04-05-2019 апдейт:

2. Methodology. 2.1.3 CG mechanisms

As this study is essentially directed toward implementation rather than theory, the following are considered to be the primary mechanisms that are capable of influencing CG behaviour in practice:

applicable law (both primary and secondary legislation as well as case law); non-statutory regulations;

stock exchange listing rules;

the role of third parties (e.g. independent financial advisers, auditors);

rules of professional bodies (e.g. HKICPA, Hong Kong Institute of Chartered Secretaries etc);

voluntary self-imposed issuer practices;

market practices and expectations; and

cultural factors.

It is recognized that each of the above has significantly different valencies when considered in the context of a CG system when looked at as a whole. That is, in terms of the power of a mechanism to attract good CG or displace undesirable behaviours. For example, a law (or regulation) may establish a very specific penalty or recourse for a certain act that may be quite effective to that specific extent. However, certain other acts (possibly falling around the borders of that law) may be influenced by a much broader set of cultural behaviours that may, despite being more inconspicuous or vague, nevertheless drives (or attracts) a large number of more diverse and iniquitous practices (or vice versa).

Accordingly, the above mechanisms cannot be assigned equal values in their ability to procure good CG, nor can each of them be regarded as having the same valence or directional effect in each of the jurisdictions studied.

While this study discusses these mechanisms in detail at various points, see Section 3.1 «Overarching considerations» for a further overview discussion.