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IN TOP GEAR:
VIETNAM’S MARKET ECONOMY DRIVE
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January - February 2010
CONTENT • ASEAN ENVIRONMENT
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The High Cost of Market Economy Label It has fascinated Vietnam watchers, particularly those from the West, to discover the metamorphosis of the country transforming itself from a closed political system into an aspiring market economy.

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“BOARDROOM SECRETS”
DR. ARGÜDEN REVEALS THE SECRETS TO BETTER GOVERNANCE IN HIS NEW
BOOK:Palgrave Macmillan has just published “Boardroom Secrets:
Corporate Governance for Quality of Life” by Dr. Argüden, Chairman of ARGE Consulting,
a leading strategy boutique based in Istanbul, and investment bank Rothschild in Istanbul. 
 
Dr. Argüden, Chairman of ARGE Consulting,
a leading strategy boutique based in Istanbul,
and investment bank Rothschild in Istanbul.
The Founder of the World Economic Forum Klaus Schwab claims that “the global financial and economic crisis is above all a corporate governance crisis.”   According to the former Head of UNDP and the director of Global Economy and Development at the Brookings Institute Kemal Dervis, if we are to “build the world economy on more solid foundations” we need to improve our governance practices.

The Boardroom Secrets addresses the behavioral aspects of good governance.  Roger Barker of the Institute of Directors (London) claims that “This wise and practical book that argues that trust lies at the heart of coprorate governance will be of significant use in guiding the thinking of board members and company stakeholders alike”.  The Founder of the Canadian Coalition for Good Governance, David Beatty who reviewed the book said “Shareholders, directors and top managers will welcome this wise, insightful, and practical book. I know of no better single source for getting it right in the boardroom.  Read these secrets, apply them diligently, and improve your board’s performance.”

Dr. Yılmaz Argüden is a leading strategist, advisor, and board member of major public and private companies, and NGOs.  He is the Chairman of ARGE Consulting, a leading management consulting firm based in Istanbul; Chairman of Rothschild investment bank in Turkiye; an author and a colunmist, and an Adjunct Prof. of Business Strategy at the Bosphorus University and the Koç University.   He has served on more than 50 different boards in a number of different jurisdictions as chairman or member.  He is currently serving on the governance committees of Coca Cola Icecek, Inmet Mining, Vestel, and Yazicilar Holding boards. 
He was selected as a Global Leader for Tomorrow by the World Economic Forum.  He is also the National Representative of the Global Compact in Turkiye and serves on the Private Sector Advisory Group of the Global Corporate Governance Forum jointly established by the World Bank and OECD and is chaired by Peter Dey, and the members are leading global figures promoting corporate governance throughout the world such as Ira M. Millstein and Mervyn King.

SYNOPSIS
The boards have received the blame for recent notable corporate failures.  This has caused numerous initiatives to establish strict guidelines and governance regulations, such as the Sarbanes-Oxley Act.    While rules and regulations are important, it would be naive to assume that good governance can be achieved only through regulation. Governance is much more than compliance. Good corporate governance is a culture and a climate of consistency, responsibility, accountability, fairness, transparency, and effectiveness that is deployed throughout the organization. 

Trust is the foundation of sustainable success.  Companies who earn the trust of their stakeholders are able to mobilize more resources throughout their value chain to achieve sustainable success.  The essence of good corporate governance is ensuring trustworthy relations between the corporation and its stakeholders.  Good corporate governance is the key to attract financial and human capital to the corporation, strong business partners to the value chain, and to ensure sustainability of value creation.    This is the fundamental reason why good corporate governance is being embraced by companies in diverse industries, small and large, and publicly or privately owned, throughout the world. 

Good corporate governance is the key to attract financial and human capital to the corporation, strong business partners to the value chain, and to ensure sustainability of value creation.    Corporate governance refers to the quality, transparency, and dependability of the relationships between the shareholders, board of directors, management and employees that define the authority and responsibility of each in delivering sustainable value to all the stakeholders.

While good governance is the responsibility of all those who conduct the relations with stakeholders, board of directors sets the tone at the top and is responsible for ensuring the right climate and culture exists within the organization.  The key to good corporate governance is ensuring that the principles of Consistency, Responsibility, Accountability, Fairness, Transparency, and Effectiveness are Deployed (CRAFTED) throughout the organization.  Applying CRAFTED principles is a sine qua non of sustainable success.  Any lapse in applying these principles results in failure of even global giants such as like Enron, Arthur Anderson, or more recent notable corporate casualties at the blink of an eye.

 

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