Four Values Where Organisation for Economic Co-Operation and Development (OECD) Is Based on
The responsibilities of the board – according to the corporate governance principle of the OECD, the corporate governance framework should ensure the strategic guidance of the company, the effective monitoring of management by the board, and the board’s accountability to the company and the shareholders
The OECD principles are based on four values which, in my opinion, were ignored by Maybank. These are:
· Fairness – the corporate governance framework should protect shareholder rights and ensure the equitable treatment of all shareholders, including minority and foreign shareholders. All shareholders should have the opportunity to obtain effective redress for violations of their rights.
· Responsibility – the corporate governance framework should recognize the rights of stakeholders as established by law, and encourage active co-operation between corporations and stakeholders in creating wealth, jobs, and the sustainability of financially sound enterprises.
· Transparency – the corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the company, including its financial situation, performance, ownership, and governance structure.
· Accountability – the corporate governance framework should ensure the strategic guidance of the company, the effective monitoring of management by the board, and the board’s accountability to the company and shareholders.
Maybank Corporate Profile, http:www.maybank.com.my/corporateprofile, 2008.
Maybank Announces completion of BII’s Rights Issue, http://www.maybank.com.my/corporate-profile/corporate-news/maybank-announces-completion., 2008.
Fullerton Financial Holdings sells its interest in Bank Internasional Indonesia to Maybank, Singapore and Jakarta, March 26, 2008.
Maybank’s Rights Issue : What you should know first?. www.centurianwealth.blogspot.com., March 2009.
Maybank Makes Its Move. Forbes Magazine, July 2008.
Organisation for Economic Co-Operation and Development (OECD). www.oecd.org.