East Asia's Financial Meltdown: Why Corporate Governance Matters

The lack of corporate governance standards to ensure that enterprises are run in the interest of their owners is a growing issue worldwide. For developing and transition economies, a weak corporate governance culture and regulatory framework acquire added significance given the prevalence of nebulous legal regulations and limited enforcement capabilities in those nations. In the following interview, Jesus Estanislao, President and CEO of the Institute of Corporate Directors in the Philippines and former Finance Minister in the early 1990s during the administration of former President Corazón Aquino, details how weak corporate governance structures have undermined the ability of East Asian economies to establish sound and sustaining economic growth.

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