Abstract
The need for strong corporate governance is ever present in developing countries. Among the developing countries a group known by the acronym, BRICS,1 has become significantly important in the conduct of world business and trade. A quick statistic provides and highlights their weight:
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Notes
The acronym refers to: Brazil, Russia, India, China, and South Africa.
Ah La Ko, Corporate governance in Brazil, NYU Stern, 2006, p. 7.
However, both the CVM and the IBCG recommend five-to nine-member boards of directors.
Bernard S. Black ‘An overview of Brazilian Corporate Governance’, Cornell Law School research, No. 08–014, 2008, p. 31.
Olga Sergeeva, Corporate Takeover in Russia: A comparative Analysis of the Present Russian Market for Corporate Control, Directed at identifying Possibilities for Improvement, Central European University, 2009, p. 13.
Brenden Carbonell, Dimitry Foux and al., ‘Hostile Takeovers: Russian Style’, Knowledge@Wharton, 2009.
In case of a mandatory bid, the bidder must provide specific information, including its name, the amount of share in his possession, the purchase price and the method of payment.
See note 5, p. 27.
Ararat L. Osipian, Corporate Raiding Russian Style: Hostile Takeovers via Corruption and Fraud, (2010), Vanderbilt University and American Political Science Association, 2010.
The Company Law of China, Article 109.
Helen Wei Hu, Internal Governance Mechanism and Firm Performance in China, Springer Science, 2009, p. 5.
12.Xiao Huang,’ shareholder revolt: The Statutory Derivative Action in China’, CLPE search Paper 49/20009.
Ann M. Scarlett (2011): ‘Investors Beware: Assessing Shareholders Derivative Litigation in India and China’, U. Pa. J. Int’l L., 2011, pp. 220–221.
See note 12, p. 8.
Hui Huang ‘China’s Takeover Law: A Comparative Analysis and Proposals for Reform’, Delaware Journal of Comparative Law,. 30, 2005, p. 171.
Kenneth Hansen v. Greystones Enterprises (Pty) Ltd and Dibgy Hall Moutitzen (2012), The Kwazulu Natal High Court, Durban, Case No. 10442/2011.
A pyramid company is one which
Holds 50 percent or more of the equity securities capital of another company (the controlled company); and
Derives more than 75 percent of its total attributable income before tax from the controlled company, or whose shareholding in the controlled company represents more than 50 percent of its total assets. OrWhich, in the opinion of the Panel, holds or acquires or proposes to acquire a shareholding in another company (the controlled company) which shareholding
Gives or will give de facto control of the controlled company, and
Represents or will represent 50 percent or more of its total assets or produces or will produce 50 percent or more of its total attributable income before tax.
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© 2014 Felix I. Lessambo
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Lessambo, F.I. (2014). Corporate Governance in the BRICS. In: The International Corporate Governance System. Global Financial Markets series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137360014_11
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DOI: https://doi.org/10.1057/9781137360014_11
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