The Suggestion of Some Comparative European Group Corporate Governance Standards after Financial Crisis, Corporate Scandals and Manipulation

Abstract

In past few years, corporate scandals and bankruptcy in US and Europe and other parts of the world show some certain evidence on weak corporate governance, weak internal control system and weak audit. Though there are a few researches which have been done in the field of international corporate governance standards, we believe that this field with more rooms to explore. Therefore, this paper chooses a different analytical approach and among its aims is to give some systematic opinions. First, it classifies European Group representative corporate governance (CG) standards into two (2) groups: EASD and ECODA CG principles covered in group 1 and, group 2, including EFAMA Code and Corporate Practices from EBRD, so-called relative good CG group, while it uses ACCA and CFA principles as reference. Second, it , through analysis, shows differences between above set of standards which are and have been used as reference principles for many relevant organizations. Third, it establishes a selected comparative set of standards for European group representative corporate governance system in accordance to international standards. Last but not least, this paper covers some ideas and policy suggestions.