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Edited by Stephen Tully
Chapter 2: Comparative Corporate Governance Developments and Key Ongoing Challenges from Anglo-American Perspectives
2 Comparative corporate governance developments and key ongoing challenges from Anglo-American perspectives Bryan Horrigan Overview What are the key comparative challenges worldwide for corporate governance theorists, regulators and practitioners?1 One challenge concerns the possibility of a universal set of basic operating concepts, dimensions and conceptual frameworks for corporate governance across the public and private sectors, on one hand, and national and international boundaries, on the other. A second and related challenge concerns the development of adequate conceptual frameworks for understanding the network of relationships between all of the different ‘stakeholders’ in corporations. This includes shareholders as primary investors and owners, but also other groups with whom corporations have relationships internally and externally.2 To the extent that the ‘shareholder primacy’ norm (Blair and Stout, 2001) in much traditional and contemporary corporate theory, regulation and practice places primary emphasis upon shareholder interests, a third and related challenge concerns the multiple ways in which shareholder interests can be understood. Working out the precise relationship between corporate governance, on one hand, and the interplay between shareholder and stakeholder interests, on the other, also leads to a fourth area of contemporary concern, covering corporate citizenship, corporate social responsibility, and ‘the triple bottom line’.3 The coherence and appropriateness of different models and forms of corporate governance regulation internationally and nationally, particularly in responses across many jurisdictions to the most recent set of corporate collapses associated with names like Enron and WorldCom in the USA and HIH and One.Tel in Australia, is a fifth area of...
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