ACGA’s ninth report in collaboration with CLSA. Titled “Hard Decisions”, the report examines the difficult strategic choices that Asian market participants face in selecting the best way forward for CG reform, such as between dual-class shares and “one share, one vote”, between greater powers for regulators and stronger rights for minority shareholders, and how to encourage more meaningful corporate disclosure on issues of governance and sustainability. With competition for initial public offerings (‘IPOs’) as intense as ever, governments and regulators are under pressure to lower standards, at the cost of long-term risks for investors and markets.

As in previous years, the report comprises two distinct surveys: a market-ranking survey carried out independently by ACGA on macro CG quality in 12 markets in Asia-Pacific, and a separate company survey conducted by CLSA analysts around the region on corporate governance practices among c.1,100 firms listed in Asia-Pacific.

ARE’s Managing Director, Ben McCarron, wrote the Malaysian and Thailand chapters and provides ongoing coverage of these markets as a specialist consultant for ACGA. ARE also co-designed and provided research for the upgraded ACGA company survey.