Vice President of the World Bank Delivered a Presentation on Governance and Control at AFDC
The Vice President of the World Bank Mr. Fayezul Choudhury addressed the audience at AFDC on governance and control: the strategic need of global economy on April 10, 2008. Other audience at the China Development Bank in Beijing as well as the students at the Chongqing Technology and Business University listened to his presentation through the Global Development Learning Network.
Effective governance and control system is key to either running an efficient business or building a harmonious society in this increasingly competitive global environment. Mr. Choudhury shared with the audience his own experience at work and his insights. He believes that in this globalized era, corporate governance is an important means to help companies create their competitive advantage and companies should first integrate all types of risks and then manage the risks. Nowadays the financial executives’ responsibilities are more than just ensuring the accuracy of the financial statements and smooth cash flow. They should take more responsibilities by implementing corporate risk management through effective internal control and corporate governance.
In the interactive session, the students at both Shanghai and Chongqing raised several questions and had very good interaction with Mr. Choudhury. The questions asked are the significance of Chinese company’s listing in overseas market to corporate governance, the correlation between the subprime crisis in US and the current economic depression, how to ensure independent directors with no equity interest play their role, the improvement of the governance structure in China’s banking sector.
The Vice President of Shanghai National Accounting Institute Dr. Li Kouqing wrapped up the presentation by saying that inviting renowned experts such as Mr. Choudhury to share their wisdom with the students are consistent with the basic idea of SNAI and AFDC. Interaction with world class experts, scholars and senior executives helps to broaden the horizon of executives and provide insight into some cutting-edge issues. We will continue to hold such high-level forum in the future. In the meantime, the use of distance learning technology can benefit more people on a larger scale.
