...1 Basic Law of Governance Royal Order No. (A/91) 27 Sha’ban 1412H – 1 March 1992 Published in Umm al-Qura Gazette No. 3397 2 Ramadan 1412H - 5 March 1992 2 Part One General Principles Article 1: The Kingdom of Saudi Arabia is a fully sovereign Arab Islamic State. Its religion shall be Islam and its constitution shall be the Book of God and the Sunnah (Traditions) of His Messenger, may God’s blessings and peace be upon him (PBUH). Its language shall be Arabic and its capital shall be the city of Riyadh. Article 2: The two holidays of the State shall be ‘Id al-Fitr and ‘Id al-Adha, and its calendar shall be the Hijri Calendar. Article 3: The flag of the State shall be as follows: (a) Its color shall be green. (b) Its width shall be two-thirds its length. (c) Centered therein shall be the expression “ There is no god but God and Muhammad is the Messenger of God”, with an unsheathed sword under it. The flag may never be flown at half-mast. The Law shall set forth the provisions appertaining thereto. Article 4: The emblem of the State shall be two crossed swords with a date palm tree in the middle of the upper space between them. The law shall set forth the anthem and medals of the State. Part Two System of Governance Article 5: (a) The system of governance in the Kingdom of Saudi Arabia shall be monarchical. (b) Governance shall be limited to the sons of the Founder King ‘Abd al-‘Aziz ibn ‘Abd ar-Rahman al-Faysal Al Sa‘ud, and the sons of his sons...
Words: 3086 - Pages: 13
...Law and corporate governance Three technologies that allow an individual to research another person’s private data are; Intelius, pipl and people search. A basic search requires the person’s name and State or social security number and the payment of a fee. It is also possible to subscribe to the search engines. Whether you become an Intelius subscriber or not, the range of searches and checks available is very wide and affordable. An economical option is the 24 hour pass, which allows you to search for an unlimited number of people within 24 consecutive hours. Intelius is geared towards and targets people who are concerned about their privacy and protecting their identity. Members are entitled to obtain 10 percent off searches and other perks such as protection against identity theft, free credit report and monitoring of their bank accounts. PIPL offers various membership plans. The site claims that it combines data from a variety of social networking sources and database to find information that you might not usually find on a rudimentary search. Information was easily accessible. By entering my name and state I was able to access my personal information, including my phone number which I thought was a private number. The cost of the membership plans ranges from a one month plan priced at $19.86 to a 6month plan membership priced at $9.86 and a onetime report which I thought was expensive compared with intelius reports was priced at $29.95. The third...
Words: 441 - Pages: 2
...Assignment #2 – Family Related Law, Ethics, and Corporate Governance – LEG 500 May, 2011 1. Explain if it matters that a parent literally had nothing to do with a biological child in order for the child to take advantage of the Family and Medical Leave Act (FMLA) to care for that parent. Under the Family and medical Leave Act (FMLA), a child can take care of their biological parent. This is even true even if that parent literally had nothing to do with the child growing up. The Family and Medical Leave Act (FMLA) provides an entitlement of up to 12 weeks of job-protected, unpaid leave during any 12-month period to eligible, covered employees for the following reasons: 1) birth and care of the eligible employee's child, or placement for adoption or foster care of a child with the employee; 2) care of an immediate family member (spouse, child, parent) who has a serious health condition; or 3) care of the employee's own serious health condition. It also requires that employee's group health benefits be maintained during the leave. The FMLA is administered by the Employment Standards Administration's Wage and Hour Division within the U.S. Department of Labor (www.dol.gov). 2. Explain whether the size of the business can have any effect on whether Tony is eligible for family leave under the FMLA. The Family & Medical Leave Act (FMLA) applies to your company if you employ over 50 employees within 75 miles of the worksite, and at least 50 of your employees...
Words: 768 - Pages: 4
...shift from command-plan economy in which market mechanism are replaced by a centralized state authority into a market economy with socialist orientation through launching a political and economic reform so-called “renovation campaign” which is often understood by foreign scholars. This reform aimed to liberalize the economy as well as encourage the potential for the development of national economy such as the private economic sectors and foreign investment including foreign-owned enterprises. To boost economic development, the Enterprises Law 1999 (the National Assembly, 1999) was enacted, though it only dealt with domestic investors, being the first real step towards corporate governance and creating a legal framework for an efficient regime of corporate governance. It also can be argued that the history of corporate governance in Vietnam started with the formation of the stock market, as just one year after issuing the Enterprises Law 1999, the establishment of the stock market was marked by the official operation of Ho Chi Minh City Securities Trading Centre in 2000. However, from...
Words: 3216 - Pages: 13
...Harvard Law School John M. Olin Center for Law, Economics and Business Discussion Paper Series Harvard Law School 8-3-2004 The Institutions of Corporate Governance Mark J. Roe Harvard Law School Recommended Citation Roe, Mark J., "The Institutions of Corporate Governance" (2004). Harvard Law School John M. Olin Center for Law, Economics and Business Discussion Paper Series. Paper 488. http://lsr.nellco.org/harvard_olin/488 This Article is brought to you for free and open access by the Harvard Law School at NELLCO Legal Scholarship Repository. It has been accepted for inclusion in Harvard Law School John M. Olin Center for Law, Economics and Business Discussion Paper Series by an authorized administrator of NELLCO Legal Scholarship Repository. For more information, please contact tracy.thompson@nellco.org. ISSN 1045-6333 HARVARD JOHN M. OLIN CENTER FOR LAW, ECONOMICS, AND BUSINESS THE INSTITUTIONS OF CORPORATE GOVERNANCE Mark J. Roe Discussion Paper No. 488 08/2004 Harvard Law School Cambridge, MA 02138 This paper can be downloaded without charge from: The Harvard John M. Olin Discussion Paper Series: http://www.law.harvard.edu/programs/olin_center/ The Social Science Research Network Electronic Paper Collection: http://papers.ssrn.com/abstract_id=###### This paper is also a discussion paper of the John M. Olin Center's Program on Corporate Governance JEL K4, H73, G34, G28 The Institutions of Corporate Governance Mark...
Words: 14204 - Pages: 57
...Berkeley Journal of International Law Volume 26 | Issue 2 Article 5 2008 Corporate Governance as Social Responsibility: A Research Agenda Amiram Gill Recommended Citation Amiram Gill, Corporate Governance as Social Responsibility: A Research Agenda, 26 Berkeley J. Int'l Law. 452 (2008). Available at: http://scholarship.law.berkeley.edu/bjil/vol26/iss2/5 This Article is brought to you for free and open access by the Law Journals and Related Materials at Berkeley Law Scholarship Repository. It has been accepted for inclusion in Berkeley Journal of International Law by an authorized administrator of Berkeley Law Scholarship Repository. For more information, please contact jcera@law.berkeley.edu. Gill: Corporate Governance as Social Responsibility: A Research Agenda Corporate Governance as Social Responsibility: A Research Agenda By Amiram Gill* In the post-Enron years, corporate governance has shifted from its traditional focus on agency conflicts to address issues of ethics, accountability, transparency,and disclosure. Moreover, corporate social responsibility (CSR) has increasinglyfocused on corporate governance as a vehicle for incorporating social and environmental concerns into the business decision-making process, benefiting not only financial investors but also employees, consumers, and communities. Currently, corporate governance is being linked more and more with business practices and public policies that are stakeholder-friendly. This ...
Words: 13200 - Pages: 53
...Good Governance 1. INTRODUCTION: Governance implies control, direction, and rule with authority or administers laws to govern a system to achieve certain objectives. Good Governance implies running administration according to the defined laws to achieve the objective of promoting the welfare of the people in a democratic oriented order. Bad governance means departing from the norms of laws and subjecting system of administration to whims, idiosyncrasies of the rulers to achieve certain ulterior motives at the cost of national interests. The hallmark of great nations is that they learn from their past experience to become wiser in conducting their current and future affairs. Another distinctive feature of such nations is that they try to understand the emerging long-term trends to identify new challenges, and plan for the future so as to take maximum advantage of the opportunities and avoid the pitfalls that may lie ahead. On the other hand, the nations on the trajectory of decay and ultimate oblivion neither learn from the past nor have the inclination to look ahead into the future to plan for their security, progress and welfare. All it lacks in the context of Pakistan; socially, economically and politically as well. In the words of Mahbbub-ul-Haq, ‘Crisis in Governance’, “Human Development Report in South Asia”: “Governance is the exercise of political, economic and administrative authority to manage the resources of a country. It is always based upon certain rules...
Words: 2646 - Pages: 11
...ROLE OF MEDIA IN PROMOTING GOOD GOVERNANCE Media are the storage and transmission channel or tool used to store and deliver information or data. Media are (mostly) non state actors who define themselves apart from the state and from all other societal actors (what Edmund Burke described as a “fourth estate”, distinct from government, church and electorate). While this notion of free and independent media acting on behalf of the citizen against both state and other interests is a widespread ideal, the reality of most media worldwide is complex, rapidly changing and extraordinarily diverse. Media can consist of everything from national newspapers to student magazines, global broadcasters to community radio, websites and blogs to social networks and virtual communities, citizen journalists to government mouthpieces. This briefing focuses principally on media – and to a lesser extent on linked information and technologies - at a national level within developing countries. The term media refers to several different forms of communication required to educate and make a socially aware nation. The communication forms can be radio, television, cinema, magazines, newspapers, and/or Internet-based web sites. These forms often play a varied and vital role in our society. GOVERNANCE Recently the terms "governance" and "good governance" are being increasingly used in development literature. Bad governance is being increasingly regarded as one of the root causes of all evil within our...
Words: 4010 - Pages: 17
...Cairo & Alexandria Stock Exchanges Working Paper Series Dr. Shahira Abdel Shahid September 2001 Corporate Governance is becoming a global pursuit: what could be done in Egypt? 1 Corporate Governance is becoming a global pursuit: what could be done in Egypt? Abstract: The paper defines corporate governance and explains the reasons for its becoming an important issue pursued by many countries in the last decade. Following, the various codes of corporate governance, used as a guidance for countries, which are set by international organizations such as World Bank, IMF and OECD are summarized. Next, the paper reviews corporate governance experiences in nine diverse, countries including both developed and emerging markets. Finally, the paper assesses corporate governance practices in Egypt, identifying existing problems and proposing recommendations in order to enhance corporate governance practices in Egypt. Acknowledgements: The Research & Markets Development Department at CASE is very pleased to present its first series of research papers that addresses an issue of both local and international importance, which is broadly examined by experts and researchers in both practice and academia. The author would like first to thank Dr. Sameh El Torgoman, Chairman of CASE, for his great support and encouragement. Dr. El Torgoman insisted that corporate governance becomes the first research working series paper to be written by Research & Markets Development, given the worldwide...
Words: 26570 - Pages: 107
... ADVANTAGES OF GOOD GOVERNANCE IN A COUNTRY Governance definition varies from an institution to another, an author to another and from one setting to another. This paper intertwines various definitions of governance as a basis of understanding good governance, outlines the principles of good governance, and discusses the advantage of good governance based on six key principles with variance examples across the continent. 1.1 INTRODUCTION Governance refers to the manner in which public officials and public institutions acquire and exercise the authority to provide public goods and services, including the delivery of basic services, infrastructure, and a sound investment climate (World Bank, 2007). It is also the exercise of power or authority; political, economic, administrative or otherwise to manage a country's resources and affairs (Kefela, 2011). The United Nation (2008) has defined governance in terms of process of government action and how things are done, not just what is done. Governance covers the quality of institutions and their effectiveness in translating policy into successful implementation, which includes the mechanisms, processes and institutions through which citizens and groups articulate their interests, exercise their legal rights, meet their obligations and mediate their differences (Kefela, 2011). The referred institutions are the bodies setting formal rules (property rights, rule of law etc) while taking into account informal...
Words: 3412 - Pages: 14
...Bond Law Review Volume 15 Issue 1 Special Issue: Comparative Corporate Governance 7-1-2003 Article 13 Corporate Governance in Malaysia Kamini Singam Recommended Citation Singam, Kamini (2003) "Corporate Governance in Malaysia," Bond Law Review: Vol. 15: Iss. 1, Article 13. Available at: http://epublications.bond.edu.au/blr/vol15/iss1/13 This Article is brought to you by the Faculty of Law at ePublications@bond. It has been accepted for inclusion in Bond Law Review by an authorized administrator of ePublications@bond. For more information, please contact Bond University's Repository Coordinator. Corporate Governance in Malaysia Abstract This article examines the corporate governance system in Malaysia. A sound corporate governance system should help create an environment conducive to the efficient and sustainable growth in the Malaysian corporate sector. Since the Southeast Asian financial crisis in 1997 – 98 (‘financial crisis’), corporate governance has become a key policy issue confronting many Southeast Asian countries, including Malaysia. This article considers the distinctive problems of corporate governance in Malaysia, despite several steps for reform that have taken place since the financial crisis. There will be a brief discussion on the meaning of corporate governance and an overview of the present status of corporate governance in Malaysia, in particular after the financial crisis. Keywords corporate governance, Malaysia, Southeast Asian financial...
Words: 13068 - Pages: 53
...6-1 Corporate Governance Reforms and Financial Disclosures: A Case of Indian Companies 点：The corporate governance of a firm is disciplined both by external as well as internal mechanisms. firms often adopt internal disciplining devices 其中一种就是 Financial Disclosures 作用：investors and other outside parties can monitor firm performance by reducing information asymmetries. corporate governance has become an important issue to the Indian firms as they increasingly interact with the regulators and investors from the developed markets. As the Indian firms tap global markets for raising capital, they need to display strong commitment to corporate governance so that investors do not discount their stock 基本上是和印度国情与法案相结合，凸显其改革的好处 6-2 DYNAMICS OF CORPORATE GOVERNANCE REFORM IN EUROPE 通篇：the main characteristics of corporate governance in Europe and in the US Keywords: Corporate Governance, Internal Governance, Disclosure, Private Enforcement, Public Enforcement Main conflict of corporate governance in US: between dispersed small shareowners and powerful controlling managers. Europe and else have large number of shareholders分析了利弊 需要看major shareholder的组成成分有哪些 Widely held Family control Pyramid control major大于20% 4. STEPS TOWARD THE REFORM OF CORPORATE GOVERNANCE IN FRANCE, GERMANY AND ITALY 4.1. THE STRENGTHENING OF THE INTERNAL GOVERNANCE ACT US Congress and the main American stock exchanges, NYSE and NASDAQ, have developed s series of rules and regulation...
Words: 942 - Pages: 4
...Investor Protection and Corporate Governance Introduction: This paper seeks to critically review the topic of corporate governance and its relation to the protection of investor rights and finances. The benefits of current corporate governance practices will be assessed as well as the disadvantages that exist in fully managing and mitigation the risks that investors face in the corporate financial environment. Additionally, the importance of the practice and implementation of corporate governance will be examined as a means of accurately demonstrating the overall merit and usefulness of corporate governance in today’s financial environment. Investor Protection: Defond & Hung, (2004) defined investor protection as the extent of the laws that protect investors’ rights and the strength of the legal institutions that facilitate the enforcement of those laws where they exist. This definition was further expanded by La Porta et al (2000) who postulated strong investor protection laws and similarly robust enforcement institutions were the main contributors to markets that promoted investment simply because the rights of the investors were seen to be adequately protected and the risk of exapropriation by managment was greatly reduced. It was therefore seen as critical that the protection of investor’s rights was necessary as minority shareholders were often exploited by creditors and majority shareholders extensively. La Porta, et al., (2000) further posited that, in the...
Words: 758 - Pages: 4
...Manual of Corporate Governance SEC Securities and Exchange Commission of Pakistan This manual is for reference only and does not constitute any legal requirement on companies, their officers, directors or auditors. This manual may be used for guidance and compliance must be ensured with the provisions of applicable laws and regulations. CONTENTS I. II. INTRODUCTION WHAT IS CORPORATE GOVERNANCE? (i) The Background (ii) Definition of Corporate Governance (iii) The Benefits of Corporate Governance (iv) The Pakistani Corporation (v) The Origins of Corporate Governance in Pakistan THE NEED FOR CORPORATE GOVERNANCE THE STAKEHOLDERS (i) General (ii) Shareholders (iii) Directors (iv) Employees (v) Creditors PROMOTING REFORM AND SHAREHOLDER ACTIVISM ROLE AND RESPONSIBILITIES OF DIRECTORS AND MANAGERS (i) Directors and Managers Distinguished (ii) Appointment and Proceedings of Directors (iii) Fiduciary Duties (iv) Powers and Responsibilities of Directors (v) Liability of Directors (vi) Executive and the Non-executive Directors (vii) The CEO 1 3 3 4 7 8 10 12 17 17 19 20 20 21 22 26 26 26 32 38 42 42 45 III. IV. V. VI. (viii) (ix) (x) (xi) The Company Secretary The CFO Internal Control System Reporting Requirements 47 49 49 50 VII. SCRUTINIZING FINANCIAL STATEMENTS - WHAT EVERY DIRECTOR SHOULD KNOW (i) General (ii) Liability of Directors (iii) Preparation of Financial Statements (iv) Tools for Directors' Review (v) How to Prevent Misleading and Fraudulent...
Words: 8905 - Pages: 36
...fraud. Various academic theories surrounding corporate governance will be explored (agency; stewardship and stakeholder) in examining the investor protection framework within the banking industry. Peter Gourevitch argues that various differing corporate governance models exists globally as a result of differing political climates which shape the rules and regulations that make up a country’s corporate governance model. Erik Berglof and Stijn Claessens argue that enforcement is the key to good corporate governance. However, enforcement is a result of a country’s political system which ultimately decides on the framework for regulation and enforcement. Peter Mulbert discusses corporate governance of banks in a principal-agent framework and that the corporate governance of a bank differs from those of a regular firm. This is contrasted with T.G. Arun and J.D. Turner’s discussion of corporate governance of banks in developing economies. Rafael La Porta et al. in their paper “Investor protection and corporate governance” argue that “that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems.” They continue to argue in their paper “Law and Finance” that investor protection are usually strongest in common-law based countries as compared to civil-law based countries within a corporate governance framework. This literature review provides a very strong...
Words: 422 - Pages: 2
