Singapore remains the top ranking country among 10 Asian economies in the area of corporate governance standards, according to a report by Asian Corporate Governance Association (ACGA) and CLSA Asia-Pacific Markets.
The report, CG Watch 2005: The Holy Grail, assessed the quality of corporate governance in 10 Asian markets using a rigorous country-ranking methodology and aggregate data from 496 listed companies.
This year, each market's corporate governance rules and regulations were also assessed to the extent to which those rules were being implemented by companies, whereas in the past countries were scored purely on whether a rule existed on paper.
Other results included:- Hong Kong was only one percentage point behind Singapore at 69 per cent
- India and Malaysia retained third and fourth place, respectively, at 61 per cent and 56 per cent
- Taiwan's ranking moved up from sixth to fifth, at 52 per cent
- Korea slipped below Taiwan and shares sixth place with Thailand, at 50 per cent
- The last three countries were the Philippines (46 per cent), China (44 per cent) and Indonesia (37 per cent)
For further information, interested readers can download a copy of the extract report from CPA Australia.
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