Beyond the myth of Anglo-American corporate governance

In June 2005, the ICAEW began the Beyond the myth of Anglo-American corporate governance initiative. It aims to generate discussion and broaden debate on the differences between US and UK corporate governance systems and help to promote understanding of pressures and opportunities that arise in increasingly international capital markets.

The Emerging Issues paper was published in January 2007 and culminates from the Pressure Points consultation, a series of Discussion papers, face-to-face meetings and two Transatlantic Roundtables. A number of ideas for Further research have also been identified.

Pressure points

The Pressure Points consultation was published in December 2005. It highlights 21 questions representing some of the most challenging aspects of cross-border corporate governance and is relevant to boards, investors, the accountancy profession and policy makers.

Emerging Issues

Emerging Issues summarises the findings to the 21 questions in the Pressure Points consultation which have been developed after face-to-face engagement with practitioners and commentators.

Discussion papers

Four discussion papers provide background information on US and UK corporate governance systems and are as follows:

• Policy dialogue: Effective corporate governance frameworks: encouraging enterprise and market confidence
• Business dialogue: Board responsibilities and creating value: demonstrating leadership and accountability
• Investment dialogue: Shareholder responsibilities and the investing public: exercising ownership rights through engagement
• Accounting dialogue: Disclosure responsibilities and building trust: promoting transparent and reliable information

Further research

As part of the Beyond the myth of Anglo-American corporate governance initiative, a number of areas for further research have been outlined in the final section of the Emerging Issues paper.

Transatlantic roundtables

We have held two transatlantic roundtables so far:

Emerging Issues was published at a London Roundtable which convened representatives from the business, investment, accounting and regulatory communities from both sides of the Atlantic.

It follows the Washington DC Roundtable held at the Senate Banking Committee Hearing Room in December 2005 where the Pressure Points consultation was launched.

The ICAEW welcomes dialogue between US and UK counterparts around corporate governance.