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Corporate Governance: Teaching the Teachers
SOM program shares lessons with Asian experts
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Business New Haven
8/5/2002
By: BNH
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NEW HAVEN - Even as concerns about corporate governance at home sent U.S. equity markets into a tailspin, international experts who teach, design or implement corporate governance training programs worldwide spent the third week of July in an intensive, eight-day Corporate Governance Director Education Program at the Yale School of Management (SOM), sponsored by the Global Corporate Governance Forum and the International Institute of Corporate Governance (IICG).
Leaders from director-training institutes in nine East Asian economies (China, Taipei, Hong Kong, South Korea, Singapore, Thailand, Indonesia, Philippines, Malaysia) were in attendance to develop a core curriculum to promote governance reform at a corporate level.
Participants of the Yale SOM Corporate Governance Director Education Program were taught by Florencio López-de-Silanes, an international scholar on corporate governance and comparative institutions and director of the Yale SOM International Institute for Corporate Governance, and Ira M. Millstein, senior partner of Weil, Gotshal & Manges in New York. Millstein has taught Yale MBAs “Corporate Governance” for eight years as the Eugene F. Williams Jr. Visiting Professor in Competitive Enterprises and Strategy and serves as chairman of the IICG.
The pair pooled their academic and corporate expertise to design a unique executive education program focused on issues related to board roles and responsibilities, and implementation of international “best practices” in corporate governance.
The Corporate Governance Executive Education Program at Yale is designed to educate the people throughout the world who in turn teach corporate governance or build related curricula through an interactive, peer-driven program.
It recognizes that while focusing on corporate governance in the U.S. and in developing economies, there is - or will be - a gradual convergence of thought as to a general system of governance or “best practices,” which will sustain an investment climate sufficient to attract capital and foster growth and development.
“Different market and non-market economies take significantly different approaches to governance,” says López-de-Silanes. “The ultimate goal of this program is to understand these differences within the legal and regulatory frameworks, as well as the relationship between the private sector, government, and measurable differences in terms of governance structures.
“In every market, including the United States, the importance of the [corporate] director's role is paramount, for the basic principles of sound corporate governance encourage long-term economic growth and efficiency, while contributing to fair treatment of investors, political stability, reduction of poverty, responsible use of resources, and cooperative relationships with labor,” he adds.
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