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Reviewed by:
  • Codes of Good Governance Around the World
  • Irina Naoumova, Ph.D.
Felix J. Lopez Iturriaga. Codes of Good Governance Around the World New York: NOVA Science Publishers Inc., 2009, 577 pages.

This book provides a comprehensive description and comparative study of codes of good governance for different countries all over the globe emphasizing similarities and underlining differences. The primary focus is placed on describing best practices as well as problems for each of the countries. In general the book is promoting codes of good governance and addressing a void in systemic research in this area. Importantly, it emphasizes the role of timely development for a country code of good governance and its further necessary improvements. The book contains exemplary applications of codes of good governance, interesting statistics and analysis of interviews. It consists of a preface (by book editor, Felix Lopez Iturriaga) and four parts written by forty contributors from around the world.

The first part that includes Chapter 1 is a comprehensive review of codes of good governance all over the world. It contains a thorough literature review and theoretical background of the problem. Part I highlights all the major research streams and practical problems the countries are facing while implementing codes of good governance, while Parts II–IV go into greater depth to explain the problems/benefits of implementing a country code of good governance.

Part II is devoted to the codes of good governance developed in the Americas, countries like Argentina (Chapter 2), Brazil (Chapter 3), Chile [End Page 118] (Chapter 4), and the United States (Chapter 5). Part III focuses on European countries in Chapters 6–16 (Belgium, France, Germany, Hungary, Ireland, Italy, the Netherlands, Portugal, Russian Federation, Spain, and the United Kingdom). Part IV covers codes of good governance developed in China (Chapter 17), India (Chapter 18), Japan (Chapter 19), Malaysia (Chapter 20), and Singapore (Chapter 21).

Chapter 2 (Part II) is titled “Governance Principles and Good Practices in Argentina.” Chapter 3 provides the authors’ insights on the history and development of the code of good governance in Brazil. Chapter 4 describes the institutional environment, financial system, legal framework, and ownership structure in Chile, which gives a broad prospective on pros and cons of code of good governance development and implementation in Chile’s business practices. The United States code of good governance is described in Chapter 5. Being one of the most detailed, internally balanced, and well-developed codes of good governance, the U.S. model attracts the attention of other countries in the world. It is seen as one of the most dynamic as well, since recent scandals (Enron, WorldCom, HealthSouth, etc.) pushed several valuable improvements forward. A good portion of the chapter is devoted to issues related to company ethics and disclosures.

Part III represents the whole variety of variations of codes of good governance adopted by Western, Central, and Eastern European countries. It provides a better understanding of the similarities and differences that the European Union countries are going through while implementing principles of good governance. The path that Belgium (Chapter 6) went through in creating its principles is rather typical for all the Western European countries. The major step was undertaken in the 1990s with the goal to involve more organizations in the process of adopting these principles. More in-depth work began after the turn of the millennium that will result in new developments during the 21st century. This work was based on more than 10 years experience and detailed analysis of good practices on a macro level (societal changes) and micro level (company performance), and a need to adjust to new European conditions. In Chapter 7, a French code of good governance is described. Interestingly enough, French legislation had already addressed and practiced its major principles. Along with many other EU member states, France bases its practices on a “comply or explain” principle meaning that some situations might be unique/not typical. The chapter reflects the pressure for converging under the common measures developed by the European Commission, but at the same time focuses on tradition for French regulatory system principles that remain unaffected. Detailed descriptions are provided for board composition and independence issues, as well...

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