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Has the US government overreacted to the corporate scandals of Enron, WorldCom, Global Crossing and like? Is the Sarbanes-Oxley Act, passed in July 2002, an effective antidote to growing corporate dishonesty and a powerful catalyst in restoring investor confidence, or is it another set of overly restrictive rules that will punish most other businesses that have all along abided by the rules? How is the recent American reform looked upon as a model for the rest of the world?
Corporate governance, some say, is an expansive web of mechanisms put into place within and outside corporations to ensure the interests and behaviour of managers match shareholders' expectations. In the academic world, scholars attempt to unravel the complexity of the problem from different angles and approaches.
Enron, WorldCom, Adelphia Communications, Tyco International... The apparently endless string of corporate scandals not only sent embattled US investors scurrying for cover but also triggered off a new round of self-examination among Asian listed corporations and market regulators, including Hong Kong.
By the end of our five-year AURORA strategic plan in 2002, the staff, students, and alumni had completely turned around the fortunes of City University of Hong Kong. According to an Asiaweek survey in 2000, City University's rank among Asian universities jumped from 50 to 27, indicating a quantum leap in the University's teaching, research, facilities, as well as staff and student quality.
In a bold and audacious stroke that cuts a wide swathe across the whole institution, the President Professor H K Chang announced on 25 October a reshuffle of the University's senior management structure and line-up, effective from 1 December.
Dear Colleagues, You will have heard by now about University Council's resolution on 25 November on the Report of the Independent Committee on Review of Recent Events in the School of Law (IC).