Y
es (
67%
of
att
endin
g s
hare
s
for
public
com
panie
s)
Yes (
50%
)Y
es
(c)
Rem
oval of
dir
ecto
rs
without
cause
Yes (
75%
)N
oY
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es(*
)Y
es (
67%
)Y
es (
50%
)Y
es (
67%
)Y
es
Yes (
50%
)Y
es
(d)
Appoin
tment
of
inte
rnal
auditors
No
Yes (
50%
)N
oY
es*
No
No
No
No
No
Yes (
50%
)Y
es
No
No
(e)
Rem
oval of
inte
rnal
auditors
No
Yes (
50%
)N
oY
es*
No
No
No
No
No
Yes (
50%
)Y
es
No
No
(f)
Endors
e t
he c
ontr
act
betw
een t
he c
om
pany a
nd
exte
rnal auditor
Yes (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es(*
)N
oY
es (
50%
)N
o*
Yes
Yes (
*)N
o
(g)
Request
term
ination o
f
contr
act
betw
een t
he
com
pany a
nd e
xte
rnal
auditor
Yes (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
75%
)Y
es (
50%
)N
oY
es (
50%
)N
o*
Yes
Yes (
*)N
o
(h)
Auth
ori
sin
g s
hare
s
Yes (
75%
) -
if
am
endm
ent
of
art
icle
needed
Yes (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)N
oY
es (
67%
)N
oY
es (
50%
)Y
es
Yes (
75%
)Y
es (
65%
)
(i)
Issuin
g s
hare
sY
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
75%
)Y
es (
50%
)Y
es (
50%
)Y
es/N
oN
oN
oN
oY
es
Yes (
75%
)Y
es (
65%
)
(j)
Is t
he p
re-e
mptive r
ight
the d
efa
ult r
ule
?
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
If
so,
can t
he e
xis
ting
share
hold
ers
vote
for
non-
application?
Yes (
50%
)Y
es (
50%
)Y
es
Yes (
50%
)Y
es (
75%
)N
oY
es (
67%
)N
oY
es
Yes (
75%
)
(k)
Am
endm
ent
to t
he
com
pany a
rtic
les,
chart
ers
,
byla
ws o
r sta
tute
s
Yes (
75%
)Y
es (
67%
)Y
es (
75%
)Y
es (
75%
)Y
es (
67%
)Y
es (
75%
)Y
es (
75%
)Y
es (
67%
)Y
es (
75%
)Y
es (
67%
)Y
es (
67%
)Y
es (
75%
)Y
es (
65%
)
(l)
Tota
l re
munera
tion
payable
to t
he b
oard
mem
bers
Yes (
50%
) -
how
ever,
if
the
art
icle
stipula
tes
that
such p
ow
er
is
dele
gate
d t
o t
he
board
, no n
eed f
or
share
hold
ers
'
appro
val
Yes
Yes (
50%
)Y
es (
50%
)Y
es (
50%
)N
o.
How
ever,
the
Lis
ting
Requir
em
ents
stipula
te t
hat
dir
ecto
rs' fe
es s
hall
not
be incre
ased
except
purs
uant
to
a r
esolu
tion (
50%
)
passed a
t a
genera
l m
eeting
Yes (
*)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
50%
)Y
es (
67%
)Y
es
(m)
Majo
r corp
ora
te
transactions (
acquis
itio
ns,
dis
posals
, m
erg
ers
,
takeovers
)
Yes (
50%
)Y
es (
67%
)Y
es (
50%
)Y
es (
75%
)Y
es (
75%
)Y
es (
75%
)Y
es (
75%
)Y
es (
67%
)Y
es (
75%
)Y
es (
67%
)Y
es (
67%
)Y
es (
75%
)Y
es (
65%
)
(n)
Tra
nsactions w
ith
rela
ted p
art
ies (
mate
rially
import
ant)
Yes (
50%
)Y
es (
50%
)Y
es (
50%
)N
oA
ttended b
y m
ore
than 5
0%
of
independent
share
hold
ers
and
the q
uoru
m c
ould
be a
chie
ved if
100%
of
the
att
endin
g
independent
share
hold
ers
agre
e
Yes (
50%
)Y
es (
75%
)Y
es (
67%
)Y
es (
50%
)N
oY
es
Yes (
75%
)Y
es
(o)
Changes t
o t
he
com
pany b
usin
ess o
r
obje
ctives
Yes (
75%
) -
follow
ed b
y t
he
ratification f
rom
the h
igh c
ourt
(fo
r
com
pany o
bje
ctive
change,
the
com
pany n
eeds t
o
send n
otice 2
1
days p
rior
to t
he
meeting)
Yes (
50%
)Y
es (
75%
)Y
es (
75%
)Y
es (
67%
)Y
es (
75%
)Y
es (
75%
)Y
es (
67%
)Y
es (
75%
)Y
es (
67%
)Y
es,
if t
his
requir
es
an a
mendm
ent
of
the a
rtic
les
Yes (
75%
)Y
es
* S
ubje
ct
to r
evie
w
by t
he A
udit
Com
mitte
e
* N
o p
erc
enta
ge
has b
een s
pecifie
d
in t
he law
* C
ontr
act
betw
een
the c
om
pany a
nd
exte
rnal auditor
is
str
ictly p
rohib
ited
* 75%
of
share
hold
ers
att
endin
g t
he
meeting w
ho a
lso
have 5
0%
of
the
share
s h
eld
by t
he
share
hold
ers
at
the
meeting
II-2
.4 D
o s
hare
ho
lders
have t
he r
igh
t to
vo
te o
n ~
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Show
of
hands o
r
by p
oll,
unle
ss t
he
board
appoin
ts a
n
ele
ction
com
mis
sio
ner,
the
chair
man o
f th
e
meeting w
ill count
the v
ote
s
In a
ccord
ance w
ith
the c
om
pany's
Chart
er
Show
of
hands o
r
by p
oll.
Show
of
hands (
or
by p
oll w
hen n
o
consensus
available
on t
he
results o
f th
e s
how
of
hands)
Vote
s a
re c
ounte
d
by t
ally s
yste
m (
by
public n
ota
ry)
Show
of
hands o
r
by p
oll;
vote
s a
re
counte
d b
y
scru
tinis
ers
(auditors
)
Show
of
hands o
r
by p
oll,
the
chair
man w
ould
count
and
announce t
he
result
Show
of
hands o
r
by p
oll.
Counting
by t
he c
orp
ora
te
secre
tary
. F
or
big
ger
com
panie
s,
this
will be
perf
orm
ed b
y a
pro
fessio
nal sto
ck
and t
ransfe
r agent
whic
h is t
ypic
ally a
repre
senta
tive o
f a
com
merc
ial
bankin
g institu
tion
Show
of
hands o
r
by p
oll
Show
of
hands o
r
poll,
counte
d b
y
the c
hair
man
Show
of
hands o
r
by p
oll;
the
chair
man c
ould
desig
nate
a p
ers
on
to c
ount
vote
s,
report
and r
ecord
the r
esults
Vote
s a
re
genera
lly c
ounte
d
by t
he c
om
pany
sta
ff b
ut
SE
C
encoura
ges t
o
appoin
t an
inspecto
r
Counting V
ote
Com
mitte
e' w
hic
h
is a
ppoin
ted b
y t
he
Chair
man o
f th
e
BO
D
No
No
No
No
No
No
No
Yes
No
No
Yes
Yes
Yes
No s
pecia
l
pro
cedure
requir
ed
BO
D,
Board
of
Superv
isors
, and
1%
share
hold
ers
(sin
gle
or
com
bin
ed)
have
right
to n
om
inate
dir
ecto
rs a
nd
independent
dir
ecto
rs a
t A
GM
A q
ualified
share
hold
er
(havin
g 5
% o
f th
e
com
pany's
paid
-up
capital)
wis
hin
g t
o
nom
inate
a
dir
ecto
r m
ust
giv
e
the c
om
pany a
t
least
7 d
ays' notice
pri
or
to A
GM
.
The s
hare
hold
ers
must
giv
e n
otice
not
less t
han 1
4
days b
efo
re t
he
meeting w
ith
deta
ils o
f th
e
candid
ate
; deposit
of
500 R
upees
needed
(refu
ndable
if
ele
cte
d)
Depends o
n t
he
Art
icle
s o
f
Associa
tion (
but
in
genera
l, o
nly
the
contr
ollin
g
share
hold
ers
can
nom
inate
candid
ate
s f
or
BO
D)
At
least
11 c
lear
days b
efo
re t
he
meeting,
share
hold
ers
need
to s
end a
wri
tten
notice t
o t
he
com
pany w
ith t
he
nom
inee's
consenting
sig
natu
re
No n
om
ination
pro
cedure
is
specifie
d in t
he law
No s
pecia
l
pro
cedure
requir
ed
Depends o
n t
he
Art
icle
s o
f
Associa
tion
Share
hold
ers
hold
ing a
t le
ast
1%
for
over
6 m
onth
s
can m
ake a
pro
posal to
nom
inate
candid
ate
s
Any s
hare
hold
er
hold
ing a
t le
ast
1%
may s
ubm
it t
o t
he
com
pany in w
riting
a r
oste
r of
dir
ecto
r
candid
ate
s
BO
D is r
equir
ed t
o
facilitate
min
ori
ty
share
hold
ers
'
opin
ions o
r
consid
era
tions
Share
hold
ers
hold
ing m
ore
than
10%
of
the
outs
tandin
g s
hare
s
for
over
6 m
onth
can r
equest
thro
ugh w
ritt
en
request
In c
ase o
f casual
vacancy t
he b
oard
can a
ppoin
t any
pers
on e
ligib
le t
o
be d
irecto
r.
The
appoin
tee w
ill
serv
e t
he
rem
ain
ing t
erm
s.
BO
D,
Board
of
Superv
isors
, and
1%
share
hold
ers
(sin
gle
or
com
bin
ed)
have
right
to n
om
inate
dir
ecto
rs a
nd
independent
dir
ecto
rs a
t A
GM
.
In p
ractice o
nly
the
contr
ollin
g
share
hold
ers
nom
inate
candid
ate
s
The C
ode o
n
Corp
ora
te
Govern
ance
Pra
ctice
recom
mends t
o
esta
blish a
'Nom
ination
Com
mitte
e.' I
n t
he
absence o
f such a
com
mitte
e t
he
BO
D h
as t
his
responsib
ility
In c
ase o
f casual
vacancy,
the b
oard
can a
ppoin
t th
e
'Additio
nal
dir
ecto
r.' H
e/s
he
will only
serv
e u
ntil
the n
ext
share
hold
ers
'
meeting
Share
hold
ers
nom
inate
candid
ate
(B
OD
intr
oduces
candid
ate
s t
o
contr
ollin
g
share
hold
ers
).
The A
rtic
les o
f a
com
pany o
ften
allow
the b
oard
to
appoin
t any
dir
ecto
r w
hen t
here
is a
casual
vacancy
The B
OD
does n
ot
nom
inate
the
dir
ecto
rs b
ut
only
fixes t
he n
um
ber
The B
OD
will ele
ct
in t
he e
vent
of
a
vacancy.
Norm
ally,
the
managem
ent
nom
inate
s t
he
candid
ate
(s)
and
the s
hare
hold
ers
would
appro
ve.
A "
Nom
inating
Com
mitte
e"
is
recom
mended b
y
the C
ode
A "
Nom
inating
Com
mitte
e"
is
com
puls
ory
for
larg
e lis
ted
com
panie
s b
y t
he
Securi
ties &
Exchange A
ct
The c
andid
ate
nom
ination s
yste
m
can b
e a
dopte
d b
y
the c
om
pany;
the
BO
D s
hall
exam
ine o
r scre
en
the info
rmation o
f
each d
irecto
r
candid
ate
BO
D p
roposes t
he
candid
ate
s.
Share
hold
ers
Meeting e
lects
all
dir
ecto
rs
No r
ight
to
nom
inate
candid
ate
s u
nle
ss
pro
vid
ed in t
he
Com
pany's
Chart
er
II-2
.5 H
ow
are
vo
tes c
ou
nte
d a
nd
by w
ho
m a
t th
e s
hare
ho
lders
meeti
ng
?
II-2
.6 D
oes t
he law
pro
vid
e f
or
the d
isclo
su
re o
f vo
tin
g a
gre
em
en
ts?
II-2
.7 H
ow
can
sh
are
ho
lders
dir
ectl
y n
om
inate
can
did
ate
s t
o t
he b
oard
of
dir
ecto
rs?
II-2
.8 T
o w
hat
exte
nt
an
d h
ow
do
es t
he b
oard
of
dir
ecto
rs n
om
inate
can
did
ate
s t
o t
he b
oard
?
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
7
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
8
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No*
Yes
Yes
Yes
Yes
Yes
I
f yes,
how
?
By s
endin
g a
wri
tten n
otice t
o
the c
om
pany
askin
g f
or
EG
M
and p
lace h
is/h
er
agenda
10 d
ays p
rior
to
the m
eeting
6 w
eeks b
efo
re t
he
meeting if
the
requis
itio
n r
equir
es
notice o
f
resolu
tion;
oth
erw
ise,
1 w
eek
befo
re t
he m
eeting
14 d
ays p
rior
to
the E
GM
and n
eed
consent
by
Chair
man
Share
hold
ers
wri
te
a f
orm
al le
tter
about
AG
M
agenda t
o B
OD
-->
BO
D t
hen p
ut
the
agenda o
n 'notice
to s
hare
hold
ers
'
Send s
tate
ment;
6
weeks p
rior
to t
he
meeting
Wri
tten n
otice w
ith
the s
upport
ing
sta
tem
ent
Wri
tten s
tate
ment
subm
itte
d 6
weeks
pri
or
to t
he
meeting
Share
hold
ers
may
make a
pro
posal
to d
irecto
rs in
wri
ting
The s
hare
hold
er
who s
ubm
itte
d a
pro
posal shall
att
end t
he m
eeting
Share
hold
ers
hold
ing 3
3%
or
more
may s
ubm
it
matt
ers
for
inclu
sio
n a
t th
e
meeting (
this
rule
will be r
evis
ed a
nd
the n
ew
thre
shold
will be 5
%)
the q
ualified
share
hold
ers
may
subm
it w
ritt
en
request
within
thre
e w
ork
ing d
ays
pri
or
to t
he
meeting
T
hre
shold
for
makin
g
share
hold
er
pro
posal
(requis
ite s
hare
)
10%
3%
(sin
gle
or
com
bin
ed)
2.5
% o
f th
e t
ota
l
voting r
ights
or
at
least
50
share
hold
ers
(avera
ge s
um
of
$2000)
(requis
ite s
hare
)
10%
(requis
ite s
hare
)
10%
,
(deadline)
10 d
ays
aft
er
the f
irst
notice
5%
or
100
share
hold
ers
(avera
ge p
aid
-in
capital of
RM
500)
(requis
ite s
hare
s)
10%
. In
case t
he
EG
M is
requis
itio
ned b
y
the s
hare
hold
ers
pro
posal should
be
subm
itte
d t
ogeth
er
with t
he
requis
itio
n.
In a
ny
oth
er
case
share
hold
er
must
make p
roposal at
least
15 d
ays
befo
re t
he E
GM
5%
of
tota
l voting
pow
er
or
not
less
than 1
00 m
em
bers
1%
held
over
6
month
s,
6 w
eeks
pri
or
to t
he
meeting
1%
thre
shold
, one
matt
er
per
sin
gle
pro
posal
33%
(curr
ent)
-->
5%
(if r
evis
ed)
Share
hold
ers
who
hold
10%
of
the
outs
tandin
g f
or
more
than 6
month
P
rohib
ited ite
ms
Cannot
cla
im f
or
gift,
allow
ance o
r
food
The ite
ms m
ust
be
within
the s
cope t
o
be d
ecid
ed b
y t
he
share
hold
ers
None
Share
hold
ers
cannot
ask f
or
final
div
idend b
efo
re t
he
sam
e h
as b
een
recom
mended b
y
the B
OD
None (
depends o
n
Art
icle
of
Associa
tion)
Com
panie
s a
re n
ot
bound t
o c
ircula
te
mem
bers
'
resolu
tion w
here
the r
ights
are
bein
g a
bused t
o
secure
needle
ss
publicity f
or
defa
mato
ry m
att
er
None
None
None
If t
he s
ubje
ct
matt
er
of
the
pro
posal cannot
be
sett
led o
r re
solv
ed
by t
he r
esolu
tion
Item
s n
ot
rela
ted
to t
he o
pera
tion o
f
the c
om
pany
N/A
Share
hold
ers
cannot
resolv
e f
or
enhancem
ent
of
rate
of
div
idend
Item
s w
hic
h a
re
beyond t
he p
ow
er
of
the c
om
pany
Item
s p
roposed
within
12 m
onth
s
and o
bta
ined
support
less t
han
10%
of
issued
share
s
No t
reasury
sto
cks
allow
ed
No t
reasury
sto
cks
allow
ed
No t
reasury
sto
cks
allow
ed
No t
reasury
sto
cks
allow
ed
Yes,
voting p
ow
er
restr
icte
d
Yes,
not
taken into
account
when
calc
ula
ting
exerc
ised v
ote
s o
r
quoru
m
Yes (
the s
hare
s
purc
hased b
y t
he
com
pany s
hall n
ot
be r
esold
and s
hall
be c
ancelled
fort
hw
ith)
Yes,
voting p
ow
er
restr
icte
d
Yes,
voting p
ow
er
restr
icte
d
Yes,
voting p
ow
er
restr
icte
d
Yes,
voting p
ow
er
restr
icte
d
Yes (
do n
ot
constitu
te q
uoru
m
nor
have t
he r
ight
to v
ote
)
N/A
II-2
.9 C
an
sh
are
ho
lders
pla
ce ite
ms o
n t
he a
gen
da o
f th
e s
hare
ho
lders
meeti
ng
?
II-2
.10 D
oes t
he law
restr
ict
vo
tin
g p
ow
er
of
the t
reasu
ry s
tocks h
eld
by t
he c
om
pan
y?
* N
ot
as a
matt
er
of
right.
T
he b
oard
fixes t
he a
genda
and it
is u
p t
o t
he
board
to inclu
de
any s
uch
initia
tives.
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
No
No
No
No
No.
Nevert
hele
ss,
the G
uid
e o
f B
est
Pra
ctices f
or
Institu
tional
Share
hold
ers
(issued b
y M
SW
G
and t
he
Institu
tional
Share
hold
er
Com
mitte
e)
recom
mends f
or
institu
tional
share
hold
ers
to
have a
ppro
pri
ate
dis
clo
sure
in
rela
tion t
o v
oting
and investm
ent
policie
s.
No
No
No
No
Yes (
Asset
Managem
ent
Com
panie
s s
hould
publish d
eta
ils o
f
the v
oting)
Mutu
al fu
nds a
re
requir
ed t
o
dis
clo
se t
heir
voting p
olicie
s b
ut
not
the a
ctu
al
voting
Yes (
both
the
policy a
nd a
ctu
al
voting)
N/A
No
No (
but
the
contr
ollin
g
share
hold
ers
cannot
vote
on
issues r
ela
ted t
o
their
inte
rests
such
as r
ela
ted-p
art
y
transactions)
No.
How
ever,
the
share
hold
ers
who
have m
ate
rial
inte
rests
in t
he
transaction c
annot
vote
the r
esolu
tion
to a
ppro
ve t
he
transaction.
No
Yes (
in c
ase o
f
EG
M w
hic
h is h
eld
due t
o c
onflic
ts o
f
inte
rest,
the
decis
ion s
hould
be
made b
y
independent
share
hold
ers
)
No,
unle
ss t
he
share
hold
ers
have
an inte
rest
in s
uch
transaction
No
No
No
Yes (
any
share
hold
er
who
hold
s m
ore
than
3%
may n
ot
exerc
ise h
is/h
er
right
in e
xcess o
f
those s
hare
s
regard
ing c
ert
ain
item
s s
uch a
s t
he
ele
ction o
f auditors
and o
thers
)
No
No
Yes
Yes
No
No
Yes
No
Yes
Yes
Yes
No
Yes
No
Yes
No
I
f so,
how
?
The d
ivid
end (
+
plu
s)
must
be
com
ple
ted w
ithin
60 d
ays
The d
ivid
end m
ust
be d
eposited in a
separa
te b
ank
account
within
fiv
e
days a
nd p
aid
within
30days f
rom
the d
ecla
ration
The d
ivid
end m
ust
be p
aid
no late
r
than 3
month
s
aft
er
decla
ration o
r
share
hold
ers
'
appro
val,
whic
hever
is
applicable
Aft
er
the
decla
ration,
the
div
idend n
eeds t
o
be p
aid
within
45
days (
liste
d
com
panie
s)
and 3
0
days (
non-l
iste
d
com
panie
s)
The d
ivid
end m
ust
be d
istr
ibute
d
within
reasonable
tim
e
The d
ivid
end m
ust
be p
aid
within
one
month
aft
er
decla
ration
The d
ivid
end m
ust
be m
ade w
ithin
1
month
fro
m t
he
share
hold
ers
'
resolu
tion
BO
D a
nd
Share
hold
ers
'
meeting
Share
hold
ers
'
meeting
BO
D (
for
inte
rim
)
and S
hare
hold
ers
'
meeting
BO
D a
nd
Share
hold
ers
'
meeting
Share
hold
ers
'
meeting
BO
D a
nd
Share
hold
ers
'
meeting
BO
D a
nd
Share
hold
ers
'
meeting
BO
DB
OD
Share
hold
ers
'
meeting
BO
D a
nd
Share
hold
ers
'
meeting
Inte
rim
div
idend
(BO
D);
Year-
end
div
idend
(Share
hold
ers
'
meeting)
BO
D p
roposes a
nd
Share
hold
ers
'
meeting v
ote
s.
II-3
.2 W
hic
h b
od
y is r
esp
on
sib
le f
or
decla
rin
g, ap
pro
vin
g a
nd
issu
ing
div
iden
ds?
II-2
.11 A
re t
he in
sti
tuti
on
al in
vesto
rs r
eq
uir
ed
to
dis
clo
se t
heir
vo
tin
g p
olicie
s a
nd
th
eir
actu
al vo
tin
g?
II-2
.12 A
re t
here
vo
tin
g c
ap
s f
or
the m
ajo
rity
(o
r co
ntr
ollin
g)
sh
are
ho
lders
?
II-3
.1 D
oes law
or
reg
ula
tio
n p
rovid
e f
or
tim
ely
paym
en
ts o
f d
ivid
en
ds t
o t
he s
hare
ho
lders
?
II-3
. S
hare
in
th
e P
rofi
ts o
f th
e C
orp
ora
tio
n
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
9
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
10
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
10%
5%
5%
(need t
o
dis
clo
se w
ithin
3
busin
ess d
ays)
5%
, 10%
or
14%
(need t
o d
isclo
se
within
2 d
ays)
-->
for
deta
ils s
ee
ww
w.s
ebi.gov.in
5%
(need t
o
dis
clo
se w
ithin
10
days)
5%
10%
(need t
o
dis
clo
se w
ithin
2
work
ing d
ays o
f
the a
cquis
itio
n)
5%
5%
(any
subsequent
change m
ust
als
o
be r
eport
ed t
o t
he
com
pany)
5%
10%
5%
of
com
mon
share
s (
this
rule
als
o a
pplies t
o
convert
ible
securi
ties h
old
ers
whose s
takes w
ill
be 5
% o
r m
ore
, if
convert
ed)
5%
90%
30%
i) 3
0%
or
more
of
the v
oting r
ights
; ii)
Any p
ers
on
hold
ing b
etw
een
30%
and 5
0%
incre
ases h
is/h
er
hold
ings b
y m
ore
than 2
% d
uri
ng a
12 m
onth
s p
eri
od
25%
More
than 3
3%
but
less t
han 5
0%
and
such a
cquir
er
in
any p
eri
od o
f six
month
s m
ore
than
2%
shall e
xte
nd a
n
off
er
to t
he
rem
ain
ing
share
hold
ers
(som
e e
xem
ptions
exis
t)
25%
i) A
ny p
ers
on (
or
gro
up)
inte
ndin
g t
o
acquir
e 3
5%
or
more
; or
ii)
If a
ny
acquis
itio
n o
f less
than 3
5%
would
result in o
wners
hip
of
over
51%
of
the
tota
l outs
tandin
g
equitie
s
30%
but
not
more
than 5
0%
A p
ers
on w
ho
inte
nds t
o a
cquir
e
more
than 5
%
within
6 m
onth
s
from
at
least
10
pers
ons s
hould
purc
hase s
hare
s
thro
ugh t
ender
off
er
Acquis
itio
n o
f 20%
within
50 d
ays
25%
25%
Pre
-em
ptive r
ights
in c
ase o
f R
ight
Issuance,
but
no
pre
-em
ptive r
ights
in c
ase o
f
'Incre
ase o
f S
hare
Capital'
Issuance o
f new
share
s t
o incre
ase
capital
Norm
ally
share
hold
ers
do
not
enjo
y p
re-
em
ptive r
ights
, but
the s
hare
hold
ers
have p
re-e
mptive
rights
to issuance
of
new
share
s
Share
hold
ers
alw
ays h
ave p
re-
em
ptive r
ights
All n
ew
share
s o
r
oth
er
convert
ible
securi
ties s
hall b
e
off
ere
d t
o
mem
bers
of
the
com
pany
Pre
-em
ptive r
ights
in c
ase o
f R
ight
Issuance
For
a c
om
pany
inte
ndin
g t
o lis
t, it
may b
e r
equir
ed t
o
rem
ove p
re-
em
ptive r
ights
from
its
by-l
aw
s
and t
hus
share
hold
ers
would
not
be
entitled a
s a
matt
er
of
right.
Only
on r
ight
issuance
Share
hold
ers
have
pre
-em
ptive r
ights
for
the issuance o
f
new
share
s,
except
for
qualified
acquis
itio
n,
merg
er,
public
off
eri
ng a
nd
pri
vate
pla
cem
ent
Issuance o
f new
share
s,
but
the
Com
pete
nt
Auth
ori
ty m
ay
requir
e 1
0%
of
its
new
issues t
o b
e
off
ere
d (
mark
et
valu
e)
to t
he p
ublic
or
a h
igher
perc
enta
ge
dete
rmin
ed b
y
share
hold
ers
'
meeting
Share
hold
ers
'
appro
val (b
y 7
5%
vote
s o
f th
e
share
hold
ers
att
endin
g t
he
meeting)
needed in
case o
f in
cre
asin
g
share
capital
Issuance o
f new
share
s,
to b
e v
ote
d
at
the
share
hold
ers
'
meetings
(a)
Pois
on P
ills
No
Yes
No
Yes*
No
No
No
Yes*
No
No
No
No
Yes
(b)
Gold
en S
hare
s
No
No
No
Yes*
No
Gold
en s
hare
s
(mostly o
wned b
y
the G
overn
ment)
exis
t in
a f
ew
com
panie
s o
f
str
ate
gic
import
ance
No
Yes*
No
No
No
No
Yes
(c)
Oth
er
defe
nce t
ools
Anti-t
akeover
cla
use c
ould
be
incorp
ora
ted into
the c
om
pany's
chart
er
The M
ala
ysia
n
Code o
n
Takeovers
and
Merg
ers
pro
hib
its
the f
rustr
ation o
f
off
ero
rs b
y a
BO
D
Fru
str
ating a
ctions
are
not
allow
ed
duri
ng a
n o
ffer
if
the b
oard
of
the
off
ere
d c
om
pany
has r
eason t
o
believe t
hat
a b
ona
fide o
ffer
is
imm
inent,
without
the a
ppro
val of
share
hold
ers
at
a
genera
l m
eeting
sta
ggere
d b
oard
white k
nig
hts
,
super
voting
sto
cks a
nd e
tc
(SE
C is
encoura
gin
g
com
panie
s n
ot
to
adopt
defe
nce
measure
s)
Mutu
al hold
ing
syste
m a
llow
ed,
MB
O,
adopting
anti-t
akeover
measure
s in t
he
Com
pany's
chart
er
* U
p t
o t
he
com
pany
*These a
re a
llow
ed
but
need t
o b
e
str
uctu
red a
s
pri
vate
agre
em
ents
betw
een m
ajo
r
share
hold
ers
II-4
.1 T
hre
sh
old
s f
or
no
tifi
cati
on
in
case o
f su
bsta
nti
al acq
uis
itio
n o
f sh
are
s.
II-4
.2 T
hre
sh
old
s r
eq
uir
ing
a m
an
dato
ry o
ffer
for
all s
hare
s a
t a p
art
icu
lar
pri
ce.
II-4
.3 U
nd
er
wh
at
cir
cu
msta
nces d
o s
hare
ho
lders
have p
re-e
mp
tive r
igh
ts t
o p
urc
hase c
om
pan
y s
hare
s?
II-4
.4 D
oes y
ou
r ju
risd
icti
on
allo
w d
efe
nce t
oo
ls a
gain
st
an
y t
akeo
ver
thre
ats
?
II-4
Co
rpo
rate
Co
ntr
ol
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
No
No
Yes.
A s
hare
hold
er
can
requir
e t
he
acquir
ing c
om
pany
to p
urc
hase h
is/h
er
share
s a
t th
e
ori
gin
al off
er
pri
ce
for
up t
o t
wo
month
s f
rom
the
notice f
rom
the
acquir
ing c
om
pany
that
it h
old
s m
ore
than 9
0%
of
the
share
s
The d
issenting
share
hold
ers
have
right
to a
ppro
ach
the c
ourt
. If
the
court
dis
mis
ses
the a
pplication,
the
transfe
ree
com
pany w
ill be
entitled t
o
com
puls
ori
ly
purc
hase t
hose
share
s
Yes
Yes,
upon t
ake-
over,
the
dis
senting
share
hold
ers
are
entitled t
o r
equest
the n
am
es a
nd
addre
ss o
f oth
er
dis
senting
share
hold
ers
Only
possib
le
thro
ugh t
he
share
hold
ers
'
resolu
tion
Yes.
The
share
hold
er
must
regis
ter
his
dis
sent
at
the m
eeting
where
the m
eeting
is t
aken u
p.
Share
hold
ers
who
dis
sent
majo
r
corp
ora
te
transactions c
an
request
com
pany
to b
uy b
ack t
heir
share
s
Yes.
A
share
hold
er,
who
has s
erv
ed a
notice in w
riting
expre
ssin
g h
is
inte
ntion t
o o
bje
ct
to s
uch a
n a
ct
pri
or
to t
he
adoption o
f a
resolu
tion a
nd a
lso
has r
ais
ed h
is
obje
ction a
t th
e
share
hold
ers
'
meeting,
may
dem
and t
hat
the
com
pany b
uys
back a
ll o
f his
share
s a
t th
e t
hen
pre
vailin
g f
air
pri
ce
No
N/A
The g
uid
elines o
f
liste
d c
om
panie
s'
chart
er
requir
es
the p
rote
ction o
f
dis
senting
share
hold
ers
but
pro
vid
es n
o
specific
s
Capital M
ark
et
and
Fin
ancia
l S
erv
ice
Superv
isory
Agency R
ule
Num
ber
XI.
H.1
The A
ct
als
o g
ives
pow
er
to t
he
transfe
ree
com
pany t
o g
ive
notice t
o t
he
dis
senting
share
hold
ers
that
it
desir
es t
o a
cquir
e
his
/her
share
s
Dis
senting
share
hold
ers
enjo
y
'appra
isal ri
ght'
with r
espect
to
merg
er
How
ever,
the
min
ori
ty
share
hold
ers
are
entitled t
o r
eceiv
e
opin
ion f
rom
Independent
Fin
ancia
l A
dvis
or
(IF
A)
who is
independent
from
the o
ffere
d
No s
pecific
pro
tection o
ther
than b
ein
g t
raded
in O
TC
mark
et
'T
he R
ule
s f
or
Imple
menta
tion o
f
Suspendin
g a
nd
Term
inating t
he
Lis
ting o
f F
ailin
g
Lis
ted C
om
panie
s'
requir
e t
hat
the d
e-
listing c
om
pany
should
dis
clo
se
rela
ted info
rmation
of
the c
om
pany
Upon d
e-l
isting,
a
com
pany m
ust
continue t
o c
om
ply
with t
he T
akeovers
Code.
If d
eliste
d b
y a
n
exchange,
the
pro
mote
r shall b
e
liable
to
com
pensate
the
securi
ty-h
old
ers
Majo
rity
share
hold
ers
are
requir
ed t
o b
uy
back t
he s
hare
s
held
by t
he
min
ori
ty
share
hold
ers
The h
old
er
of
any
share
s,
by n
otice
to t
he o
ffere
d,
requir
es h
im t
o
acquir
e t
hose
share
s a
nd t
he
off
ere
d s
hall b
e
bound t
o a
cquir
e
those s
hare
s o
n
the t
erm
of
the
take-o
ver
off
er
or
such o
ther
term
s
as m
ay b
e a
gre
ed
Upon v
olu
nta
ry
delisting,
a p
rice
form
ula
can
pro
tect
the
min
ori
ty
share
hold
ers
No s
pecific
s in t
he
law
Upon d
elisting,
a
share
hold
ers
'
meeting n
eeds t
o
be c
onvened a
nd
appro
ved b
y 7
5%
or
more
; S
GX
requir
es a
reasonable
exit
off
er
and a
n
independent
financia
l advis
er
needs t
o b
e
appoin
ted
The E
xchange
may a
llow
tra
din
g
of
de-l
iste
d
securi
ties d
uri
ng
the s
pecifie
d
peri
od
Share
hold
ers
of
a
com
pany r
esolv
ing
in a
board
meeting
or
share
hold
ers
’
meeting f
or
de-
listing f
rom
the
securi
ties
exchange m
ay
request
the
dir
ecto
rs a
nd
superv
isors
of
the
com
pany t
o
purc
hase t
heir
share
s (
pri
ce
form
ula
exis
ts)
The c
om
pany
must
appoin
t IF
A
in t
he e
vent
of
de-
listing.
There
must
not
be
share
hold
ers
with
voting r
ights
more
than 1
0%
obje
cting
de-l
isting.
i) U
pon
tender
off
er,
a
form
ula
exis
ts t
o
guara
nte
e 'fa
ir
pri
cin
g'
No s
pecific
s in t
he
law
II-4
.5 D
o t
he d
issen
tin
g s
hare
ho
lders
en
joy "
ap
pra
isal ri
gh
ts"
(man
dato
ry b
uy-b
ack p
lan
) ?
II-4
.6 U
po
n d
e-l
isti
ng
, w
hat
kin
d o
f le
gal p
rote
cti
on
do
th
e m
ino
rity
sh
are
ho
lders
en
joy?
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
11
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
12
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Deri
vative a
ction
No
Yes (
requis
ite
share
s:
1%
)
Yes
Yes (
requis
ite
share
s:
10%
)
Yes
Yes
No
Yes
Yes
Yes (
1%
+
6
month
)
Yes (
3%
+ 1
year)
Yes (
requis
ite
share
s -
5%
)
Yes
(b)
Dir
ect
indiv
idual action
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(c)
Cla
ss A
ction
Yes
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No (
in t
he p
rocess
of
intr
oducin
g
Yes
(d)
Any o
ther
suits o
r
pro
tections?
Share
hold
er
havin
g 1
0%
or
more
can s
eek t
he
pro
tection o
f th
e
court
(T
he
Com
panie
s A
ct
sec.
233)
Rig
ht
to f
ile
petition f
or
relief
if
the c
om
pany is
opera
ted in a
manner
unfa
irly
pre
judic
ial to
the
min
ori
ty
share
hold
ers
Section 1
81 o
f th
e
Com
panie
s A
ct
1965 p
rovid
es f
or
rem
edy in c
ases o
f
oppre
ssio
n o
f
share
hold
ers
'
rights
Rig
ht
to f
ile
petition t
o w
ind u
p
the c
om
pany o
n
just
and e
quitable
gro
unds
Rig
ht
to f
ile
petition t
o w
ind u
p
the c
om
pany o
n
just
and e
quitable
gro
unds
Rig
ht
to a
pply
to
the
SE
C o
f
Pakis
tan f
or
appoin
tment
of
an
'Inspecto
r'
to
investigate
the
com
pany's
aff
air
s
(thre
shold
;
share
hold
ers
hold
ing a
t le
ast
10%
of
the
com
pany's
issued
share
capital)
Rig
ht
to r
equest
the F
inancia
l
Secre
tary
that
an
'Inspecto
r'
investigate
s t
he
com
pany's
aff
air
s
(thre
shold
; 100
share
hold
ers
hold
ing a
t le
ast
10%
of
the
com
pany's
issued
share
capital)
No
Yes
No
No
No
No
No
Yes
No
Yes
Yes
No
Yes
pre
vailin
g p
art
ylo
sin
g p
art
ylo
sin
g p
art
yeach p
art
y p
ays
his
/her
ow
n f
ees
pre
vailin
g p
art
yas t
he C
ourt
ord
er
as p
er
the c
ourt
ord
er
losin
g p
art
ylo
sin
g p
art
ylo
sin
g p
art
ypre
vailin
g p
art
ylo
sin
g p
art
ylo
sin
g p
art
y
Yes (
The
govern
ment
can
appoin
t an
inspection t
eam
if
share
hold
ers
have
10%
voting r
ight
applies)
Yes
Yes
Yes (
Section 1
63
of
the A
ct)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
II-5
.1 H
ow
can
sh
are
ho
lders
seek leg
al re
dre
ss if
their
rig
hts
are
vio
late
d?
II-5
.2 A
re law
yer
co
nti
ng
en
cy f
ees a
llo
wed
?
II-5
. S
hare
ho
lders
' R
ed
ress
II-5
.3 W
ho
pays t
he leg
al fe
es o
f th
e p
revailin
g p
art
y?
II-5
.4 D
oes t
he m
ino
rity
sh
are
ho
lder
en
joy a
rig
ht
to 'D
em
an
d In
sp
ecti
on
of
Bo
oks a
nd
Reco
rds' o
f th
e c
om
pan
y?
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Civ
il lia
bility
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(b)
Fin
es
Yes
Yes
Yes
Yes
Yes (
up t
o R
p 1
5
million)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(c)
Impri
sonm
ent
Yes
Yes
Yes (
up t
o 1
0
years
)
Yes
Yes (
up t
o 1
0
years
)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(d)
Oth
ers
Cancellation o
f
license o
f
regis
tere
d e
ntity
The c
ourt
can
impose w
ide r
ange
of
penaltie
s t
o t
he
indiv
idual(
s)
found
to b
e involv
ed in
insid
e t
radin
g
adm
inis
trative
sanction
civ
il p
enaltie
s
Surv
eilla
nce
Depart
ment
of
Sto
ck E
xchange
Shanghai S
tock
Exchange
The S
ecuri
ties &
Futu
res
Com
mis
sio
n
National S
tock
Exchange o
f In
dia
Jakart
a S
tock
Exchange
Burs
a M
ala
ysia
Kara
chi S
tock
Exchange
Securi
ties a
nd
Exchange
Com
mis
sio
n
Sin
gapore
Exchange L
imited
Kore
a E
xchange
Fin
ancia
l
Superv
isory
Com
mis
sio
n
Sto
ck E
xchange o
f
Thailand (
SE
T)
Sta
te s
ecuri
ties
Com
mis
sio
n
Securi
ties &
Exchange
Com
mis
sio
n
Shenzhen S
tock
Exchange
The S
tock
Exchange o
f H
ong
Kong L
imited
Mum
bai S
tock
Exchange
Sura
baya S
tock
Exchange
Securi
ties
Com
mis
sio
n
Lahore
Sto
ck
Exchange
Philip
pin
e S
tock
Exchange
Fin
ancia
l
Superv
isory
Com
mis
sio
n
Taiw
an S
tock
Exchange
Com
mis
sio
n
Securi
ties T
radin
g
Centr
es (
i.e.
sto
ck
exchanges)
htt
p:/
/fin
ance.s
ina.
com
.cn
Securi
ties a
nd
Exchange B
oard
of
India
Pri
vate
Institu
tions
(RT
I, I
Q P
lus,
IndoS
tock)
Isla
mabad S
tock
Exchange
Fin
ancia
l
Superv
isory
Serv
ice
Gre
Tai S
ecuri
ties
Mark
et
Bapepam
& L
K
Surv
eilla
nce
Depart
ment
Monitori
ng &
Surv
eilla
nce
Depart
ment
of
SE
C o
f P
akis
tan
II-6
. In
sid
er
Tra
din
g
II-6
.1 P
en
alt
ies a
ttach
ed
to
th
e o
ffen
se o
f in
sid
er
trad
ing
/sto
ck p
rice m
an
ipu
lati
on
?
II-6
.2 P
lease lis
t th
e b
od
ies o
r in
sti
tuti
on
s t
rackin
g s
tock-m
ark
et
acti
vit
y u
sin
g s
tati
sti
cal o
r co
mp
ute
r-b
ased
meth
od
s
(No c
rim
inal
pro
vis
ion in t
he
Penal C
ode
specific
to insid
er
tradin
g b
ut
pro
vis
ions r
ela
ted
to g
enera
l off
ences
may a
pply
)
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
13
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
14
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Any t
hre
shold
s?
No
(natu
ral pers
on)
transaction m
ore
than 0
.3 m
illion
RM
B
(entity
)
transaction m
ore
than 3
million R
MB
Lis
ted c
om
panie
s
must
dis
clo
se
rela
ted-p
art
y
transactions w
here
i) e
ach o
f th
e
perc
enta
ge r
atios
is o
n a
n a
nnual
basis
more
than
2.5
%;
or
ii)
each o
f
the p
erc
enta
ge
ratios is o
n a
n
annual basis
equal
to o
r m
ore
than
2.5
% b
ut
less t
han
25%
and t
he
annual
consid
era
tion is
less t
han $
10
million
any r
ela
ted p
art
y
ente
ring into
a
transaction w
ith
the c
om
pany
needs t
o o
bta
in
consent
from
the
BO
D.
In c
ase
urg
ent
necessity,
if
the v
alu
e e
xceeds
5,0
00 R
upees,
must
acquir
e
consent
from
the
BO
D w
ithin
3
month
s f
rom
the
transaction d
ate
.
must
firs
t be
appro
ved b
y t
he
independent
share
hold
ers
the c
om
pany m
ust
make a
n
imm
edia
te
announcem
ent
to
the E
xchange
where
any o
ne o
f
the p
erc
enta
ge
ratio is e
qual or
exceeds 0
.25%
(exceptions e
xis
t)
All r
ela
ted p
art
y
transactions a
re t
o
be d
isclo
sed
All r
ela
ted p
art
y
transactions m
ust
be d
isclo
sed
Dir
ecto
rs m
ust
dis
clo
se c
onflic
ts
of
inte
rest
to t
he
BO
D.
The
com
pany is
requir
ed t
o
dis
clo
se a
ny
inte
reste
d p
ers
on
transaction o
f a
valu
e e
qual to
, or
more
than,
3%
of
the g
roup's
late
st
Net
Tangib
le
Asset.
i)
acquis
itio
n o
f
real pro
pert
y f
rom
a r
ela
ted p
art
y,
ii)
merg
er,
dem
erg
er,
acquis
itio
n o
r
transfe
r of
share
s.
iii)
asset
transaction
>=
20%
of
paid
-in
capital or
NT
$300m
illion
transaction m
ore
than 1
million B
aht
or
0.0
3%
of
net
tangib
le a
sset
valu
e m
ust
be
dis
clo
sed
*perc
enta
ge r
atio
inclu
des A
sset
Ratio,
Pro
fits
Ratio,
Revenue
Ratio,
Consid
era
tion
Ratio
Yes
Yes (
if t
he
com
pany c
hart
er
requir
es o
r if t
he
am
ount
is u
p t
o
the d
isclo
sure
sta
ndard
))
Yes
Yes,
it n
eeds
appro
val fr
om
the
BO
D
Yes (
must
be
appro
ved b
y
Independent
Share
hold
ers
)
Yes
Yes
No
Yes (
if t
he v
alu
e is
equal to
, or
more
than 5
% o
f th
e N
et
Tangib
le A
sset)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
II-7
. R
ela
ted
-Part
y T
ran
sacti
on
s
II-7
.1 D
oes t
he leg
al an
d r
eg
ula
tory
fra
mew
ork
pro
vid
e f
or
the d
isclo
su
re o
f re
late
d-p
art
y t
ran
sacti
on
s?
II-7
.2 M
ust
rela
ted
-part
y t
ran
sacti
on
s b
e a
pp
roved
by t
he s
hare
ho
lders
an
d/o
r th
e b
oard
of
dir
ecto
rs?
II-7
.3 A
re r
ela
ted
pers
on
s r
eq
uir
ed
to
ab
sta
in f
rom
vo
tin
g o
n t
he t
ran
sacti
on
s?
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Info
rmation o
n t
he
com
pany
No
Yes
No
Yes*
Yes
Yes
Yes*
No
No
No
No
No
(b)
Collective B
arg
ain
ing
Yes
Yes
No
Yes*
Yes
Yes
Yes*
Yes
No R
estr
ictions
Yes
Yes (
thro
ugh
unio
n)
Yes
(c)
Part
icip
ation in t
he
board
of
dir
ecto
rs
No
Yes
No
No
No
No
No
No
No
No
No
No
(d)
Consultation
No
Yes
No
No
Yes
Yes
No
No
No R
estr
ictions
Yes
No
No
*These r
ights
are
recogniz
ed u
nder
labour
law
s
*These r
ights
are
recogniz
ed u
nder
labour
law
s
(a)
Share
Ow
ners
hip
Pro
gra
m (
ES
OA
)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes *
Yes
(b)
Share
Options
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes *
Yes
(c)
Pro
fit
shari
ng s
chem
es
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Burs
a M
ala
ysia
regula
tes t
he s
ize
of
Em
plo
yee S
tock
Option S
chem
es
and e
ligib
ility
*These a
lso
depend o
n e
ach
com
pany’s
policy
Tru
ste
es o
f fu
nd
Fin
ancia
l entities
Fund m
anagers
or
truste
es
Pensio
n s
chem
e
form
ula
ted b
y t
he
Govern
ment
of
India
Com
pany o
r th
e
3rd
part
y
Em
plo
yees
Pro
vid
ent
Funds
(EP
F)
Board
of
Tru
ste
es
(or
Pensio
n F
und
Board
)
Tru
ste
es a
re
appoin
ted b
y t
he
senio
r
managem
ent
The C
entr
al
Pro
vid
ent
Fund
(CP
F)
Pri
vate
asset
managem
ent
com
pany o
r
Com
pany its
elf
Labour
Pensio
n
Fund S
uperv
isory
Com
mitte
e
(lic
ensed)
Asset
Managem
ent
Com
pany
Vie
tnam
Socia
l
Insura
nce A
gency
Second a
fter
the
govern
ment
dues
Fir
st
in o
rder
Second a
fter
the
liquid
ato
rs c
harg
es
and c
osts
The w
ork
men's
due r
ank e
qually
with t
hat
of
secure
d c
reditors
Second a
fter
the
govern
ment
dues
Wages a
nd
sala
ries r
anks
second a
fter
the
cost
and e
xpenses
of
win
din
g u
p
Second in p
riori
tyS
econd in p
riori
ty
aft
er
the
govern
ment
dues
Wages a
nd
sala
ries r
anks
second a
fter
the
cost
and e
xpenses
of
win
din
g u
p
Fir
st
pri
ori
ty f
or
the
last
3 m
onth
s
wages
Second a
fter
expenses a
nd
debts
Thir
d
Second in p
riori
ty
Allow
ed u
nder
the
law
Yes
no s
pecific
s
pre
scri
bed in t
he
law
liste
d c
om
panie
s
are
requir
ed t
o
have
'Share
hold
ers
/Inve
sto
rs G
rievance
Com
mitte
e'
Yes
They c
an s
eek
redre
ss in c
ourt
and/o
r th
rough
inte
rnal re
dre
ss
mechanis
m
Allow
ed u
nder
the
law
and m
ay a
lso
be p
rescri
bed
thro
ugh t
he
em
plo
ym
ent
contr
act
Yes.
The law
mandate
s t
hat
media
tion b
e t
aken
befo
re t
he c
ourt
pro
ceedin
gs
Yes,
thro
ugh
unio
ns
Yes,
via
collective
contr
act
with
em
plo
yer
and
Arb
itra
tion
Com
mitte
e
Yes,
Labour
Dis
pute
Media
tion
Off
ice,
Labour
Rela
tions
Com
mitte
e
Yes (
depends o
n
the c
om
pany's
pro
cedure
concern
ing t
he
com
pla
ints
of
em
plo
yees)
Yes
IV-1
.1 W
hat
are
th
e r
igh
ts o
f em
plo
yees r
eg
ard
ing
~
IV-1
Em
plo
yees' R
igh
t
IV-1
.2 C
an
em
plo
yees p
art
icip
ate
in
th
e c
om
pan
y's
pro
fits
by ~
* N
o r
egula
tory
fram
ew
ork
exis
ts
concern
ing
em
plo
yees' ri
ght.
It d
epends o
n e
ach
com
pany's
policy
IV.
Th
e R
ole
of
Sta
ke
ho
lde
rs
IV-1
.3 W
ho
man
ag
es e
mp
loyee p
en
sio
n f
un
ds?
IV-1
.4 W
hat
pri
ori
ty d
o e
mp
loyee w
ag
es a
nd
ben
efi
ts h
ave in
th
e e
ven
t o
f in
so
lven
cy?
IV-1
.5 D
o e
mp
loyees h
ave a
ccess t
o in
tern
al re
dre
ss m
ech
an
ism
s (
med
iati
on
/arb
itra
tio
n)
in c
ase o
f vio
lati
on
of
their
rig
hts
?
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
15
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
16
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
No
No
No
There
is n
o
sta
tuto
ry p
rovis
ion
but
liste
d
com
panie
s a
re
hig
hly
encoura
ged
No (
only
the
pro
tection o
f
cri
min
al w
itnesses
or
vic
tim
s)
Yes,
sin
ce J
anuary
2004
No
No
Pro
tections
pro
vid
ed t
o
auditors
Yes
Yes.
(Witness
Pro
tection A
ct)
The S
ecuri
ties &
Exchange A
ct
Act
on E
xte
rnal
Audit o
f S
tock
Com
panie
s
Anti-c
orr
upt
Act
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
The c
reditors
can
nom
inate
liq
uid
ato
r
and a
lso a
ppoin
t
com
mitte
e o
f
inspection in c
ase
liquid
ation a
s p
er
com
panie
s a
ct
In a
volu
nta
ry
liquid
ation,
the
cre
ditors
may
nom
inate
a
liquid
ato
r
Rig
ht
to p
art
icip
ate
in t
he c
reditors
'
meeting
Cre
ditors
are
allow
ed t
o initia
te
insolv
ency
pro
ceedin
gs
Cre
ditors
can
initia
te
pro
ceedin
gs t
o
win
d u
p t
he
com
pany
Via
cre
ditors
'
meeting
Cre
ditors
' m
eeting
may d
ecid
e o
n
pro
cedure
,
adm
inis
tration,
continuation a
nd
dis
continuation o
f
bankru
ptc
y
The c
reditors
may
als
o a
ppoin
t a
com
mitte
e o
f
inspection a
t th
e
cre
ditors
' m
eeting
Rig
ht
to a
ppoin
t
liquid
ato
r; a
com
mitte
e o
f
inspection a
nd e
tc.
Sta
tuto
ry
pro
hib
itio
n (
null
and v
oid
)
Sta
tuto
ry
pro
hib
itio
n a
nd
insolv
ency
com
mitte
e
Actions m
ay b
e
com
menced;
those
transactions a
re
void
able
Section 5
31 o
f th
e
Act
invalidate
s a
ny
fraudule
nt
pre
fere
nces (
6
month
s b
efo
re t
he
com
mencem
ent
of
win
din
g-u
p o
r 3
month
s b
efo
re
petitionin
g)
Cre
ditors
are
pro
tecte
d b
y
Cura
tor
The p
art
ies a
re
subje
ct
to
impri
sonm
ent
or
fines;
als
o c
ould
seek r
ecovery
of
dam
age
Fra
udule
nt
pre
fere
nce c
ould
be invalidate
d
It is s
ubje
ct
to
cri
min
al and c
ivil
penaltie
s
The f
raudule
nt
part
y c
ould
be
subje
ct
to c
rim
inal
pro
ceedin
gs.
Cre
ditors
may a
lso
request
that
insolv
ent
tradin
g
be s
et
asid
e in t
he
conte
xt
of
insolv
ency c
ase.
In
additio
n,
a p
art
y t
o
fraud m
ay b
e
made p
ers
onally
responsib
le b
y
Court
for
debts
or
liability o
f th
e
com
pany.
Cre
ditors
can
request
bankru
ptc
y
trust
to e
xerc
ise
avoid
ing p
ow
er
The t
ruste
e s
hall
apply
to t
he c
ourt
The r
eceiv
er
can
file
a m
otion t
o t
he
court
Insolv
ent
Tra
din
g
Law
pro
hib
its
dis
posal and
transactions d
uri
ng
insolv
ency p
eri
od
IV-2
. C
red
ito
rs' R
igh
ts
IV-1
.6 D
oes t
he leg
al an
d r
eg
ula
tory
fra
mew
ork
pro
vid
e f
or
the p
rote
cti
on
of
'Wh
istl
e-B
low
ers
'?
IV-2
.1 A
re c
red
ito
rs in
vo
lved
in
go
vern
an
ce in
th
e c
on
text
of
inso
lven
cy?
IV-2
.2 H
ow
are
cre
dit
ors
pro
tecte
d a
gain
st
frau
du
len
t co
nveyan
ce/in
so
lven
t tr
ad
ing
in
th
e c
on
text
of
inso
lven
cy?
No (
but
dra
ft
Securi
ties &
Exchange A
ct
will
pro
vid
e p
rote
ction
to t
he e
mplo
yees
who r
eport
the
regula
tor
or
support
its
investigation)
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
V-1
.Co
nso
lid
ate
d F
inan
cia
l R
ep
ort
ing
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
V-2
. N
on
-Fin
an
cia
l In
form
ati
on
New
regula
tory
pro
vis
ion a
dopte
d
in A
pri
l 2006
(a)
Corp
ora
te g
overn
ance
str
uctu
res a
nd p
ractices
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
(b)
Education a
nd
pro
fessio
nal experi
ence o
f
dir
ecto
rs a
nd k
ey
executives
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
(c)
Tota
l re
munera
tion o
f
dir
ecto
rs a
nd k
ey
executives
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No legis
lative
requir
em
ent.
(recom
mended b
y
the C
ode o
f
Corp
ora
te
Govern
ance)
Yes
Yes
Yes
Yes
(d)
Indiv
idual re
munera
tion
of
dir
ecto
rs a
nd k
ey
executives
No
Yes
Yes
Yes
Yes
Yes,
as
recom
mended
under
the
Mala
ysia
n C
ode o
n
Corp
ora
te
Govern
ance (
not
for
the e
xecutives)
Yes
No
Yes
(recom
mendation)
No
No
Yes
(e)
Devia
tions f
rom
corp
ora
te g
overn
ance
codes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
No
Yes
Yes
No
(f)
Managem
ent
Dis
cussio
n &
Analy
sis
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
(g)
Forw
ard
lookin
g
sta
tem
ents
of
the c
om
pany
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
V-3
. A
ud
it/A
cco
un
tin
g
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Fir
st
Auditors
are
appoin
ted b
y t
he
board
and
there
aft
er
by t
he
share
hold
ers
in t
he
AG
M
The A
udit
Com
mitte
e
recom
mends t
he
exte
rnal auditor
but
he n
eeds
share
hold
ers
'
appro
val at
AG
M
Appro
ved b
y
share
hold
ers
under
the
recom
mendation
of
the A
udit
Com
mitte
e
The s
tatu
tory
auditors
are
appoin
ted b
y B
OD
(Section224 o
f th
e
Act)
Appoin
ted b
y t
he
share
hold
ers
at
AG
M,
this
pow
er
can b
e d
ele
gate
d
to t
he B
oard
of
Com
mis
sio
ners
The A
udit
Com
mitte
e is
requir
ed t
o
recom
mend t
he
nom
ination o
f a
pers
on o
r pers
ons
as e
xte
rnal
auditors
under
the
Lis
ting
Requir
em
ents
.
The e
xte
rnal
auditors
are
then
appoin
ted b
y
share
hold
er
at
each a
nnual
genera
l m
eeting.
Appoin
ted b
y t
he
BO
D u
ntil th
e f
irst
AG
M.
There
aft
er
appoin
ted b
y
share
hold
ers
at
AG
M
Appoin
ted b
y t
he
BO
D a
nd a
ppro
ved
by t
he g
enera
l
share
hold
ers
Appoin
ted b
y
share
hold
ers
at
the
share
hold
ers
'
meeting
Audit C
om
mitte
e
usually a
ppro
ves
exte
rnal auditors
A r
esolu
tion o
f th
e
BO
D
The B
oard
has t
o
pro
pose t
o t
he
share
hold
ers
for
an a
ppro
val
V.
Dis
clo
su
re a
nd
Tra
ns
pa
ren
cy
V-2
.1 A
re c
om
pan
ies r
eq
uir
ed
to
dis
clo
se in
form
ati
on
on
~
V-3
.1 A
re c
om
pan
ies r
eq
uir
ed
to
have t
heir
fin
an
cia
l sta
tem
en
ts e
xte
rnally a
ud
ited
?
V-3
.2 H
ow
an
d b
y w
ho
m a
re e
xte
rnal au
dit
ors
ap
po
inte
d?
V-1
.1 D
oes law
or
reg
ula
tio
n p
rovid
e f
or
co
nso
lid
ate
d f
inan
cia
l re
po
rtin
g?
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
17
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
18
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Accord
ing t
o
"Term
s o
f
Refe
rence"
The d
irecto
r of
inte
rnal auditin
g
gro
up r
eport
s t
o
the B
OD
and/o
r
the A
udit
Com
mitte
e
No r
egula
tory
requir
em
ent.
It
is
up t
o t
he c
om
pany
To t
he
managem
ent
and
the A
udit
Com
mitte
e o
f th
e
com
pany
Audit C
om
mitte
e
and/o
r th
e
dir
ecto
rs
Audit C
om
mitte
eA
udit C
om
mitte
eA
udit C
om
mitte
eA
udit C
om
mitte
eB
OD
and
share
hold
ers
BO
D a
nd
superv
isors
Audit C
om
mitte
eB
OD
(lo
cally c
alled
'Board
of
Managem
ent')
The B
angla
desh
Chart
ere
d
Accounta
nt
Ord
er,
1973
Chin
a A
ccounting
Law
; C
ode o
f
Corp
ora
te
Govern
ance f
or
Lis
ted C
om
panie
s
in C
hin
a
Hong K
ong
Institu
te o
f
Cert
ifie
d P
ublic
Accounta
nt
(HK
ICP
A).
HK
ICP
A h
as
investigato
ry a
nd
dis
cip
linary
pow
ers
The I
nstitu
te o
f
Chart
ere
d
Accounta
nts
of
India
(IC
AI)
Bapepam
Rule
s
(No.
VII
.A.1
&
X.J
.1);
Rule
s
issued b
y
Superv
isio
n C
ente
r
for
Accounta
nt
and
Appra
isal (P
PA
JP
)
Accounta
nts
Act
1967 (
Am
ended
2000);
The C
ouncil
of
the M
ala
ysia
n
Institu
te o
f
Accounta
nts
(M
IA)
Rule
s f
ram
ed b
y
the I
nstitu
te o
f
Chart
ere
d
Accounta
nts
of
Pakis
tan a
nd t
he
Com
panie
s
Ord
inance 1
984
Republic A
ct
no.
9282 (
the
Philip
pin
e
Accounting A
ct
of
2004)
Accounta
nts
Act
Act
on E
xte
rnal
Audit o
f S
tock
Com
panie
s;
Act
on
Public A
ccounta
nts
Cert
ifie
d P
ublic
Accounta
nts
Law
;
Accounting
Pro
fessio
n A
ct
B.E
. 2547.
The
auditors
who w
ant
to a
udit lis
ted
com
panie
s m
ust
get
appro
val fr
om
the S
EC
Accounting L
aw
of
2005,
Independent
Auditin
g D
ecre
e
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Institu
te o
f
Chart
ere
d
Accounta
nt
of
Bangla
desh (
ICA
B)
Min
istr
y o
f
Fin
ance;
The
Chin
ese I
nstitu
te
of
Cert
ifie
d P
ublic
Accounta
nts
(CIC
PA
)
HK
ICP
AIC
AI
Bapepam
(S
EC
) &
Indonesia
Accounta
nt
Associa
tion;
PP
AJP
The A
udit
Lic
ensin
g
Com
mitte
e (
ALC
)
The I
nstitu
te o
f
Chart
ere
d
Accounta
nts
of
Pakis
tan
The B
oard
of
Accounta
ncy
Public A
ccounta
nts
Overs
ight
Com
mitte
e
Fin
ancia
l
Superv
isory
Com
mis
sio
n;
Fin
ancia
l
Superv
isory
Serv
ice
Any r
espective
com
pete
nt
auth
ori
ty s
uch a
s
Fin
ancia
l
Superv
isory
Com
mis
sio
n,
Min
istr
y o
f
Fin
ance,
and
Min
istr
y o
f
Econom
ic A
ffair
s
will set
rela
ted
regula
tions t
o
ensure
the q
uality
and independence
of
auditors
.
The S
EC
and t
he
Federa
tion o
f
Accounting
Pro
fessio
ns
Yes
Yes
Yes
No
No
Yes
No
Yes
Yes/N
oY
es/N
oY
es
Yes
Yes
No
If s
o,
how
many y
ears
?
3 y
ears
5 y
ears
5 y
ears
for
the
Accounting F
irm
s
and 3
years
for
indiv
idual
accounta
nt
Rota
tion o
f audit
part
ners
is
requir
ed f
or
every
5 y
ears
5 y
ears
Rota
tion o
f audit
part
ners
is
requir
ed f
or
every
5 y
ears
For
liste
d
com
panie
s,
the
rota
tion o
f audit
firm
s is m
andato
ry
but
rota
tion o
f
audit p
art
ners
is
mandato
ry
6 y
ears
5 y
ears
5 y
ears
Not
much d
iffe
rent
Not
much d
iffe
rent
Identical
(ww
w.h
kic
pa.o
rg.h
k/p
rofe
ssio
naltechnic
al/a
c
countin
g/d
uepr
ocess/c
oncord
ance2007.p
df)
India
's a
ccounting
sta
ndard
s a
re
based o
n t
he
Inte
rnational
Fin
ancia
l
Report
ing
Sta
ndard
s
Not
much d
iffe
rent
Mala
ysia
n
Appro
ved
Sta
ndard
s a
re f
ully
in c
onsis
tence w
ith
the I
nte
rnational
Sta
ndard
s o
n
Auditin
g (
IAS
)
Not
much d
iffe
rent
Not
much d
iffe
rent
Not
much d
iffe
rent
(clo
sely
aligned)
Not
much d
iffe
rent
Not
much d
iffe
rent
Not
much d
iffe
rent
Not
much d
iffe
rent
V-3
.4 W
hat
rule
s r
eg
ula
te t
he a
ud
it p
rofe
ssio
n?
V-3
.5 Is c
ert
ific
ati
on
or
train
ing
of
au
dit
ors
man
dato
ry?
V-3
.6 Is t
here
a c
od
e o
f eth
ics r
ela
tin
g t
o t
he a
ud
it p
rofe
ssio
n?
V-3
.7 W
hic
h a
uth
ori
ties e
nsu
re t
he r
evie
w, q
uality
an
d in
dep
en
den
ce o
f au
dit
ors
?
V-3
.3 T
o w
ho
m d
o t
he in
tern
al au
dit
ors
rep
ort
?
V-3
.8 Is a
ro
tati
on
of
au
dit
fir
ms/e
xte
rnal au
dit
ors
man
dato
ry?
V-3
.9 T
o w
hat
exte
nt
are
nati
on
al au
dit
ing
an
d a
cco
un
tin
g n
orm
s m
ate
rially d
iverg
en
t fr
om
th
e in
tern
ati
on
al sta
nd
ard
s?
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
ICA
BC
ICP
AH
KIC
PA
(self-
regula
tory
body)
The N
ational
Advis
ory
Com
mitte
e o
n
Accounting
Sta
ndard
s
Indonesia
n
Accounta
nt
Associa
tion;
Indonesia
n
Institu
te o
f
Accounta
nts
The M
AS
M/M
AS
B
and t
he M
IA
The I
nstitu
te o
f
Chart
ere
d
Accounta
nts
of
Pakis
tan
The B
oard
of
Accounta
ncy
org
aniz
ed u
nder
the P
rofe
ssio
nal
Regula
tory
Com
mis
sio
n
(Sta
ndard
s)
Council o
n
Corp
ora
te
Dis
clo
sure
and
Govern
ance
(overs
ight)
Public
Accounta
nts
Overs
ight
Com
mitte
e
Sta
ndard
:
Fin
ancia
l
Superv
isory
Com
mis
sio
n a
nd
Kore
an A
ccounting
Sta
ndard
Board
Overs
ight :
Fin
ancia
l
Superv
isory
Com
mis
sio
n a
nd
Fin
ancia
l
Superv
isory
Serv
ice
Sta
ndard
s:
Fin
ancia
l
Accounting
Sta
ndard
s
Com
mitte
e
Overs
ight :
FS
C,
CP
A A
ssocia
tion
The F
edera
tion o
f
Accounting
Pro
fessio
ns
Min
istr
y o
f
Fin
ance,
Vie
tnam
ese
Associa
tion o
f
Accounta
nt
Cannot
engage in
consultin
g s
erv
ices
except
tax m
att
er
Not
requir
ed t
o
report
No,
but
the d
eta
ils
of
fees p
aid
to
exte
rnal auditors
are
requir
ed t
o b
e
dis
clo
sed
The a
uditors
are
requir
ed t
o
dis
clo
se a
ny
"conflic
ts o
f
inte
rest"
Not
requir
ed t
o
report
but
exte
rnal
auditors
cannot
pro
vid
e c
onsultin
g
serv
ices f
or
sam
e
peri
od
Need t
o d
isclo
se
non-a
udit f
ees in
the a
nnual re
port
s
Yes
No
No
Yes
Conditio
nally Y
es
Yes
No
V-4
. In
term
ed
iari
es
No
No
Yes
Yes
Yes (
they c
ould
be
sanctioned b
y
indiv
idual
associa
tion)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Sto
ck B
rokers
are
subje
ct
to "
Sto
ck
Bro
ker
and S
ub-
Bro
kers
Rule
s &
Regula
tions' 1992
All b
rokers
and
agents
are
requir
ed t
o
dis
clo
se 'conflic
t of
inte
rest' t
o t
heir
clients
Bro
kers
and
deale
rs a
re
regula
ted b
y t
he
SE
C a
nd m
ust
renew
their
licenses a
nnually
Analy
st:
Requir
ed
to t
reat
clients
'fair
ly a
nd
appro
pri
ate
ly.'
Underw
rite
rs a
re
subje
ct
to
'Underw
rite
rs
Rule
s &
Regula
tions,' 1
993
For
all o
ther
inte
rmedia
ries,
new
rule
s a
re in
the p
rocess o
f
bein
g f
inalized
Bro
kers
/Underw
rite
rs:
pro
hib
ited t
o
dis
trib
ute
researc
h
papers
rela
ting t
o
underw
ritt
en
securi
ties
Cre
dit R
ating
Agencie
s a
re
subje
ct
to "
Cre
dit
Rating A
gencie
s
Rule
s &
Regula
tions,' 1
999
Rating a
gency:
Rating r
eport
s a
re
requir
ed t
o
dis
clo
se 'conflic
ts
of
inte
rest'
Dis
clo
sure
s b
y
inte
rmedia
ries a
re
regula
ted u
nder
vari
es instr
um
ents
(e.g
. section 1
20 o
f
Securi
ties &
Futu
res A
ct,
Section 3
6 o
f
Fin
ancia
l A
dvis
ers
Act,
and S
GX
Rule
on R
esearc
h)
V-3
.10 W
hat
insti
tuti
on
is r
esp
on
sib
le f
or
develo
pin
g a
cco
un
tin
g s
tan
dard
s a
nd
th
e o
vers
igh
t o
f acco
un
tan
ts?
V-3
.11 A
re c
om
pan
ies r
eq
uir
ed
to
rep
ort
"co
nsu
ltin
g s
erv
ices"
ren
dere
d b
y t
he e
xte
rnal au
dit
or?
V-4
.1 In
yo
ur
juri
sd
icti
on
, is
it
req
uir
ed
to
dis
clo
se 'co
nfl
icts
of
inte
rest'
by a
naly
st,
bro
kers
. ra
tin
g a
gen
cie
s a
nd
oth
er?
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
19
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
20
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Civ
il lia
bility
No
Yes
Yes
Yes
No
Yes
No
Yes
Yes
Yes
Yes
No
Yes
(b)
Fin
es
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
(c)
Impri
sonm
ent
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
(d)
Oth
ers
Their
lic
ense c
ould
be r
evoked,
either
tem
pora
rily
or
perm
anently
Lic
ense c
ould
be
revoked o
r
suspended
Burs
a M
ala
ysia
Securi
ties B
oard
undert
akes
enfo
rcem
ent
actions p
urs
uant
to
bre
aches o
f its
rule
s
Vio
lation m
ay lead
to s
uspensio
n o
f
regis
tration
Bre
ach o
f
Sin
gapore
Exchange L
td
listing r
ule
s a
re
punis
hable
by
dis
cip
linary
actions
by S
ingapore
Exchange L
td.
Analy
st:
adm
inis
trative
sanctions
Public r
epri
mand
Bro
kers
/Underw
rite
rs:
fines/
impri
sonm
ent/
adm
inis
trative
sanctions
Rating a
gency:
SE
C h
as p
ow
er
to
revoke t
he
appro
val
(a)
Sem
i-annual re
port
ing
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
(b)
Quart
erl
y r
eport
ing
No
Yes
Yes (
only
GE
M
com
panie
s)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(c)
Publication o
f audited
annual re
port
s
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
(d)
Imm
edia
te r
eport
ing o
f
pri
ce-s
ensitiv
e
info
rmation?
Yes (
pri
ce
sensitiv
e
info
rmation n
eeds
to b
e d
issem
inate
d
to E
xchange a
nd
SE
C w
ithin
30
min
ute
s)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Adm
inis
trative a
nd
financia
l penalty
(min
. of
Tk.
100,0
00)
Can b
e s
ubm
itte
d
to f
ines o
f 300,0
00
Yuan
Share
s o
f th
e
com
panie
s w
ill be
suspended u
ntil
the r
ela
ted r
esults
are
published;
Warn
ing lett
ers
;
pri
vate
repri
mand;
the H
K S
tock
Exchange m
ay
cancel th
e lis
ting in
an e
xtr
em
e c
ase
May r
esult in
dir
ecto
rs'
impri
sonm
ent
up
to s
ix m
onth
s
and/o
r heft
y f
ines
Fin
es (
IDR
1
million p
er
day,
maxim
um
Rp.
5
billion)
or
3 y
ears
of
impri
sonm
ent
The E
xchange
shall s
uspend
tradin
g (
3 m
onth
s
dela
y)
or
de-l
ist
(6
month
s d
ela
y)
Dir
ecto
rs/C
EO
/CF
O c
ould
be
impri
soned a
nd/o
r
fined
Fin
es;
suspensio
n
of
tradin
g;
delisting
of
the c
om
pany
The S
GX
lis
ting
rule
s r
equir
es
issuers
to m
ake
report
s o
n t
heir
financia
l
sta
tem
ents
, and t
o
make im
media
te
announcem
ents
on
any p
rice s
ensitiv
e
info
rmation k
now
n
to t
he issuer.
Issuers
who d
o n
ot
com
ply
with t
he
listing r
ule
s m
ay
be s
ubje
ct
to
dis
cip
linary
action
by S
GX
. (f
ines a
nd
impri
sonm
ent)
Civ
il p
enalty less
than 2
billion W
on
Fin
e o
f N
T$
240,0
00~
2.4
million;
suspensio
n
of
tradin
g o
r
delisting
Not
exceedin
g
100,0
00 b
aht
(and
furt
her
fine n
ot
exceedin
g 3
,000
baht
for
every
day
duri
ng t
he
contr
avention
continues)
Fin
es
V-4
.2 W
hat
are
th
e leg
al co
nseq
uen
ces if
these p
rofe
ssio
nals
vio
late
th
e d
isclo
su
re r
ule
s?
V-5
.1 W
hat
rep
ort
s a
re r
eq
uir
ed
by S
tock E
xch
an
ges o
r th
e s
up
erv
isin
g g
overn
men
t au
tho
rity
?
V-5
.2 W
hat
pen
alt
ies a
re a
ttach
ed
to
no
n-c
om
plian
ce w
ith
th
e a
bo
ve-c
ited
req
uir
em
en
ts?
V-5
. R
ep
ort
ing
Req
uir
em
en
ts
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Yes (
the R
egis
trar
of
Join
t S
tock
Com
panie
s a
nd
Fir
ms;
Sto
ck
Exchange)
No (
som
e
info
rmation
available
at
the
com
pany's
website,
CS
RC
,
Sto
ck E
xchange)
HK
Ex
(htt
p:/
/main
.ednew
s.h
k/lis
tedco/lis
tco
new
s/s
earc
h/s
ear
ch_active_m
ain
.as
p)
Filed w
ith t
he
Regis
trar
of
Com
panie
s (
RoC
)
Yes (
Jakart
a S
tock
Exchange,
Sura
baya S
tock
Exchange,
Bapepam
-SE
C)
The C
om
panie
s
Com
mis
sio
n o
f
Mala
ysia
; B
urs
a
Mala
ysia
;
Com
pany
Announcem
ents
No
No
Yes,
Accounting
and C
orp
ora
te
Regula
tory
Auth
ori
ty (
AC
RA
)
DA
RT
(ww
w.d
art
.or.
kr)
pro
vid
ed b
y
Fin
ancia
l
Superv
isory
Serv
ice
KIN
D
(ww
w.k
ind.k
se.o
r.
kr)
pro
vid
ed b
y
Kore
a E
xchange
Yes (
Mark
et
Observ
ation P
ost
Syste
m)
SE
C's
website a
nd
SE
T's
website
No
(a)
Is e
lectr
onic
filin
g
available
No
Yes
Yes (
HK
Ex)
Yes
No
Yes
No (
now
in
pro
gre
ss)
Yes
Yes
Yes
Yes (
MO
PS
website)
Yes
Yes
(b)
Is t
here
an inte
gra
ted
serv
ice p
rovid
er
for
the
data
base?
No
Yes (
Shanghai
Sto
ck E
xchange)
Yes
Yes
No (
now
in
pro
gre
ss)
Yes (
the
Exchange)
No
No
Yes (
SG
X-N
ET
)Y
es
Yes (
MO
PS
website)
Yes
V-5
.4 T
o w
hat
exte
nt
are
new
tech
no
log
ical d
evelo
pm
en
ts in
teg
rate
d in
to t
he e
xis
tin
g d
isclo
su
re r
eg
imes?
V-5
.3 Is t
here
a c
en
tral re
gis
try f
or
fin
an
cia
l an
d n
on
-fin
an
cia
l co
rpo
rate
in
form
ati
on
wh
ich
is r
ead
ily a
vailab
le t
o t
he s
hare
ho
lders
?
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
21
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
22
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Unitary
Unitary
board
w/
auditin
g b
oard
(oft
en t
ransla
ted
as "
Superv
isory
Board
")
Unitary
Unitary
Dual B
oard
Str
uctu
re
Unitary
Unitary
Unitary
Unitary
Unitary
Dual B
oard
, but
am
ended
Securi
ties &
Exchange A
ct
allow
public
com
pany c
hoose
unitary
Com
pany's
decis
ion (
most
choose u
nitary
)
Unitary
Yes
Yes
Yes
No
N/P
No
No
No
Yes
No
Yes
Yes
Min
: 5,
Max:
20
(Corp
ora
te
Guid
eline)
5~
19 d
irecto
rsM
in:
3 (
2)
Max:
no
Min
: 3
Max:
no
Min
:2
Max:
no
Min
: 2
Max:
no
Min
: 7 M
ax:
no
Min
: 5 M
ax:
15
Min
: 2
Max:
no
Min
: 3
Max:
no
Min
: 5
Max:
no
Min
; 5
Max;n
o
Min
:3
Max 1
1
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes (
if s
tipula
ted in
Art
icle
s o
f
Associa
tion)
Yes
Yes
Yes
Yes (
if p
rovid
ed in
the A
rtic
les o
f
Associa
tion)
No
Yes
Yes
Yes
Yes
Yes (
as a
defa
ult
rule
)
Yes (
the
com
panie
s c
an o
pt-
out)
Yes
Every
AG
M,
1/3
of
dir
ecto
rs g
ets
reshuff
led
No lim
itN
o lim
itN
o lim
itN
o lim
it3 y
ears
but
shall
be e
ligib
le f
or
re-
ele
ction
3 y
ears
1 y
ear
No lim
it3 y
ears
but
unlim
ited r
e-
ele
ction
3 y
ears
but
re-
ele
ction p
ossib
le
if t
he c
om
pany
adopts
cum
ula
tive
voting:
the e
ntire
BO
D n
eeds t
o b
e
ele
cte
d
sim
ultaneously
5 y
ears
If t
he c
om
pany
does n
ot
adopt
cum
ula
tive v
oting:
1/3
of
dir
ecto
rs
shall r
etire
each
year
No
No
Yes
Yes
Yes
Yes
No
No
Yes
Yes
No
Yes
No
Yes
No
Yes
No
Yes (
liste
d
com
panie
s:
10 a
nd
non-l
iste
d:
15)
Yes
No
No
No (
maxim
um
of
two d
irecto
rship
s
for
outs
ide
dir
ecto
rs)
No,
except
the
independent
dir
ecto
r
Yes (
SE
C
suggests
each
dir
ecto
r should
serv
e n
o m
ore
than o
n 5
board
s
of
the lis
ted
com
panie
s)
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No legis
lative
requir
em
ent.
(recom
mended b
y
the C
ode o
f
Corp
ora
te
Govern
ance)
Yes
Yes
Yes
Yes
VI-
1.9
Are
co
mp
an
ies r
eq
uir
ed
to
dis
clo
se t
he a
tten
dan
ce r
eco
rds o
f b
oard
meeti
ng
s?
VI-
1.7
Do
es t
he r
eg
ula
tory
fra
mew
ork
perm
it s
tag
gere
d e
lecti
on
term
s f
or
bo
ard
mem
bers
?
VI-
1.8
Is t
here
a lim
it t
o t
he n
um
ber
of
bo
ard
s o
n w
hic
h a
n in
div
idu
al m
ay s
erv
e?
VI-
1 M
em
bers
of
the B
oard
VI-
1.3
Min
imu
m/m
axim
um
nu
mb
er
of
dir
ecto
rs f
or
liste
d c
om
pan
ies
VI-
1.4
Do
es law
req
uir
e r
ep
resen
tati
on
of
lab
or
un
ion
s o
n t
he b
oard
?
VI-
1.5
Is c
um
ula
tive v
oti
ng
fo
r th
e e
lecti
on
of
bo
ard
perm
itte
d?
VI-
1.6
Maxim
um
ele
cti
on
term
fo
r m
em
bers
of
the b
oard
VI-
1.1
Pre
scri
be b
oard
str
uctu
re (
un
itary
or
du
al b
oard
str
uctu
re)
VI-
1.2
Can
a d
ual b
oard
str
uctu
re b
e e
sta
blish
ed
in
th
e a
rtic
les o
f asso
cia
tio
n?
VI.
Th
e R
esp
on
sib
ilit
ies o
f th
e B
oa
rd
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
4 (
one e
very
quart
er)
twic
e p
er
year
not
specifie
dat
least
once p
er
year
min
imum
once a
year
not
specifie
d 4
(once e
very
quart
er)
The C
orp
ora
tion
Code r
equir
es a
min
imum
of
12
meetings a
year
no m
inim
um
num
ber
no r
estr
iction
at
least
quart
erl
yat
least
once e
very
thre
e m
onth
s
four
tim
es
No
No
No
No
No
No (
but
the
com
pany s
hall
have a
t le
ast
two
dir
ecto
rs w
hose
pri
ncip
al re
sid
ence
is M
ala
ysia
)
No
Yes (
the m
ajo
rity
of
dir
ecto
rs m
ust
be r
esid
ents
of
the
Philip
pin
es)
No
No
No
Yes (
PC
A r
equir
es
that
not
less t
han
half o
f th
e B
OD
shall r
esid
e w
ithin
the K
ingdom
)
Yes,
only
resid
ents
are
allow
ed t
o
esta
blish o
r
manage
com
panie
s
(a)
Nom
inating b
oard
mem
bers
Casual vacancy
can b
e f
ille
d b
y t
he
board
Both
BO
D a
nd
Share
hold
ers
can
nom
inate
the
candid
ate
s
Board
mem
bers
are
genera
lly
nom
inate
d b
y t
he
BO
D;
share
hold
ers
can a
lso n
om
inate
the c
andid
ate
s
(Lis
ted c
om
panie
s)
The N
om
inating
Com
mitte
e
recom
mends a
mem
ber
on t
he
BO
D.
The
com
pany is
requir
ed t
o f
ile 3
copie
s o
f notice
pro
posin
g a
candid
ate
with t
he
Sto
ck E
xchange
Only
contr
ollin
g
share
hold
ers
can
nom
inate
candid
ate
s
The n
om
inating
com
mitte
e
com
posed
exclu
siv
ely
of
non-
executives,
a
majo
rity
of
whom
are
independent
dir
ecto
r
No s
pecia
l
pro
cedure
specifie
d in t
he law
This
is d
one a
t th
e
annual m
eeting
The C
ode o
f
Corp
ora
te
Govern
ance
recom
mends
guid
elines o
n
nom
inating b
oard
mem
bers
that
com
panie
s a
re
encoura
ged t
o
adopt.
Via
the N
om
inating
Com
mitte
e
Nom
ination m
ade
at
share
hold
er's
meeting
No s
pecific
requir
em
ent
Share
hold
ers
havin
g m
ore
than
10%
of
share
s f
or
more
than 6
month
s
(b)
Ele
cting b
oard
mem
bers
Ele
ction a
t A
GM
Share
hold
ers
ele
ct
board
mem
bers
at
AG
M w
ith 5
0%
voting
Must
be a
ppro
ved
by t
he
share
hold
ers
A m
em
ber
is
allow
ed t
o p
ropose
a p
ers
on o
f his
/her
choic
e f
or
the
dir
ecto
rship
in a
Com
pany a
long
with a
deposit o
f
Rs.
500.
Share
hold
ers
ele
ct
Board
mem
bers
at
AG
M
Share
hold
ers
'
meeting
The d
irecto
rs s
et
the n
um
ber
of
ele
cte
d d
irecto
rs
and t
he
share
hold
ers
ele
ct
dir
ecto
rs a
t A
GM
Ele
cte
d b
y t
he
share
hold
ers
Depends o
n t
he
Art
icle
s o
f
Associa
tion
Share
hold
ers
'
meeting
Ele
cte
d b
y
share
hold
ers
(cum
ula
tive v
oting)
Genera
lly,
the
dir
ecto
rs m
ust
be
ele
cte
d b
y t
he
share
hold
ers
.
(Exception)
In c
ase
of
vacancy o
ther
than t
he e
xpir
ation
of
term
s,
the B
OD
can s
ele
ct
the
repla
cem
ent
Share
hold
ers
'
meeting
(c)
Rem
ovin
g b
oard
mem
bers
Share
hold
ers
vote
by 3
/4 a
ppro
val
Share
hold
ers
can
rem
ove b
oard
mem
bers
at
AG
M
with 5
0%
voting
BO
D c
an r
em
ove
the d
irecto
rs
At
least
21 d
ays in
advance b
efo
re t
he
meeting s
tating
about
the s
pecia
l
notice p
roposin
g
the r
esolu
tion o
f
rem
oval of
the
dir
ecto
r.
An
ord
inary
resolu
tion
by s
imple
majo
rity
shall b
e p
assed.
Rem
ovable
by t
he
share
hold
ers
'
resolu
tion
Rem
ovable
by t
he
share
hold
ers
'
resolu
tion
(ord
inary
resolu
tion)
Rem
ovable
by t
he
share
hold
ers
'
resolu
tion
Share
hold
ers
may
rem
ove a
ny
dir
ecto
r fo
r any
reason a
t a s
pecia
l
meeting c
alled f
or
that
purp
ose.
2/3
needed
Rem
oval by
ord
inary
share
hold
er
resolu
tion (
Section
152 o
f C
om
panie
s
Act)
Rem
ovable
by t
he
share
hold
ers
'
resolu
tion (
specia
l
resolu
tion)
Rem
oval by
specia
l
share
hold
er
resolu
tion
Rem
ovable
by
75%
of
the
num
bers
of
share
hold
ers
att
endin
g t
he
meeting w
ho a
lso
have 5
0%
of
the
share
s h
eld
by t
he
share
hold
ers
att
endin
g
the
meeting
Rem
ovable
by t
he
share
hold
ers
'
resolu
tion
(d)
Appoin
ting o
r ele
cting
senio
r m
anagem
ent
The B
OD
The B
OD
No s
pecific
sta
tuto
ry
pro
cedure
The N
om
ination
Com
mitte
e (
this
is
not
mandato
ry)
The B
OD
Dete
rmin
ed b
y t
he
CE
O w
ith t
he
appro
val of
the
BO
D
The B
OD
Senio
r
managem
ent
is
appoin
ted b
y C
EO
or
the c
ontr
ollin
g
share
hold
er
The B
OD
No s
pecific
sta
tuto
ry
pro
cedure
(but
the
BO
D in p
ractice)
VI-
1.1
0 W
hat
is t
he m
inim
um
nu
mb
er
of
bo
ard
meeti
ng
s t
o b
e h
eld
per
year?
VI-
1.1
1 A
re t
here
lim
itati
on
s t
o t
he a
pp
oin
tmen
t o
f n
on
-resid
en
ts o
r fo
reig
ners
to
th
e b
oard
of
liste
d c
om
pan
ies?
VI-
1.1
2 W
hat
are
th
e r
ule
s a
nd
pro
ced
ure
s f
or
~
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
23
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
24
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Pre
fera
ble
but
not
mandato
ry
No
No b
ut
it is a
com
ply
-or-
expla
in
requir
em
ent
under
the C
ode o
n
Corp
ora
te
Govern
ance
Pra
ctices
Yes
Yes (
because
Indonesia
has d
ual
board
syste
m)
No (
The C
ode o
f
Corp
ora
te
Govern
ance
recom
mends
separa
tion o
f
Chair
man a
nd
CE
O b
ut
it is n
ot
mandato
ry)
No (
The C
ode o
f
Corp
ora
te
Govern
ance
pre
fers
the
separa
tion b
ut
it is
not
mandato
ry)
No
No (
recom
mended
by t
he C
ode o
f
Corp
ora
te
Govern
ance)
No
No (
but
recom
mended)
No
No
No
No
No
No
Yes
No (
the C
ode o
f
Corp
ora
te
Govern
ance
recom
mends t
he
Board
to identify
a
senio
r in
dependent
non-e
xecutive
dir
ecto
r but
it is
not
mandato
ry)
No (
The C
ode o
f
Corp
ora
te
Govern
ance
pre
fers
such
positio
n b
ut
it is
not
mandato
ry)
No
No (
but
the C
ode
recom
mends t
o
appoin
t a lead
independent
non-
executive d
irecto
r
where
the
chair
man a
nd
CE
O a
re t
he
sam
e)
No
No
No
No
Yes (
The
Superv
isory
Board
of
liste
d
com
panie
s a
re
accounta
ble
for
all
share
hold
ers
)
No
No
N/A
No
For
public a
nd
publicly
lis
ted
com
panie
s a
nd
banks,
there
is a
requir
em
ent
for
an
audit c
om
mitte
e
whic
h s
hould
be
headed b
y a
dir
ecto
r w
ho is n
ot
part
of
managem
ent
No
No
Public c
om
pany
must
ele
ct
two o
r
more
superv
isors
No p
rohib
itio
nY
es.
Superv
isin
g
Com
mitte
e (
for
cert
ain
com
panie
s)
The S
uperv
isory
Board
responsib
ility:
corp
ora
te f
inance,
legitim
acy o
f
dir
ecto
rs,
perf
orm
ance o
f
duties,
pro
tection
of
the c
om
pany
and t
he
share
hold
ers
VI-
1.1
4 D
oes law
req
uir
e t
he a
pp
oin
tmen
t o
f 'lead
no
n-e
xecu
tive d
irecto
r'?
VI-
1.1
5 D
oes t
he leg
al an
d/o
r re
gu
lato
ry f
ram
ew
ork
pro
vid
e f
or
esta
blish
men
t o
f a s
tatu
tory
bo
dy o
ther
than
BO
D, B
oard
's c
om
mit
tee?
VI-
1.1
3 D
oes law
req
uir
e t
he s
ep
ara
tio
n o
f C
hair
man
an
d C
EO
?
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
Board
of
Dir
ecto
rs;
Audit C
om
mitte
e
Board
of
Dir
ecto
rs;
Board
of
Superv
isors
the B
OD
Board
of
Com
mis
sio
ner
BO
D,
Audit
Com
mitte
e
N/A
the B
OD
the B
OD
CE
O,
BO
D a
nd t
he
Audit C
om
mitte
e
BO
D;
Superv
isors
the B
OD
the B
OD
,
Superv
isin
g
Com
mitte
e
(a)
Appoin
tment
and
com
pensation o
f senio
r
managem
ent
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(b)
Revie
w a
nd a
doption o
f
budgets
and f
inancia
l
sta
tem
ents
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
(c)
Revie
w a
nd a
doption o
f
str
ate
gic
pla
ns
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(d)
Majo
r tr
ansactions
outs
ide t
he o
rdin
ary
cours
e
of
busin
ess
Yes
Yes
Yes*
Yes
Yes*
Yes*
Yes
Yes
Yes*
Yes
Yes
Yes
Yes
(e)
Changes t
o t
he c
apital
str
uctu
re
Yes
Yes
Yes*
Yes
Yes*
Yes*
Yes*
Yes
Yes*
Yes*
Yes:
within
the
auth
ori
zed c
apital
Yes
Yes
(f)
Org
aniz
ation a
nd
runnin
g o
f share
hold
ers
meeting
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(g)
Pro
cess o
f dis
clo
sure
and c
om
munic
ations
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(h)
The c
om
pany's
ris
k
policy
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(i)
Tra
nsactions w
ith
rela
ted p
art
ies
Yes
Yes
Yes*
Yes
Yes*
Yes*
Yes*
Yes
Yes*
Yes
Yes (
acquis
itio
ns
of
real pro
pert
ies)
Yes
Yes
* A
lso n
eed
share
hold
ers
'
appro
val
* A
lso n
eed
share
hold
ers
'
appro
val
* A
lso n
eed
share
hold
ers
'
appro
val
* A
lso n
eed
share
hold
ers
'
appro
val
* A
lso n
eed
share
hold
ers
'
appro
val
* A
lso n
eed
share
hold
ers
'
appro
val
VI-
2 P
ow
ers
of
the B
oard
VI-
1.1
6 W
hat
sta
tuto
ry b
od
ies w
ith
in t
he c
orp
ora
tio
n a
re r
esp
on
sib
le f
or
su
perv
isin
g a
nd
mo
nit
ori
ng
sen
ior
man
ag
em
en
t?
VI-
2.1
Do
es t
he b
oard
of
dir
ecto
rs d
ecid
e o
n ~
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
25
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
26
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Audit C
om
mitte
e
Yes (
Corp
ora
te
Govern
ance
Guid
elines)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
No
(b)
Rem
unera
tion
com
mitte
e
No
Yes
No b
ut
expecte
d
under
the C
ode o
n
Corp
ora
te
Govern
ance
Pra
ctices
Yes
No
No (
not
mandato
ry
but
recom
mended
under
the
Mala
ysia
n
Corp
ora
te
Govern
ance C
ode)
No
Yes
No legis
lative
requir
em
ent.
(recom
mended b
y
the C
ode o
f
Corp
ora
te
Govern
ance)
No
No
No
(recom
mendation
not
mandato
ry)
No
(c)
Nom
ination c
om
mitte
e
No
Yes
No
Yes
No
No
No
Yes
No legis
lative
requir
em
ent.
(recom
mended b
y
the C
ode o
f
Corp
ora
te
Govern
ance)
Yes (
for
larg
e
liste
d c
om
pany)
No
No
(recom
mendation
not
mandato
ry)
No
(d)
Oth
er
com
mitte
es
Str
ate
gic
Managem
ent
Com
mitte
e a
nd
oth
er
specia
l
com
mitte
es
Rem
unera
tion
Com
mitte
e
(com
ply
-or-
expla
in);
Nom
ination
Com
mitte
e
(recom
mended)
Share
hold
ers
Com
mitte
e
(mandato
ry f
or
liste
d c
om
panie
s)
None
none
A p
ublic c
om
pany
must
esta
blish
either
an a
udit
com
mitte
e o
r
superv
isors
Superv
isin
g
Com
mitte
e
No
No
No
No
No
No
No
No
No
Yes (
for
mutu
al
fund)
Yes (
pro
vid
ed t
hat
it s
hall d
esig
nate
a
natu
ral pers
on a
s
its p
roxy)
No
Min
imum
age o
f
18
None
Min
imum
age o
f
18
Min
imum
age o
f
18 (
not
pre
scri
bed
in C
om
pany A
ct
but
the I
ndia
n
Contr
act
Act)
None
Min
imum
age o
f
18
Min
ors
are
not
eligib
le
Min
imum
age o
f
18
Min
: 21
Max:
70
No r
estr
iction
Min
imum
age o
f
20
Min
imum
age o
f
20
Min
ors
are
not
eligib
le
(a)
Fit a
nd p
roper
test
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(b)
Min
imum
education
and t
rain
ing
No
No
No
No
No
Yes
Yes
Yes
Yes
No
Yes
No
Yes
(c)
Pro
fessio
nal experi
ence
No
No
No
No
No
Yes,
but
only
in
rela
tion t
o A
udit
Com
mitte
e
mem
bers
Yes
No
Yes
No
Yes
No (
Only
for
the
Audit C
om
mitte
e:
at
least
one
mem
ber
must
have s
uff
icie
nt
know
ledge in
financia
l
sta
tem
ents
Yes
(d)
Any o
thers
?
There
are
qualification
cri
teri
a t
o b
ecom
e
a d
irecto
r
Dis
qualified a
s a
dir
ecto
r if :
i)
decla
red u
nsound,
ii)
decla
red a
s a
n
undis
charg
ed
insolv
ent,
and e
tc
Dir
ecto
rs o
f liste
d
issuers
must
not
be o
f unsound
min
d,
a b
ankru
pt,
has n
ot
been
convic
ted o
f an
off
ice u
nder
the
Lis
ting
Requir
em
ents
VI-
3 B
oard
Co
mm
itte
es
VI-
4.1
May leg
al en
titi
es s
erv
e a
s d
irecto
rs?
VI-
4.3
Wh
at
oth
er
req
uir
em
en
ts m
ust
mem
bers
of
the b
oard
fu
lfill?
VI-
4.2
Pre
scri
bed
min
imu
m/m
axim
um
ag
e f
or
dir
ecto
rs
VI-
3.1
Wh
ich
bo
ard
co
mm
itte
es m
ust
be e
sta
blish
ed
un
der
cu
rren
t la
w o
r re
gu
lati
on
s?
VI-
4 D
irecto
rs' Q
ualifi
cati
on
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
No
No
No
No
No
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
No
In o
rder
to b
e
dir
ecto
rs o
f th
e
liste
d c
om
panie
s,
they h
ave t
o
regis
tere
d in t
he
"Dir
ecto
r R
egis
try"
No
Yes
No s
pecia
l
fram
ew
ork
, but
the
Sto
ck E
xchange
can p
rovid
e
train
ing c
lasses f
or
the d
irecto
rs o
r
candid
ate
s
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes (
Securi
ties
and F
utu
res
Institu
te)
Yes
As a
pilot
basis
,Yes
HK
Institu
te o
f
Dir
ecto
rs
Corp
ora
te
Govern
ance
Associa
tion
The I
nstitu
te o
f
Dir
ecto
rs (
IOD
)
was e
sta
blished in
1999
Academ
y o
f
Fin
ance
Yes (
only
for
liste
d
Com
panie
s)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes (
1.f
or
new
listing a
pplicants
only
sin
ce 2
/2002
2.p
ublicly
issued
specia
l-perm
itte
d
financia
l
ente
rpri
ses a
nd
liste
d c
om
panie
s
capitalized a
t
NT
$50billion o
r
more
)
Yes
Yes
If s
o,
what
perc
enta
ge o
f
the b
oard
of
dir
ecto
rs m
ust
be c
om
posed o
f
independent
dir
ecto
rs?
10%
(and a
t le
ast
one d
irecto
r)
Min
imum
1/3
of
BO
D
At
least
thre
e (
3)
independent
non-
executive d
irecto
rs
(Lis
ted c
om
panie
s)
If C
hair
man is n
ot
an n
on-e
xecutive
dir
ecto
r, a
t le
ast
1/3
of
the B
OD
must
be c
om
pri
sed
of
independent
dir
ecto
rs
Min
imum
1/3
of
tota
l board
of
com
mis
sio
ner
(tw
o-
tier
syste
m)
At
least
2 d
irecto
rs
or
1/3
of
the b
oard
,
whic
hever
is h
igher
At
least
one
mem
ber
(no
perc
enta
ge h
as
been s
pecifie
d)
At
least
two o
r
20%
, w
hic
hever
is
lesser
At
least
two (
2)
non-e
xecutive
dir
ecto
rs
For
majo
r
com
panie
s:
at
least
thre
e
dir
ecto
rs a
nd t
he
majo
rity
of
the
BO
D.
For
sm
aller
ones:
25%
Not
less t
han t
wo
and n
ot
less t
han
1/5
of
the t
ota
l
dir
ecto
rs
SE
C r
equir
es a
t
least
thre
e
independent
dir
ecto
rs
The M
odel C
hart
er
for
liste
d
com
panie
s
requir
es 1
/3 o
f non-
executive d
irecto
rs
(a)
Rela
ted t
o
managem
ent
(by b
irth
or
marr
iage)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(b)
Rela
ted t
o m
ajo
r
share
hold
ers
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
(c)
Em
plo
yees o
f aff
ilia
ted
com
panie
s
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
No
(d)
Repre
senta
tives o
f
com
panie
s h
avin
g
sig
nific
ant
dealings w
ith
the s
ubje
ct
com
pany
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
No
VI-
5. In
dep
en
den
t D
irecto
rs
VI-
4.6
Do
es t
he in
sti
tuti
on
al fr
am
ew
ork
pro
vid
e f
or
vo
lun
tary
tra
inin
g p
ossib
ilit
ies f
or
bo
ard
of
dir
ecto
rs?
VI-
5.1
Do
es law
, re
gu
lati
on
s o
r listi
ng
ru
les r
eq
uir
e t
he e
lecti
on
of
ind
ep
en
den
t d
irecto
rs t
o t
he b
oard
?
VI-
5.2
Do
es t
he d
efi
nit
ion
of
“in
dep
en
den
ce” e
xclu
de p
ers
on
s w
ho
are
~
VI-
4.4
Do
es law
or
reg
ula
tio
ns r
eq
uir
e c
on
tin
uin
g t
rain
ing
fo
r b
oard
dir
ecto
rs?
VI-
4.5
Do
es law
or
reg
ula
tio
ns p
rovid
e f
or
cert
ific
ati
on
pro
ced
ure
of
bo
ard
dir
ecto
rs?
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
27
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
28
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Civ
il lia
bility
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(b)
Adm
inis
trative
sanctions
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(c)
Cri
min
al penalty
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
(a)
Indiv
idual share
hold
er
suits a
gain
st
the b
oard
and
managem
ent
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
(b)
Cla
ss a
ction s
uits
again
st
the b
oard
and
managem
ent
Yes
No
No
Yes
Yes
Yes
Yes
Yes
No.
(but
Section
216 o
f th
e
Com
panie
s A
ct
allow
s a
gro
up o
f
share
hold
ers
to
apply
to c
ourt
for
a
rem
edy a
gain
st
"oppre
ssio
n o
r
inju
stice"
Yes
Yes
No
Yes
(c)
Deri
vative s
uits a
gain
st
the b
oard
and
managem
ent
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes (
but
only
exte
nds t
o n
on-
liste
d c
om
panie
s)
Yes
Yes
Yes
Yes
(d)
Om
budsm
an s
uits o
n
behalf o
f share
hold
ers
?
No
No
No
No
No
Yes
No
No
No
No
No
No
No
The B
OD
is f
ully
responsib
le
Cert
ifie
d b
y t
he
senio
r m
anagers
,
inclu
din
g d
irecto
rs,
and t
hus f
ully
responsib
le
The B
OD
is f
ully
responsib
le
The B
OD
is f
ully
responsib
le
The B
OD
is f
ully
responsib
le
The B
OD
is f
ully
responsib
le
(fin
ancia
l
sta
tem
ent
needs t
o
be s
igned b
y a
t
least
2 d
irecto
rs)
The B
OD
is f
ully
responsib
le
The B
OD
is
pri
mari
ly
responsib
le
Dir
ecto
rs a
re f
ully
responsib
le
The C
EO
and C
FO
have t
o c
ert
ify.
The
BO
D,
CE
O,
CF
O
are
fully
responsib
le
Only
aft
er
all t
he
sta
tem
ents
of
accounts
have
been a
ppro
ved b
y
the m
eeting o
f
share
hold
ers
shall
dir
ecto
rs b
e
deem
ed t
o h
ave
been d
ischarg
ed
from
their
liabilitie
s,
except
in
the e
vent
of
any
unla
wfu
l conduct
on t
he p
art
of
dir
ecto
rs
The B
OD
has t
o
cert
ify a
nd p
resent
its o
pin
ion in t
he
annual re
port
Responsib
le f
or
tim
ely
subm
issio
n
to g
enera
l m
eeting
impri
sonm
ent
not
more
than 5
years
or
fine
VI-
6. D
irecto
rs' L
iab
ilit
y
VI-
6.1
May b
reach
es o
f d
uty
by m
em
bers
of
the b
oard
gen
era
te t
heir
in
div
idu
al ~
VI-
6.2
Do
es law
or
reg
ula
tio
ns p
rovid
e f
or
~
VI-
6.3
To
wh
at
exte
nt
is t
he b
oard
resp
on
sib
le f
or
the f
inan
cia
l sta
tem
en
ts in
clu
ded
in
th
e c
om
pan
y’s
an
nu
al re
po
rt?
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
No
No
Not
mandato
ry b
ut
recom
mended
No
No
Yes
No
No
Yes
Yes
Yes
No
Bre
ach o
f D
uty
;
Bre
ach o
f T
rust;
Negligence a
nd
Defa
ult
Vio
lation o
f duty
of
care
and d
ilig
ence
Bre
ach o
f duty
,
negligence a
nd
defa
ult
If n
ot
rela
ted t
o t
he
busin
ess a
ctivitie
s
Cri
min
al cases,
negligence d
efa
ult,
bre
ach o
f duty
,
bre
ach o
f tr
ust
Negligence,
defa
ult,
bre
ach o
f
duty
/tru
st
Indem
nifyin
g
dir
ecto
r in
respect
of
negligence,
defa
ult,
bre
ach o
f
duty
or
bre
ach o
f
trust
shall b
e v
oid
No s
pecific
regula
tion
Negligence,
defa
ult,
bre
ach o
f
duty
/tru
st
No indem
nific
ation
Inte
ntional conduct
or
gro
ss
negligence
No s
pecific
pro
vis
ion
Not
explicitly
mentioned in t
he
law
but
the c
ourt
recognis
es
Yes
Yes (
com
mon law
basis
)
No
No
Yes (
com
mon law
basis
)
No
No
Yes
Yes
Yes
SE
A h
as d
raft
ed
new
rule
s a
nd
curr
ently r
evie
win
g
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
No
Yes
Yes
Yes
No
No
Yes
Yes
No
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes (
if t
he
com
pany's
art
icle
so p
rovid
es)
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Yes
Yes
No,
but
it is
recom
mended
under
the
Mala
ysia
n
Corp
ora
te
Govern
ance C
ode
No
No
No legis
lative
requir
em
ent.
(recom
mended b
y
the C
ode o
f
Corp
ora
te
Govern
ance)
No
Yes
No
No
No
Yes
No
No
Yes
Yes
No
No
Not
mandato
ry b
ut
recom
mended
Not
mandato
ry b
ut
recom
mended
Yes
Yes
(recom
mended b
y
Corp
ora
te
Govern
ance
pri
ncip
les)
No
VI-
7.1
Is t
here
a t
ren
d t
ow
ard
s t
he u
se o
f sto
ck o
pti
on
s f
or
dir
ecto
rs’ re
mu
nera
tio
n?
VI-
7.2
Do
es law
or
reg
ula
tio
ns p
rovid
e f
or
the a
pp
roval o
f execu
tive d
irecto
rs’ co
mp
en
sati
on
by s
hare
ho
lders
?
VI-
6.5
In
wh
at
cir
cu
msta
nces is t
he c
om
pan
y p
roh
ibit
ed
fro
m in
dem
nif
yin
g a
dir
ecto
r?
VI-
6.6
Do
es law
dif
fere
nti
ate
betw
een
"d
uty
of
loyalt
y"
an
d "
du
ty o
f care
"?
VI-
6.4
Is d
irecto
rs/o
ffic
ers
lia
bilit
y in
su
ran
ce c
om
mo
nly
ob
tain
ed
?
VI-
6.7
Is t
here
a c
ap
fo
r th
e m
on
eta
ry r
em
ed
y o
n w
hic
h t
he c
ou
rts c
an
im
po
se a
gain
st
the d
irecto
rs w
ho
were
fo
un
d lia
ble
?
VI-
7. R
em
un
era
tio
n o
f B
oard
Mem
bers
VI-
7.3
Do
es law
or
reg
ula
tio
ns r
eq
uir
e d
irecto
rs t
o t
ake a
po
rtio
n o
f th
eir
rem
un
era
tio
n in
co
mp
an
y s
hare
s?
VI-
7.4
Do
es law
or
reg
ula
tio
ns r
eq
uir
e d
isclo
sin
g h
ow
dir
ecto
r’s c
om
pen
sati
on
was r
evie
wed
an
d e
valu
ate
d?
VI-
7.5
Is c
om
pen
sati
on
lin
ked
to
th
e p
erf
orm
an
ce o
f th
e d
irecto
r?
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
29
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
30
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
The b
oard
of
dir
ecto
rs
If a
board
mem
ber
or
any o
f his
/her
com
pany is
involv
ed
i) S
elf-d
ealing
transactions w
ith
indiv
iduals
above
300,0
00 R
MB
;
ii)
Self-d
ealing
transactions w
ith
entity
above
3,0
00,0
00 R
MB
or
above 0
.5%
of
tota
l net
asset;
iii)
Audit b
y
exte
rnal auditor
needed if
self-
dealing t
ransaction
exceeds
30,0
00,0
00 R
MB
or
5%
of
tota
l net
asset
A d
irecto
r w
ho h
as
mate
rial in
tere
st
in
a t
ransaction m
ust
dis
clo
se h
is/h
er
inte
rest
to t
he B
OD
No d
irecto
r (o
r firm
in w
hic
h t
he
dir
ecto
r is
a
part
ner)
shall e
nte
r
into
a t
ransaction
with a
com
pany,
the c
ost
of
whic
h
exceeds 5
,000
Rupees o
r m
ore
,
unle
ss t
he c
onsent
of
the B
oard
of
Dir
ecto
rs h
as b
een
obta
ined.
In c
ase
of
com
pany h
avin
g
a p
aid
up s
hare
capital of
not
less
than 1
0,0
00,0
00
Rupees,
pre
vio
us
consent
of
the
Centr
al
Govern
ment
is
needed.
All r
ela
ted p
art
ies
and c
onflic
ts o
f
inte
rest
transactions
When a
dir
ecto
r is
,
dir
ectly o
r
indir
ectly,
inte
reste
d in a
contr
act
Every
dir
ecto
r w
ho
is,
in a
ny w
ay,
concern
ed o
r
inte
reste
d in a
ny
contr
act
shall
dis
clo
se t
he n
atu
re
of
his
/her
concern
or
inte
rest
at
BO
D
meeting
Board
must
appro
ve a
ll
transactions
Whenever
a
dir
ecto
r has a
n
inte
rest
in a
transaction,
a
dir
ecto
r has t
o
dis
clo
se t
his
to t
he
board
, except
when t
he inte
rest
of
the d
irecto
r
consis
ts o
nly
of
bein
g a
mem
ber
or
cre
ditor
of
a
corp
ora
tion w
hic
h
is inte
reste
d in a
transaction o
r
pro
posed
transaction w
ith
the f
irst-
mentioned
com
pany,
if t
he
inte
rest
of
the
dir
ecto
r is
of
mate
rial in
tere
st.
Tra
nsaction
exceedin
g 1
% o
f
the t
ota
l sale
s o
r
asset;
cum
ula
ted
transaction
exceedin
g 5
% w
ith
the s
am
e p
art
y
If t
here
are
sig
nific
ant
transactions
betw
een a
n
ente
rpri
se a
nd its
rela
ted p
art
ies,
the
ente
rpri
se s
hould
dis
clo
se r
ela
ted
info
rmation in t
he
footn
ote
s o
f its
financia
l
sta
tem
ents
, w
hic
h
should
be r
eport
ed
to t
he b
oard
of
dir
ecto
rs
If t
he t
ransaction
exceeds 1
million
Baht
or
more
than
0.0
3%
of
net
tangib
le a
sset
(b)
The s
hare
hold
ers
Loans,
Guara
nte
es
or
securi
ties
gra
nte
d
Audit b
y e
xte
rnal
auditor
needed if
self-d
ealing
transaction
exceeds
30,0
00,0
00 R
MB
or
5%
of
tota
l net
asset
Appro
val by t
he
share
hold
ers
is n
ot
mandato
ry
All r
ela
ted p
art
y
and c
onflic
ts o
f
inte
rest
transactions
Befo
re a
com
pany
ente
rs into
any
arr
angem
ent
or
transaction w
ith a
dir
ecto
r of
the
com
pany o
r its
hold
ing c
om
pany
or
with a
pers
on
connecte
d w
ith
such d
irecto
r
Self-d
ealing
transactions m
ust
be d
isclo
sed
Any t
ransaction
with v
alu
e >
3%
of
Net
Tangib
le A
sset
unle
ss t
he a
mount
is less t
han
S$100,0
00
Tra
nsactions
exceedin
g 1
% o
f
the t
ota
l sale
s o
r
asset;
cum
ula
ted
transaction
exceedin
g 5
% w
ith
the s
am
e p
art
y
Dis
clo
sure
thro
ugh
financia
l
sta
tem
ents
and
thro
ugh M
OP
S f
or
public c
om
pany
If t
he t
ransaction
exceeds 2
0 m
illion
Baht
or
larg
er
than
0.0
3%
of
net
tangib
le a
sset
(c)
The S
tock E
xchange o
r
Securi
ties C
om
mis
sio
n
No
i) S
elf-d
ealing
transaction w
ith
indiv
idual above
300,0
00 R
MB
;
ii)
Self-d
ealing
transaction w
ith
entity
above
3,0
00,0
00 R
MB
or
above 0
.5%
of
tota
l net
asset;
iii)
Audit b
y
exte
rnal auditor
needed if
self-
dealing t
ransaction
exceeds
30,0
00,0
00 R
MB
or
5%
of
tota
l net
asset
Com
panie
s m
ust
notify
the H
K S
tock
Exchange A
SA
P
aft
er
the t
erm
s o
f
such t
ransaction
have b
een a
gre
ed.
It m
ust
als
o
dis
clo
se t
he s
elf-
dealing t
ransaction
if t
he t
ransaction
meets
cert
ain
cri
teri
a
(Lis
ted c
om
panie
s)
The c
om
pany is
requir
ed t
o f
ile a
com
pliance
cert
ific
ate
All r
ela
ted p
art
y
and c
onflic
ts o
f
inte
rest
transactions
Dealings in
securi
ties b
y
substa
ntial
share
hold
ers
are
announced t
o t
he
sto
ck e
xchange v
ia
changes in t
heir
securi
ties h
old
ing.
Furt
her,
dealings
in s
ecuri
ties b
y
dir
ecto
rs a
nd
pri
ncip
al off
icers
of
liste
d issuers
are
subje
ct
to s
trin
gent
dis
clo
sure
requir
em
ents
under
the L
isting
Requir
em
ents
Self-d
ealing
transactions m
ust
be d
isclo
sed
Any t
ransaction
with v
alu
e >
3%
of
Net
Tangib
le A
sset
unle
ss t
he a
mount
is less t
han
S$100,0
00
No
Dis
clo
sure
thro
ugh
financia
l
sta
tem
ents
and
thro
ugh M
OP
S f
or
public c
om
pany
If t
he t
ransaction
exceeds 1
million
Baht
or
larg
er
than
3%
of
net
tangib
le
asset
VI-
8.1
Un
der
wh
ich
cir
cu
msta
nces m
ust
self
-dealin
g t
ran
sacti
on
s b
e d
isclo
sed
to
~
VI-
8. S
elf
-Dealin
g T
ran
sacti
on
s
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
The b
oard
of
dir
ecto
rs
If a
board
mem
ber
or
any o
f his
/her
com
pany is
involv
ed
i) S
elf-d
ealing
transaction w
ith
indiv
idual above
300,0
00 R
MB
;
ii)
Self-d
ealing
transaction w
ith
entity
above
3,0
00,0
00 R
MB
or
above 0
.5%
of
tota
l net
asset;
iii)
Audit b
y
exte
rnal auditor
needed if
self-
dealing t
ransaction
exceeds
30,0
00,0
00 R
MB
or
5%
of
tota
l net
asset
A d
irecto
r w
ho h
as
mate
rial in
tere
st
in
a t
ransaction m
ust
dis
clo
se h
is/h
er
inte
rests
to t
he
BO
D a
nd a
ppro
val
No d
irecto
r or
firm
in w
hic
h t
he
dir
ecto
r is
a
part
ner
shall e
nte
r
into
a t
ransaction
with a
com
pany,
the c
ost
of
whic
h
exceeds 5
,000
Rupees o
r m
ore
,
unle
ss t
he c
onsent
of
the B
oard
of
Dir
ecto
rs h
as b
een
obta
ined f
or
such
contr
act.
None
Not
specifie
dT
he o
ffic
er
who is
any w
ay
concern
ed o
r
inte
reste
d in a
ny
pro
posed c
ontr
act
is r
equir
ed t
o
dis
clo
se t
he n
atu
re
of
his
/her
concern
and o
bta
in p
rior
appro
val of
the
dir
ecto
rs
Board
must
appro
ve a
ll
transactions
No
Tra
nsactions
exceedin
g 1
% o
f
the t
ota
l sale
s o
r
assets
; cum
ula
ted
transaction
exceedin
g 5
% w
ith
the s
am
e p
art
y
A m
att
er
beari
ng
on t
he p
ers
onal
inte
rest
of
a
dir
ecto
r and a
mate
rial asset
or
deri
vatives
transaction,
shall
be s
ubm
itte
d t
o t
he
board
of
dir
ecto
rs
for
appro
val by
resolu
tion;
when
an independent
dir
ecto
r has a
dis
senting o
pin
ion
or
qualified
opin
ion,
it s
hall b
e
note
d in t
he
min
ute
s o
f th
e
dir
ecto
rs' m
eeting
If t
he t
ransaction
exceeds 1
million
Baht
or
more
than
0.0
3%
of
net
tangib
le a
sset
(b)
The s
hare
hold
ers
Loans,
Guara
nte
es
or
securi
ties
gra
nte
d
Audit b
y e
xte
rnal
auditor
needed if
self-d
ealing
transaction
exceeds
30,0
00,0
00 R
MB
or
5%
of
tota
l net
asset
Lis
ted c
om
panie
s
must
obta
in p
rior
share
hold
ers
'
appro
val fo
r all
rela
ted p
art
y
transactions t
hat
do n
ot
fall u
nder
any e
xceptions
No n
eed t
o b
e
appro
ved b
y t
he
share
hold
ers
All r
ela
ted p
art
ies
and c
onflic
ts o
f
inte
rest
transactions
Befo
re a
com
pany
ente
rs into
any
arr
angem
ent
or
transaction w
ith a
dir
ecto
r of
the
com
pany o
r its
hold
ing c
om
pany
or
with a
pers
on
connecte
d w
ith
such d
irecto
r
No n
eed t
o b
e
appro
ved b
y t
he
share
hold
ers
Any t
ransaction
with v
alu
e >
5%
of
Net
Tangib
le A
sset
unle
ss t
he a
mount
is less t
han
S$100,0
00
Tra
nsactions
exceedin
g 1
% o
f
the t
ota
l sale
s o
r
asset;
cum
ula
ted
transaction
exceedin
g 5
% w
ith
the s
am
e p
art
y
Dis
posal of
all o
r
substa
ntially a
ll
busin
ess o
r
assets
,
merg
ers
(except
for
short
-form
merg
ers
or
asym
metr
ical
merg
ers
), a
nd
takin
g o
ver
by
assum
ing a
ll o
f th
e
opera
tion o
r
busin
ess w
hic
h
mate
rially a
ffect
the o
pera
tion o
f
the c
om
pany.
If t
he t
ransaction
exceeds 2
0 m
illion
Baht
or
more
than
0.0
3%
of
net
tangib
le a
sset
(c)
The S
tock E
xchange o
r
Securi
ties C
om
mis
sio
n
No
i) S
elf-d
ealing
transaction w
ith
indiv
idual above
300,0
00 R
MB
;
ii)
Self-d
ealing
transaction w
ith
entity
above
3,0
00,0
00 R
MB
or
above 0
.5%
of
tota
l net
asset;
iii)
Audit b
y
exte
rnal auditor
needed if
self-
dealing t
ransaction
exceeds
30,0
00,0
00 R
MB
or
5%
of
tota
l net
asset
No a
ppro
val
needed
No
Rela
ted p
art
y
transactions
involv
ing
pla
cem
ent
of
securi
ties t
o
rela
ted p
art
ies a
nd
acquis
itio
n o
f
assets
fro
m r
ela
ted
part
ies r
equir
e t
he
appro
val of
the
Securi
ties
Com
mis
sio
n
No
No
No
VI-
8.2
Un
der
wh
ich
cir
cu
msta
nces m
ust
self
-dealin
g t
ran
sacti
on
s b
e a
pp
roved
by ~
AS
IA:
OV
ER
VIE
W O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
FR
AM
EW
OR
KS
IN
2007©
OE
CD
2006
31
EN
FO
RC
EM
EN
T O
F C
OR
PO
RA
TE
GO
VE
RN
AN
CE
IN
AS
IA:
TH
E U
NF
INIS
HE
D A
GE
ND
A –
IS
BN
- 978-9
2-6
4-0
3550-8
– ©
OE
CD
2007
32
Ban
gla
desh
Ch
ina
HK
Ch
ina
Ind
iaIn
do
nesia
Mala
ysia
Pakis
tan
Ph
ilip
pin
es
Sin
gap
ore
So
uth
Ko
rea
Ch
. T
aip
ei
Th
ail
an
dV
ietn
am
(a)
Dis
gorg
em
ent
No
Subje
ct
to f
ines
No
Yes
Yes
For
dir
ecto
rs w
ho
actu
ally u
ndert
ake
self-d
ealing
transactions,
these
can b
e d
eem
ed a
bre
ach o
f th
e
genera
l duty
.
He/S
he c
ould
be
subje
ct
to a
fin
e
not
exceedin
g
$5,0
00 o
r to
impri
sonm
ent
for
a
term
not
exceedin
g
12 m
onth
s
Join
tly a
nd
severa
lly lia
ble
Join
tly a
nd
severa
lly lia
ble
No
(b)
Cri
min
al penalty
No
Yes
No
Yes
Yes (
up t
o 5
years
or
RM
30,0
00)
Yes
Yes (
max o
f 5
years
)
Impri
sonm
ent
(thre
e ~
fiv
e y
ears
)
No
(c)
Oth
er
sanctions
Fin
ancia
l penalty
The incom
e c
ould
be f
orf
eited
Pri
vate
repri
mand;
public c
ensure
and
oth
ers
Subje
ct
to f
ine
whic
h m
ay e
xte
nd
up t
o R
s.
50,0
00
Adm
inis
trative
sanction
Pri
vate
or
public
repri
mand,
fines
(not
exceedin
g R
M
1 m
illion),
dir
ections f
or
ratification,
impositio
n o
f
mora
tori
um
on o
r
pro
hib
itio
n o
f
dealings e
tc.
Off
icers
and
dir
ecto
rs w
ho f
ail
to c
om
ply
are
liable
to a
fin
e
whic
h m
ay e
xte
nd
to 5
,000 r
upees
Tem
pora
ry o
r
perm
anent
dis
qualifications
A²d
min
istr
ative
fine
Under
the
Connecte
d
Tra
nsaction R
ule
s,
all m
ate
rial
transactions a
re t
o
be a
ppro
ved b
y
BO
D (
for
larg
er
ones t
o b
e
appro
ved b
y t
he
share
hold
ers
)
SE
C c
losely
monitors
and
scru
tinis
es r
eport
s
and n
otices t
o c
all
share
hold
ers
'
meeting
VI-
8.3
Wh
at
are
th
e leg
al co
nseq
uen
ces f
or
vio
lati
ng
th
ese r
ule
s?
ASIA: OVERVIEW OF CORPORATE GOVERNANCE FRAMEWORKS IN 2007© OECD 2006 33
Contact Information*
Bangladesh Mr. Farhad Ahmed Securities and Exchange Commission [email protected]
China Professor Ruyin Hu Research Center, Shanghai Stock Exchange [email protected]
Dr. Lu Tong Chinese Center for Corporate Governance, Chinese Academy of Social Science (CAS)
Hong Kong China
Mr. Charles Grieve Securities and Futures Commission (SFC) [email protected]
Ms Suet Peng Siew Securities and Futures Commission (SFC) [email protected] India Mr. Y. S. Malik Ministry of Corporate Affairs [email protected]
Mr. Sumant Batra Kesar Dass B & Associates [email protected]
Indonesia Mr. Anis Baridwan Capital Market Supervisory Agency (BAPEPAM)
Dr. Sukono Soebekti (OR Dr. Siddharta Utama)
Indonesian Institute for Corporate Directorship (IICD)
Korea Professor Kyung Suh Park
Asian Institute of Corporate Governance (AICG), Korea University
Malaysia Dr. Nik Ramlah Mahmood
Securites Commission [email protected]
Mr. Abdul Wahab Jaafar-Sidek
Minority Shareholder Watchdog Group (MSWG)
Pakistan Ms. Asma Tayyiba Securities and Exchange Commission (SECP) [email protected]
Mr. Asif Saeed Department of Economics, GC University (GCU) Lahore
The Phillippines
Dr. Jesus Estanislao Institute of Corporate Directors (ICD) [email protected]
Singapore Mr. Gary Tan Hock Lai Monetary Authority of Singapore (MAS) [email protected] Chinese Taipei
Ms. Fiona Su Securities and Futures Bureau (SFB), Financial Supervisory Commission (FSC)
Thailand Ms. Nataya Niyamanusorn
Securities and Exchange Commission, Thailand
Viet Nam Mr. Pham Phan Dzung Ministry of Finance [email protected]
General Mr. Jisoo Lee Center for Good Corporate Governance (CGCG)
Ms. Fianna Jesover Organisation for Economic Co-operation and Development (OECD)
Mr. Motoyuki Yufu Organisation for Economic Co-operation and Development (OECD)
* The information provided by these experts in developing the table does not necessarily reflect the official views of the organisations they serve.