Nederlandse samenvatting van hoofdstuk 1 t/m 4, 6 t/m/8 en de Nederlandse Corporate Governance code van het boek Corporate Governance ISBN 9176. Deze samenvatting is gebruikt voor het vak Governance Risk & Compliance op hogeschool Inholland.
H1 Defining Corporate governance and key theoretical models............................................................... 3
1.1 Introductie ........................................................................................................................................ 3
1.2 Definitie van Corporate Governance ............................................................................................... 3
1.3 Corporate governance theorie ......................................................................................................... 4
1.4 Agency problemen tussen managers en aandeelhouders .............................................................. 4
1.5 De agency-problemen van schulden en eigen vermogen ............................................................... 4
1.6 Het klassieke agency-probleem versus de onteigening van minderheidsaandeelhouders............ 4
1.8 Definitie eigendom en zeggenschap ................................................................................................ 4
H2 Corporate control across the world ...................................................................................................... 5
2.1 Introductie ........................................................................................................................................ 5
2.2 De evolutie van de controle na de beursgang ................................................................................. 5
2.3 Bedrijfscontrole in West Europa en de USA .................................................................................... 5
2.4 Bedrijfscontrole in Azië .................................................................................................................... 6
2.5 Bedrijfscontrole in overgangseconomieën ...................................................................................... 7
2.6 Conclusie ........................................................................................................................................... 7
H3 Control versus ownership rights ........................................................................................................... 7
3.1 Introductie ........................................................................................................................................ 7
3.2 Combinatie van eigendom en controle............................................................................................ 8
3.3 Combinatie A: verspreid aandelenbezit en zwakke controle .......................................................... 8
3.4 Combinatie B: verspreid eigendom en sterke controle ................................................................... 8
3.5 Combinatie C: Geconcentreerd eigendom en zwakke controle ..................................................... 8
3.6 Combinatie D: geconcentreerd eigendom en sterke controle........................................................ 9
3.7 Hoe verspreid eigendom en sterke controle kunt bereiken ........................................................... 9
3.8 De gevolgen van verspreid eigendom en sterke controle ............................................................... 9
H4 Taxonomieën (classificatie) van corporate governance-systemen ...................................................... 9
4.3 Eerste pogingen om corporate governance-systemen te classificeren .......................................... 9
4.4 legale gezinnen ............................................................................................................................... 10
4.6 De variëteiten van de kapitalistische literatuur ............................................................................. 10
Conclusie h4.......................................................................................................................................... 11
H6 Corporate governance regelgeving in een internationale context .................................................... 11
6.2 Britse (VK) codes voor corporate coverance ................................................................................. 11
, 6.3 De Britse benadering versus de Amerikaanse benadering............................................................ 11
6.4 De G20 / OESO-beginselen inzake corporate governance ............................................................ 12
6.6 De harmonisatie van de regelgeving inzake corporate governance in de hele Europese Unie ... 12
H7 Board of directors ................................................................................................................................ 13
7.1 Introductie ...................................................................................................................................... 13
7.2 Single-tier vs two-tier ..................................................................................................................... 13
7.3 Dualiteit van CEO en voorzitter ...................................................................................................... 13
7.4 Bestuursonafhankelijkheid en bestuursverloop ............................................................................ 13
7.5 De markt voor bestuurders ............................................................................................................ 14
7.6 Genderevenwicht en diversiteit in het bestuur – positieve discriminatie .................................... 14
H8 Incentivizing managers and disciplining of badly performing managers ........................................... 15
8.1 Introductie ...................................................................................................................................... 15
8.2 Concurrentie op de productmarkt ................................................................................................. 15
8.3 Het stimuleren en disciplineren van managers in het insider-systeem en het outsider-systeem 15
8.4 De markt voor corporate control ................................................................................................... 15
8.5 Dividenden en dividendbeleid........................................................................................................ 16
8.6 Institutionele beleggers .................................................................................................................. 16
8.7 Aandeelhoudersactivisme .............................................................................................................. 16
8.8 Managementvergoeding ................................................................................................................ 16
8.10 Monitoring van grote aandeelhouders ........................................................................................ 17
8.11 Toezicht op banken en crediteuren ............................................................................................. 17
De Nederlandse Corporate Governance code ......................................................................................... 17
Corporate Governance commissies in Nederland ............................................................................... 17
In Nederland veel (afgeleide) codes per sector: .................................................................................. 17
MCCG .................................................................................................................................................... 17
Nederlandse C.G. Code ........................................................................................................................ 18
Nieuwe code van 8 december 2016 (thematisch ingericht) ............................................................... 18
H1 Toepassing en principes lange termijn waarde creatie.................................................................. 18
H2 effectief bestuur en toezicht .......................................................................................................... 18
H3 Beloningen ...................................................................................................................................... 18
H4 AvA .................................................................................................................................................. 18
H5 One-tier ........................................................................................................................................... 19
Raad van commissarissen, overige....................................................................................................... 19
AvA ........................................................................................................................................................ 19
Financiële Verslaggeving ...................................................................................................................... 19
, Hoofdpunten herziening Code 2016 ten opzichte van code 2008...................................................... 19
Verschil Code Frijns en Code van Manen 2008 <-> 2016 .................................................................... 20
Naleving Code ....................................................................................................................................... 20
Inleiding COSO en levers of Simon ........................................................................................................... 22
COSO ..................................................................................................................................................... 22
Definitie ‘interne controle’ ................................................................................................................... 23
COSO ICFR ............................................................................................................................................. 23
Control environment ............................................................................................................................ 23
Risk Assessment .................................................................................................................................... 23
Control activities ................................................................................................................................... 23
Informatie en communicatie monitoren ............................................................................................. 23
COSO ERM ............................................................................................................................................ 24
Levers of Simons ................................................................................................................................... 24
Uitwerking Simons ................................................................................................................................ 24
Velasquez: Business ethics ................................................................................................................... 24
Week 1
H1 Defining Corporate governance and key theoretical models
1.1 Introductie
- De focus van dit boek ligt bij beursgenoteerde bedrijven.
- Aandelen zijn eigendomscertificaten waaraan vaak zeggenschapsrechten,
stemrechten, zijn toegekend.
- Stemrechten geeft de houder hiervan het recht om op de AVA te stemmen bijv. voor
het aanstellen van leden van de Raad van bestuur.
1.2 Definitie van Corporate Governance
- Alles is er op gericht om aandeelhouders waarde te maximaliseren.
- Goergen (schrijver boek): alles gericht op beland van stakeholder(s).
- Uitgangspunten Goergen: beursgenoteerd, stemrechten belangrijk, toezicht op top
management.
- Eigendom of cashflow recht versus recht op control (stemrecht)
- Definitie van Corporate Governance is voorkomen of beperken conflicten tussen
• Aandeelhouders en management
• Aandeelhouders en schuldeisers
• Aandeelhouders en niet financiele stakeholders
• Diverse type aandeelhouders (voornamelijk tussen grootaandeelhouder en
minderheidsaandeelhouders)
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