ABSTRACT
Corporate governance is widely identified as critical to the institutional development of the emerging economies and as an essential basis for stable and sustained economic growth. At its most legal and formal, corporate governance focuses on the rules of capital markets governing equity investments in listed companies, including listing requirements, insider dealing, disclosure and accounting and the protection of minority shareholder rights. In assessing the developing business models and corporate governance of the emerging market economies, the leading Brazil, Russia, India, China and South Africa (BRICS) economies are a good indicator of the regional pattern. The Organization for Economic Cooperation and Development Principles of Corporate Governance are one of the twelve key standards for the international financial stability of the Financial Stability Board and form the basis for the corporate governance component of the Report on the Observance of Standards and Codes of the World Bank Group.
