CFA: Shareowner Rights across the Markets: A Manual for Investors

PDF file of Shareowner Rights across the Markets: A Manual for Investors

On 16 April 09, CFA Institute Centre for Financial Market Integrity has launched a manual "Shareowner Rights across the Markets: A Manual for Investors" to help global investors to understand their rights in 22 of the largest markets, namely:

Australia
Brazil
Canada
China
France
Germany
Hong Kong
India
Indonesia
Italy
Japan
Malaysia
Mexico
Poland
Russia
South Africa
South Korea
Switzerland
Taiwan
Turkey
United Kingdom
United States

This Manual for Investor is indeed useful, especially now that investors can invest globally but face with lack of information and means to seek help when potential frauds/mismanagement happen in companies invested.

For each country, it comes with these sections:
1. Summary of Current Shareowner Rights
2. Current Engagement Practices and Shareowner Rights Developments
3. Legal and Regulatory Framework
4. Key organizations with information relevant to shareowner rights in the country.
Indeed a very good resource for shareholder activism.

Surprised though, couldn’t find Singapore in the lists of 22 largest markets.

In the Introduction, there is also an insightful section which states GovernanceMetrics International (GMI) criteria to determine whether a board member is to be classified as independent board member. We can use this criteria to determine and "clean up" the pseudo-independent board members as a start.

If you find this post useful, you may check out my other posts on shareholder activism.

Recession Survival Guide - Ireland

Ireland’s Financial Regulator has come out with a useful Recession Survival Guide.

Some highlights:
Managing on Less Money
Step 1: Financial Health Check
Step 2: Budget Planner
Step 3: Cost Comparisons

Dealing with Redundancy (meaning being laid off) :
Redundancy information
Mortgage Repayment Protection

Dealing with Debt:
Credit Card Comparison
Debt Consolidation

This is really cool ! I like the Cost Comparisons, Redundancy Information and Credit Card Comparison especially. They go to such extent to provide information to help its peoples in recession.

You may wish to explore around. It’s really an insightful website on cost cutting.
However, there are peoples who argue that this may set off a deflationary cycle and make things worse. True also..

I think the key theme is "spend necessarily, spend smart and look for value deals".
The website cuts information cost for such value deals.

Tax havens

Following the G20 meeting and communiqué, OECD has provided a list (PDF file, dated 2 Apr 09) of countries which are classified into:

• "White list" - Jurisdictions that have substantially implemented the internationally agreed tax standard
• "Grey list" - Jurisdictions that have committed to the internationally agreed tax standard, but have not yet substantially implemented
• "Black list" - Jurisdictions that have not committed to the internationally agreed tax standard

The Jurisdiction inside "Black list" then were Costa Rica, Malaysia (Labuan), Phillipines, Uruguay.

Read from the PDF file: Wow, there are so many Tax Havens (in "Grey list").

Tax haven criteria are divided into 4 factors:
1. Jurisdiction imposes no or only nominal taxes
2. Whether there is a lack of transparency
3. Whether there are laws or administrative practices that prevent the effective exchange of information for tax purposes with other governments on taxpayers benefiting from the no or nominal taxation.
4. Whether there is an absence of a requirement that the activity be substantial

Announcement
On 7 Apr 09, it was announced that Costa Rica, Malaysia, Philippines and Uruguay (countries in the "black list") have committed to the tax standard on exchange of information and are moved to "Grey list" (meaning: no more in "Black list") !

There are lots of resources on tax evasion, exchange of information, harmful tax practices.

Question:

How big are the effects of regulation on tax havens ? How big will be the outflows, if any ?

China stimulus package for electronics, logistics, steel and auto industries

From China government’s website, we can find detailed stimulus package for electronics, logistics, steel and auto industries.

This provides a good read about the industries on status quo/current environment, principles/goals for the stimulus package, actions and policies etc..

English version of China government’s website is also available.
However, I can’t find similar English version of industry stimulus package.