Describe the role of International Corporate Governance Network (ICGN) governed by the ICGN Memorandum and Article of Associations.
CS Professional · Ethics, Governance and Sustainability · PYQS · December 2018
Describe the role of International Corporate Governance Network (ICGN) governed by the ICGN Memorandum and Article of Associations.
Answer & Explanation:
The 'International Corporate Governance Network ("ICGN")' is a not-for-profit company limited by guarantee and not having share capital under the laws of England and Wales founded in 1995. It has four primary purposes: to provide an investor-led network for the exchange of views and information about corporate governance issues internationally; to examine corporate governance principles and practices; to develop and encourage adherence to corporate governance standards and guidelines; and to generally promote good corporate governance. The Network's mission is to develop and encourage adherence to corporate governance standards and guidelines, and to promote good corporate governance worldwide. Membership of ICGN is open to those who are committed to the development of good corporate governance. The Membership section explains the benefits of membership, the different types of membership and how to join the ICGN. The ICGN is governed by the ICGN Memorandum and Articles of Association. The management and control of ICGN affairs are the responsibility of the Board of Governors. The Board in turn appoints a number of committees to recommend policy positions, to implement approved projects and to perform such functions that the Board may specify. The Institute of Company Secretaries of India is a member of ICGN and also the country correspondent from India. The ICGN Global Governance principles describe the responsibilities of board of directors and investors respectively and aim to enhance dialogue between the two parties. They embody ICGN's mission to inspire effective standards of governance and to advance efficient markets worldwide. The combination of responsibilities of boards of directors and investors in a single set of Principles emphasizes a mutual interest in protecting and generating sustainable corporate value. These principles were first initiated in 1995. The fourth edition of Principles was released in 2014.
Topics: Corporate Governance
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