After the financial crisis of the late 1990s, most Asian countries reformed their governance codes and regulations around management accountability and transparency. Despite this, the region has still experienced significant and high-profile corporate governance failures. Why? Because many boards failed to reform. In a recent study, we found that corporate boards in Asia still lack adequate leadership, supervision and oversight, despite the fact that analysts predict that Asia could soon become the world’s largest economy by GDP contribution, contributing roughly 60% of the global growth by 2030.
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