On June 1, 2010, ACCJ held a corporate governance seminar in Tokyo.

Jamie Allen, ACGA Secretary General, gave a presentation on "Corporate Governance Reform in Japan: A Comparative Analysis" The topics included:

• Causes of global investor concern on Japan
• Benchmarking Japan
• ACGA White Paper on Japan (2008)
• ACGA Japan Statement (2009)
• Japan in 2010
• Toyota: a turning point?
• The role of institutional investors

On May 27, 2010, ICD held its annual dinner in Manila, Philippines.

Chris Leahy, ACGA Editor-at-Large, gave a presentation on "Filipino Corporate Governance: An Investor's Perspective".

On May 14, 2010, the UNPRI held a webinar focussing on corporate governance and emerging markets.

Charles Lee, ACGA Advocacy Manager, gave a presentation on "Recent Developments in Taiwan".

On October 7, 2009, Chubb held a corporate governance seminar in Singapore that would help participants understand the importance of corporate governance in today’s difficult financial climate.

Jamie Allen, ACGA Secretary General, gave a presentation on "Assessing Corporate Governance in Asia, 1999-2009: What’s in Store for the Next Decade?" The topics included:

• Lessons learned from 1999-2009
• What substantive improvements have been made in Asia?
• What’s in store for the next decade?

On August 6, 2009, China Venture Capital Association hosted a seminar in Beijing on the risks that venture capital firms are facing.

Jamie Allen, ACGA Secretary General, gave a presentation on "Corporate Governance in Asia: How VC Funds and Directors can help to Manage Governance Risks". The topics included:

• Rating Corporate Governance Quality in Asia
• How VC Funds and Directors can Help to Manage Governance Risks (before IPO)

On June 24, 2009, Moody's held a corporate governance seminar in Hong Kong for their credit analysts in the Asia-Pacific region.

Jamie Allen, ACGA Secretary General, gave a presentation on "Corporate Governance In Asia: Regional Overview and Hot Topics". The topics included:

• Rating Corporate Governance Quality in Asia
• Regional Hot Topics
• Developments in Japan

On May 6, 2009, the Hong Kong Corporate Counsel Association (HKCCA) held a luncheon seminar for their members at the Landmark Mandarin.

Jamie Allen, ACGA Secretary General, gave a presentation on "Corporate Governance Failures in Asia: How can Directors and Corporate Counsel Help to Manage Risk?" The topics included:

• Rating Corporate Governance Quality in Asia
• Case Studies of Governance Failures
• How Directors and Corporate Counsel can Help to Manage Risk

On April 20, 2009, Bank Negara organised a seminar in Kuala Lumpur for senior directors from Malaysian banks as part of an ongoing Bank Negara training course for directors.

Jamie Allen, ACGA Secretary General, gave a presentation titled "Corporate Governance in Asia: Current Issues and Regulatory Impact of the Credit Crisis". The topics included:

• Current Issues and Unfinished Business
• Regulatory Impact of the Credit Crisis on Corporate Governance in Asia
• Conclusion: Things to do

On April 17, 2009, the Malaysian Securities Commission organised an event in Kuala Lumpur, "Capital Market Regulation: Emerging Trends and Regulatory Structures" .

Jamie Allen, ACGA Secretary General, gave a presentation titled "Building Confidence in the Integrity of Capital Markets", which covered the following topics:

• Market Integrity and Investor Confidence
• Rating Market Integrity in Asia
• Increasing Importance of Corporate Governance to Institutional Investors
• Conclusion: The Role of Regulators, Investors and Judges in Enhancing Market Integrity

On April 13, 2009, ACGA gave a presentation in Tokyo at the AIMA Japan Hedge Fund Forum 2009. The title of the presentation was "An Update on Corporate Governance in Asia: Regional Overview & Five Hot Topics". The presentation looked at:

1. Rating Corporate Governance Quality in Asia
• Background
• Foreground
2. Five Hot Topics
• Independent directors
• Shareholder meetings and voting
• Continuous disclosure
• Disclosure of cross-shareholdings
• Focus on ESG

On April 2, ACGA organised a series of meetings for our members with The Philippine Stock Exchange (PSE) to talk about the Exchange's initiative to launch "A Special Corporate Governance Board in the PSE". PSE is consulting institutional shareholders and other stakeholders around the world on the development of the system. Our meetings included a discussion with members in Hong Kong and conference calls with members in North America, Asia and Europe on the same day. Francis Lim, President and CEO of PSE, gave a presentation titled "The Philippine Stock Exchange: Updates and Developments", followed by a presentation by Jonathan Juan Moreno, Vice President, Corporate Governance, PSE.

On March 31, 2009, ACGA gave an online presentation to the Australian Graduate School of Management. The title of the presentation was "Corporate Governance in Asia". The presentation looked at:

• History of Corporate Governance Reform
• Rating Corporate Governance Quality in Asia
• Company Case Studies
• Tomorrow's Issues

The presentation “Corporate Governance in Japan: Issues for Long-Term Investors” was the basis for all the talks and presentations ACGA and its members gave during the investor delegation trip to Tokyo from March 9 - 11, 2009.

The issues raised and recommendations made were on:

1. Company Law
• Independent Directors: ACGA recommended at least three independent directors (INEDs) per board, to ensure (i) that INEDs were not tokenistic, especially on boards of large companies, and (ii) INEDs on board committees were not over-stretched.
• Statutory Auditors: ACGA agreed that statutory auditors could play a useful role, especially if they were independent, but they were not a substitute for independent directors. Rather companies would benefit from having both statutory auditors and independent directors.
• Beneficial Owners: ACGA would support a law amendment that would allow Japanese listed companies to find out who their beneficial owners were. But stated that a minimum threshold of ownership might be necessary for it to work efficiently.
• Company with Committees System: ACGA stated that while it considered audit committees critical and mandatory, it would support the substitution of other committees for nomination and compensation committees. However, companies would need to explain their rationale behind the change and how it would benefit shareholders and the functioning of the board.
• Preferential Rights for Long-term Shareholders: ACGA was of the opinion that this would not be a workable plan for a number of reasons, including that it was a standard feature of company law that all shareholders of the same class should be treated equally; it was a basic principle of good corporate governance that "one share equals one vote"; and defining "long-term" fairly would be difficult to do.


2. Capital Markets & Transparency
• Shareholder Meetings & Voting: ACGA was of the opinion that while shareholder meeting practices had improved in the last few years, the proxy voting system overall in Japan did not meet global standards.
• Disclosure of Investor Votes: ACGA supported the trend towards more open disclosure of voting records. However, the decision to disclose would ultimately rest with the beneficial owner since many institutional clients might not have the discretion to disclose votes.
• Third-Party Allotments ("Private Placements"): ACGA recommended that Japan should have clearer rules governing third party allotments and suggested that the UK Guidelines on "pre-emption rights" offered a good basis for managing such placements.
• Disclosure of Cross-Shareholdings: ACGA was concerned with the increasing volume of cross-holdings between Japanese companies. There was a significant risk that the companies would fail to operate in the interests of wider shareholders. ACGA recommended that Eisai take the lead in improving voluntary disclosure but since widespread voluntary disclosure would be unlikely in the near future, some form of mandatory disclosure regime was required.
• Company - Investor Dialogue: Direct engagement between investors and companies, or through organizations such as the ACGA, could and should be very productive.
• National Code of Best Practice: ACGA recommended that Japan should develop an official code of best practice to augment existing laws and regulations.

On March 11, 2009, Doug Pearce, CEO/CIO, bcIMC, gave a presentation titled "The Long Term Shareholder" to the Keidanren and ACGA members during the luncheon roundtable discussion on corporate governance.

On March 16, 2009, ACGA gave a presentation to the Hong Kong Venture Capital and Private Equity Association. The title of the presentation was "History, Principles and Practices of Corporate Governance". Divided into two sections, the presentation looked at:

• Part 1: Background
1. History of Corporate Governance Reform
2. Rating Corporate Governance Quality in Asia
3. Company Case Studies


• Part 2: Key Principles & Practices
1. Definitions of Corporate Governance
2. Key Principles: Transparency, Accountability, Fairness
3. Key Practices: Independent Directors, Board Committees, Financial Reporting

On February 26, 2009, ACGA gave a presentation in Hanoi to Vina Re (Vietnam National Reinsurance Corporation) organised by Swiss Re, an ACGA member. The title of the presentation was "History, Principles and Practices of Corporate Governance: A Presentation to VinaRe". Divided into two sections, the presentation looked at:

• Part 1: Background
1. History of Corporate Governance Reform
2. Rating Corporate Governance Quality in Asia
3. Company Case Studies


• Part 2: Key Principles & Practices
1. Definitions of Corporate Governance
2. Key Principles: Transparency, Accountability, Fairness
3. Key Practices: Independent Directors, Board Committees, Financial Reporting

On Friday, February 13, 2009, ACGA gave a presentation on independent directors to a new "Corporate Governance Study Group" formed in December 2008 by the Ministry of Economy, Trade and Industry (METI) in Japan. The primary task facing the Study Group is to decide whether Japan's company law should be amended to require listed companies to have independent outside directors and, if so, what form this should take. Our presentation was titled, "The Role and Value of Independent Directors".

On February 2, 2009, ACGA organised a briefing in Hong Kong on corporate governance and proxy voting in Japan. The speaker was Mr. Hiroshi Komori, IR Consulting Group Head, Stock Transfer Agency Department, Sumitomo Trust & Banking Co, Tokyo. The title of the presentation was "Trends of Corporate Governance, Proxy Voting and Takeover Defence Issues in Japan, 2008-9".

On December 3, 2008, ACGA gave a presentation at The International Forum on Investor Protection organised by the Securities and Futures Investors Protection Centre in Taipei. Our presentation titled "The New Trend of Investor Protection" looked at:

• Improved financial reporting.
• Strengthened shareholder rights.
• Better board practices.
• Focus on ESG.

On November 12, 2008, ACGA gave a presentation at an executive compensation forum organised by Hewitt Associates in Hong Kong. Our presentation was titled "Trends in Corporate Governance and Executive Remuneration Disclosure in Asia" and looked at:

• A decade of CG reform in Asia: Convergence towards global standards;
• Reality check: “CG Watch 2007” country rankings & scores;
• Tomorrow’s corporate governance issues;
• Executive & director remuneration disclosure.

On April 16, 2008, ACGA gave a presentation at a corporate governance seminar organised by Chubb Insurance and the Solidarity Group in Bahrain. Our presentation titled "The Benefits of Corporate Governance to Emerging Economies" looked at:

• What drives corporate governance reform?
• Development of corporate governance in Asia.
• The benefits of corporate governance to emerging economies.

On April 11, 2008, ACGA gave a presentation at the Directors and Officers Liability Seminar organised by Chubb Insurance in Singapore. Our presentation titled "Corporate Governance Failures in Asia: Where were the Directors?" looked at:

• Case studies of corporate governance failures in Asia;
• Patterns of director response to CG failures;
• How can directors be better prepared?

On March 11, 2008, ACGA gave a presentation to the investment board of the Investment & Financial Services Association in Sydney, Australia. Our presentation titled "Tomorrow's Corporate Governance Issues" looked at:

• Measuring corporate governance quality in Asia;
• Tomorrow's issues: what investors are looking for.

On November 7, 2007, ACGA and CLSA spoke at a seminar in Tokyo called “New Developments in Corporate Governance in Asia”, which was co-sponsored by White & Case and the Alternative Investment Management Association, Japan. Our presentation, titled "10 Years of Corporate Governance Reform in Asia: What has Changed? How does Japan Compare?”, looked at:

• A decade of CG reform in Asia
• The three "disciplines" of corporate governance
• The evolution of market discipline
• How does Japan compare?

Jolyon Montague, Head of Research, CLSA Japan, then followed with a presentation on: “Corporate Governance Issues in Japan: Themes from CG Watch 2007”.

On October 10, 2007, ACGA spoke at an international symposium on corporate governance in Seoul organised by the Korea Exchange and Korea Corporate Governance Service. We spoke on the subject, “The Pros and Cons of Corporate Governance Funds in Emerging Markets”. Our presentation looked at:

• Concept of the "focus fund"
• Opportunities in Asia
• Why aren't there more focus funds?
• Question of strategy
• Competition
• Conclusion

On September 28, 2007, ACGA spoke at an international conference in Taipei, "Global Competitiveness and Taiwan's Financial Sector Reforms", which was organised by Yuanta Financial Holdings and the University of Wisconsin Law School, an ACGA member. Our presentation "CG Watch 2007: Market rankings, trends and issues" reported on our latest regional survey and how corporate governance practices have developed since our last survey in 2005.

On September 4, 2007, ACGA spoke at a seminar on corporate governance in Ho Chi Minh City, Vietnam, on the subject, "The Benefits of Corporate Governance to Emerging Economies". Our presentation addressed the following issues:

• What is corporate governance (CG)? Why has it become so topical?
• Development of corporate governance in Asia.
• Benefits of corporate governance to emerging economies.

The seminar was co-sponsored by Chubb Insurance, an ACGA member, and the Vietnam Chamber of Commerce and Industry.

On January 15, 2007, ACGA co-hosted a Proxy Voting Roundtable in Singapore with the Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) and the Singapore Institute of Directors (SID). The main themes arising from the Roundtable are covered in a summary paper on the event. Key issues included: voting by poll; appointment of multiple proxies to shareholder meetings; clustering of AGM dates; deadlines for holding AGMs after the year end; meeting notice periods; and attendance of CPF members at AGMs.

On December 6, 2006, ACGA spoke at the Hong Kong University Law Faculty LLM Programme on the subject, "Voting for Change: Bringing Proxy Voting Systems in Asia in the 21st Century". Our presentation looked at:

1. Voting principles and trends
2. What is wrong with voting systems in Asia?
3. "ACGA Asian Proxy Voting Survey 2006"
• Key results and country rankings
4. Solutions and recommendations
5. Quick quiz

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On September 21 and 27, 2006, ACGA organised its second members' briefing in Singapore and Hong Kong, respectively. These briefings were titled "New Developments in US Corporate Governance and Implications for Asia". The briefings looked at:

• The historical background of regulatory progress in the US
• Recent regulatory developments in the US
• The Sarbanes-Oxley Act
• Implications of US regulations for Asia

Clara Yu of Deloitte Hong Kong gave a presentation at our recent Members' Briefing on September 27, 2006. The presentation was on Chinese Accounting Standards: "Chinese Accounting Standards - New Era, New Challenge". The presentation addressed key changes to PRC standards, Accounting Standards for Business Enterprises (ASBEs); PRC accounting; and a comparison of ASBEs and International Financial Accounting Standards (IFRSs).

On September 2, 2006 ACGA spoke at the CLSA Capital Partners Forum in Hong Kong on the subject, "How Private Equity can Strengthen Corporate Governance in Asia". Our presentation addressed the following issues:

• The structure and composition of the Hong Kong and Singapore stock markets
• The implications of why so many of the listed companies seemed to fare badly
• The kind of advice these companies needed to realise their potential
• Who is best suited to give this advice
• Which investors have decided to take on this role
• Has the industry gone quiet and why
• What hedge funds and "CG Focus Funds" are achieving

On June 29, 2006, ACGA spoke at the Asian Institutional Roundtable hosted by Fidelity Investments on the subject, "Corporate Governance Reform in Asia: Fact, Fiction & Fantasy". Our presentation addressed the following issues:

1. Fact: Hard evidence of progess since the financial crisis of 1997/98
2. Fiction: Areas where "progress" is based as much, if not more, on story than current reality
3. Fantasy: Concepts that have little basis in current reality.

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On March 29, 2006 and June 1, 2006, ACGA organised its first Members' Briefings in Hong Kong and Singapore, respectively. These briefings were titled "Corporate Governance in China: Is A New Era Dawning?" They were an assessment of the extent to which recent corporate governance reforms were changing certain fundamental structural aspects of corporate governance in China.

On May 25, 2006, ACGA spoke to the Hong Kong Trustees' Association on the subject, "The Changing Role of Trustees in Corporate Governance". Our presentation addressed the following issues:

1. Why more is expected of trustees in terms of corporate governance today
2. The legal obligations of trustees in Hong Kong over the pension and mutual funds that they supervise
3. Practical pointers as to how trustees can improve corporate governance

On April 26, 2006, ACGA spoke to the Hong Kong Retirement Schemes Association on the subject, "The Hong Kong Retirement Schemes Industry: Is there a Governance Vacuum?" Our presentation argued that while there are indeed many regulatory checks and balances within the mandatory provident fund industry in Hong Kong, there is also a considerable degree of opacity as to the role of trustees and investment managers. We suggested some practical ways in which pension funds in Hong Kong could enhance their own governance and build a reputation as engaged shareowners--all of which, we argue, would be good for their business. A report on our speech appeared in the online bulletin of FinanceAsia magazine.

On December 1, 2005, ACGA spoke at a seminar held by Sparx Asset Management, an ACGA member, in Tokyo on the topic: "The Corporate Governance Landscape in Asia". The presentation covered:

1. The view from above
• A convergence of laws and standards
2. The view from the ground
• Country ratings
• Disparate standards
3. Hills to climb
• Priority issues for regulators, investors and companies

On November 29, 2005, ACGA spoke at the Asean China Investment Fund's (ACIF) Advisory Board Meeting in Singapore on the topic: “Corporate Governance in Asia: Overview and Issues for Private Equity Investors”. The event was sponsored by ACIF. The main points covered in our presentation were:

1. Overview of corporate governance reforms in Asia
• A convergence of laws and standards?
• Country ratings: “CG Watch”
• Initial lessons learned
• Priority issues going forward
2. Issues for private equity investors
• Key governance risks
• Preparing for an IPO: Box-ticking vs foundation-building
• Boards: Getting the basics right

On November 8 and 23, 2005, ACGA gave a talk at the 3rd International Symposium on Corporate Governance in Nankai University, Tianjin, and at the Faculty of Law, Hong Kong University, respectively, on the topic: “Emerging Institutional Shareholder Activism in Asia”. Our presentation looked at:

• “Shareholder activism”. Define terms.
• Emerging activism in Asia. Who is involved? What is driving this?
• China
• Role of regulators
• Priority issues going forward

On September 21 and 22, 2005, ACGA spoke at consecutive SAP Boardroom seminars in Singapore and Kuala Lumpur on the topic: “The Corporate Governance Landscape in Asia: What’s Happened, What Now, What’s Next?” The event was sponsored by SAP, an ACGA member. Our presentation looked at:

• A bird’s eye view: the past eight years
• Current status of corporate governance in Asia
• Coming next: Priority issues for regulators, investors and companies

On September 20, 2005, ACGA spoke at the seventh annual conference of the Investment Management Association of Singapore on the topic, "Corporate Governance in Asia: 10 Tips for Avoiding the Abyss". The main recommendations in our presentation covered:

• Top-down analysis of companies:
• Shareholder meetings
• Board of directors
• Audit committee + external auditor
• Internal controls + management of risk
• Disclosure of material information
• Bottoms-up actions
• Company engagement
• Voting your shares
• Attending shareholder meetings
• Forming a dedicated corporate governance unit
• Join the Asian Corporate Governance Association!

During the second ACGA Members' Briefing in Hong Kong in early September, Kemsley Brennan, Vice President, Casualty/D&O Liability Zone Claims Manager, Asia Pacific Zone, Chubb Insurance gave a presentation on the rise in D&O claims in the region and the increasing number of prosecutions against directors.

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On September 6 and 7, 2005, ACGA organised its second Member Briefings for the year in Hong Kong and Singapore, respectively. These briefings were titled "A Preview of CG Watch 2005" (Country rankings and analysis). CG Watch is an annual survey that ACGA carries out in conjunction with CLSA Asia-Pacific Markets. It ranks 10 Asian markets and almost 500 companies on corporate governance. Our presentation highlighted: the more rigorous methodology used this year; country scoring trends; and each market's strengths and weaknesses.

In mid-June 2005, ACGA spoke at a D&O Seminar in Singapore and Kuala Lumpur on the topic, "Becoming an Effective Independent Director". The event was organised and co-sponsored by Marsh, Chubb Insurance and Allens Arthur Robinson. Our presentation made recommendations on the following:

• Before you say yes: Due diligence required
• After saying yes: Preparing for appointment
• Being part of the team: A loyal critic and a critical advisor

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On May 31, 2005, ACGA organised its first Members' Briefing for the year in Singapore. The briefing provided an assessment of corporate governance reform in North and South-east Asia: Korea, Malaysia, Thailand and Indonesia. The topics discussed included:

• Country trends over five years
• Improvements and roadblocks
• Are governments good at sustaining CG improvements?
  (Korea Case Study)
  

On April 25, 2005, ACGA gave a talk at Fidelity Investment Management (HK) on "Corporate Governance in Asia: Overview and Trends". The main issues covered in our presentation included:

1. Regulatory, market and corporate trends over 5 years in Asia
2. Macro-economic weakness: a key catalyst for regulatory reform
3. Country rankings
4. Enforcement highs and lows
5. Emerging shareholder activism in Asia
6. Mid caps on a mission

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On April 12, 2005, ACGA organised its first Members' Briefing for the year in Hong Kong. The briefing was an assessment of corporate governance reform in Korea and Japan, and whether it was moving forwards, sideways, or backwards. For each country we looked at reform trends and overview, problems and progress.

On February 24, 2005, ACGA spoke at an IOSCO training seminar in Taipei on the topic: "Enhancing the Functions of the Board in Asian Companies". Co-organised by the Financial Supervisory Commission, Taiwan, the event brought together regulators from across Asia and the US. Our presentation looked at:

1. Principles for effective boards
2. Best practices in Asian boards
3. Questions for Taiwan companies

On February 2, 2005, ACGA spoke at a corporate governance conference organised by the Asian Strategy and Leadership Institute (ASLI) in Kuala Lumpur on the topic: "The Increasing Expectations of Institutional Investors". The main issues covered in our presentation included:

1. What is meant by the term "institutional investor"?
2. What do such investors want from companies?
3. Emergence of institutional shareholder activism in Asia

On November 24, 2004, ACGA spoke to the Masters of Law (LLM) class at the University of Hong Kong on the topic: "Shareholder Activism in Asia: Four Years On". Our presentation covered the following issues:

1. Why is shareholder activism important for economic development in Asia?
2. Degrees and types of activism
3. Key players and examples
4. The future: implications for legal systems and lawyers in Asia

On October 29, 2004, ACGA co-organised a seminar on corporate governance with the Shanghai Stock Exchange for China-listed companies, fund managers and brokers. We spoke on the topic: "Best corporate governance practices in Asia: Learning from Asian companies". Our presentation covered the following issues:

1. Best corporate governance practices in Asia: What are they?
2. What type of companies are going "beyond compliance"?
3. Implications for companies listed in China

On October 23, 2004, ACGA presented to a seminar on investor relations organised by the Hong Kong Society of Financial Analysts. The title of our presentation was: "The growing importance of corporate best practices--disclosure".

On September 15, 2004, ACGA participated in a corporate governance panel at CLSA's annual Investor Forum in Hong Kong. Our presentation was drawn from the new "CG Watch 2004" report, a joint production by CLSA and ACGA. For more information on this report, look under ACGA Archive/Reports

On September 10, 2004, ACGA participated in a corporate governance roundtable organised by Sembcorp Industries, a major Singapore government-linked company. The title of our presentation was: "Corporate governance: Can Singapore get better?" It covered the following issues:

1. How does Singapore rate in the new CLSA/ACGA survey?
2. Is there anything Singapore can learn from its neighbours?
3. Implications for Singapore companies

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On September 7 and 9, 2004, ACGA held the second of its semi-annual briefings for members in Hong Kong and Singapore, respectively. This briefing analyses the extent of corporate governance reform in China and makes some policy recommendations regarding the stock market and investment rules.

A copy of this presentation is attached for ACGA members.

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In early and mid-March, ACGA organised its first Members' Briefing for 2004 in Singapore and Hong Kong, respectively. The briefing was split into two parts:

1. "Annual Update on Corporate Governance Regulatory Developments in Asia"
2. "Online Corporate Governance Disclosure--Room for Improvement!"

A copy of these presentations is attached for members.

On February 10, 2004, ACGA made a presentation on "Corporate Governance for Venture Capital and Private Equity Investors in Asia". The seminar took place in Hong Kong and was organised by Dibb Lupton Alsop, a leading UK law firm and a member of ACGA.

Our presentation focussed on three themes:

1. Why governance matters for private firms and their investors
2. Developing a governance policy for your fund:
   
   - Questions to ask first
   - Screening potential investments
   - The due diligence process
   - Shareholder agreements
   - Governance strategies for investee companies
   - Your own governance
3. Private equity as a catalyst for improved corporate governance in Asia

Our full presentation is attached.

Over December 8-11, 2003, ACGA staff visited Taiwan and gave presentations to regulators, stock exchange officials and economic policymakers on the topic of "Corporate Governance and Regulatory Trends in Listed Companies in Asia". Our presentation (which is attached) covered the following issues:

1. Convergence in corporate governance rules and practice around Asia
2. The impact of convergence on listed companies
3. Challenges for corporate governance reform
4. Suggestions to regulators for the next phase of reform

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In early December, ACGA held its second Members' Briefing for 2003 in both Hong Kong and Singapore. This latest session looked at "The Cutting Edge of Corporate Governance in Asia: Who is there and why?". Specific issues covered included:

1. Consistent patterns of governance change in corporate Asia.
2. Cutting edge practices among listed companies.
3. "Hybrid" structures and approaches.
4. What is driving certain companies to excel: rules, business incentives, investor activism, self enlightenment?

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On November 11, 2003, we ran a training course for a large insurer based in Hong Kong on the topic: "Corporate Governance Risks in Asia: Getting a Grip on a Slippery Subject." The course covered the following issues:

1. State of the nation: Beware facile change at the country level.
2. State of the corporation: Are they all “Fakin’ It”?
3. General risks: The big intangibles.
4. Specific risks: Red flags in good and bad companies.
5. Testing for substance: Some additional underwriting questions.

Our presentation, which is available to members only, is attached.

On October 31, 2003, we gave a breakfast briefing to a group of companies from Hong Kong and China on the topic: "Corporate Governance Leaders in Asia: What do they know that you don't know?". The meeting was organised in collaboration with IR Asia, a specialist Internet platform providing investor-relations services to Asian companies.

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In late June in Hong Kong and early July in Singapore, we briefed our members on our latest research into corporate governance developments in Asia. Part One of our briefing looked at new developments in corporate governance regulations and enforcement across 11 markets and highlighted examples of corporate "problem cases" and "improvers", drawing general lessons from each.

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In late June in Hong Kong and early July in Singapore, we briefed our members on our latest research into corporate governance developments in Asia. Part Two of our briefing looked at the impact that the United States Sarbanes Oxley Act of 2002 is having on Asian companies, regulators and investors. The Act is not only having a direct impact on Asian companies registered with the SEC in the US (eg, those that have ADR listings), it is having a definite effect on regulatory thinking and policies in Asia.

On June 12, 2003, we spoke at a seminar organised by the American Chamber of Commerce in Hong Kong on the subject of "The Role of Corporate Governance in HR". Our presentation (see attached file) addressed three main issues:

• The business incentives for better governance in Asia
• The new organisational structures required to implement corporate governance within companies
• The role of the human resources department in this process

On May 15, 2003, we spoke to the Third Asian Corporate Governance in Seoul, Korea on the topic: "Global Corporate Governance Convergence: The Case of Asia". The conference was organised by the Asian Institute of Corporate Governance (AICG) at Korea University and supported by the Global Corporate Governance Forum (GCGF) of the World Bank and the International Institute of Corporate Governance (IICG) at Yale University.

On May 13, 2003, we gave a presentation to the Korea Corporate Governance Service (KCGS) at the Korea Stock Exchange on the topic: "Corporate Governance in Asia: A Progress Report". Our analysis was based upon "CG Watch 2003", a joint report between CLSA and ACGA published earlier the same month.

On February 19, 2003, we participated in the Australasian Corporate Governance Congress in Sydney, organised by the International Quality & Productivity Centre (IQPC). Jamie Allen, Secretary General, ACGA spoke on the subject, "Competitive Forces Driving Corporate Governance Reform in Asia". After an overview of regulatory change in Asia and the impact to date of the capital markets on corporate governance, we argued that there were four main competitive factors influencing companies:

• Financial
• Human Capital
• Commercial
• Reputational

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Given by Jamie Allen, ACGA Secretary General, to a conference in Hong Kong on index investing, this presentation offers concise answers to the following questions:

• What is shareholder activism?
• What is happening in Asia?
• Are more regulations needed (to raise governance standards)?

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Given by Francois Roy, ACGA Chief Analyst, to the 10th Anniversary conference of the Thai SEC in Bangkok, this presentation addresses what securities regulators can do to enhance the corporate governance of non-bank financial institutions.

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Our first briefing to ACGA members in Singapore in August 2002, this presentation covered the following topics:

• A bird's eye view of corporate governance reforms in Asia
• Regulatory and legal issues and obstacles
• Investor attitudes and behaviour
• Corporate change and competitive drivers

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Given by Francois Roy, ACGA Chief Analyst, to an ADB seminar in Shanghai for Asian regulators, this presentation suggests ways in which financial regulators can best promote corporate governance reform. Four main ideas are put forward:

• Set an example to the market
• Become a leading rule maker
• Become an informed risk manager
• Be a catalyst and a capacity builder

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Given by Jamie Allen, ACGA Secretary General, to the investment banking team at JP Morgan in Hong Kong, this presentation suggests several reasons why governance is critical to financial institutions.

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Given by Jamie Allen, ACGA Secretary General, to the Economist Corporate Network in Hong Kong and Singapore, this presentation argues that strategic investors (ie, multinational corporations) can make good use of corporate governance tools, especially in areas such as investment decision-making, control of joint ventures and management of post-merger entities.

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Given by Francois Roy, ACGA Chief Analyst, to the CLSA China Forum in Beijing, this presentation looks at corporate governance reform in China from three perspectives: regulatory discipline, market discipline and corporate self-discipline.

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A Chinese translation, in simplified characters, of our presentation to the CLSA China Forum (see speech above).

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Given by Jamie Allen, ACGA Secretary General, to a national director training course run by the China Securities Regulatory Commission in Beijing, this presentation addresses the following issues:

• Why we need corporate governance
• The historic catalysts for corporate governance reform in the US, Europe and Asia
• Why we need independent directors
• How systems of independent directors compare in the US, Europe and Asia
• How independent should approach their role

A Chinese translation, in simplified characters, of our presentation to the CSRC director training course in Beijing (see speech above).