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borrowing and lending, and joint venture management. As a result, any intermediary wishing to operate only brokerage business, for example, would have to meet the high minimum paid-up capital rule despite its

and grasp new opportunities. Taking into account the costs and benefits of regulation, governments have an important responsibility for shaping an effective regulatory framework that provides for

percent of the votes and another with 20 percent. Five direc- tors need to be elected. without a cumulative voting rule, each shareholder must vote separately for each director. the majority shareholder

-regulation and the costs from unintended consequences of policy action. 8 REFORM PRIORITIES IN ASIA: TAKING CORPORATE GOVERNANCE TO A HIGHER LEVEL © OECD 2011 underpinned by a stock-taking exercise of progress

highly valued because the range of temperatures that produced the right gold colour was narrow and difficult to control in firewood kilns. (H 19 cm) G o v e r n a n c e Governance is the most important

support shareholdersû decision. This way, an abuse of the meetingûs resolution to do something that will take advantage of minor shareholders will become more difficult. Others include promoting directorûs

forthcoming liberalization within five years. Message from the Secretary-General 4 not only empowered businesses but also furthered the moves toward the SEC's much anticipated self- regulation. On social

the Securities and Exchange Act, the Provident Fund Act, or any rule prescribed thereunder, such dispute shall also have the following characteristics: (a) the dispute occurred not more than six months

the Securities and Exchange Act, the Provident (UNOFFICIAL TRANSLATION) - 3 - Fund Act, or any rule prescribed thereunder, such dispute shall also have the following characteristics: (a) the dispute