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Bob Tricker
Corporate Governance Principles, Policies and Practices 2e Chapter 1 Corporate Governance: A Subject Whose Time Has Come
Merchant Antonio: In sooth, I know not why I am so sad. It wearies me, you say it wearies you, but how I caught it, found it or came by it, I am to learn Salerio: Your mind is tossing on the ocean, there where your argosies, with portly sail, do overpeer the petty traffikers that curtsey to them Tricker: Corporate Governance, Second edition
"The directors of companies, being the managers of other people's money rather than their own, cannot well be expected to watch over it with the same anxious vigilance with which (they) watch over their own. Adam Smith, The Wealth of Nations, 1776
Tricker: Corporate Governance, Second edition
Managers Employees
Owners (shareholders)
Board of Directors
Managers Employees
Despite the principles and codes problems persist Enron (USA) HIH Insurance (Australia) Independent Insurance (UK) Parmalat (Italy) Tyco (USA) Tomkins (UK) Vodphone Mannesmann (Germany) Waste Management (USA) Worldcom (USA) Sarbanes Oxley Act (USA 2002)
Companies used low interest loans to leverage their financial strategies World trade boomed - some countries facing vast trade imbalances Personal borrowing soared