Corporate Governance Key for Chinese Companies to Succeed in Global Economic Downturn
Shanghai, China, December 16, 2008 - Faced with increased risks from the global financial downturn, Chinese companies should strengthen their loss prevention
and risk management techniques. This was the key theme of a major conference on corporate governance held today in Shanghai,
"Going Global/Going Public: Managing Through the Current Financial Crisis."
"Chinese companies face increased difficulty in fulfilling their financing requirements as foreign investors are exercising
a significantly higher level of scrutiny and non-financial due diligence. In this demanding environment, adherence to corporate
governance standards - including disclosure and reporting requirements - becomes all the more important for Chinese companies,"
remarked Mr. Andre Dallaire, Greater China Regional Manager for Chubb Insurance China Company Ltd., one of the conference
co-hosts.
At the seminar Chubb launched a new corporate governance handbook for Chinese companies that it developed in collaboration
with the Asian Corporate Governance Association, Allens Arthur Robinson and ChinaVest. Like the conference, the handbook
addresses the financial challenges facing Chinese companies in the current global economic climate and outlines tools to manage
special risks and challenges.
The handbook, Going Global/Going Public: Loss Prevention and Risk Management Techniques for People's Republic of China (PRC) Companies, is the first in China to provide local examples to highlight issues of legal liability, risk management and corporate governance.
According to the newly released handbook, Chinese companies need to be aware of the full range of compliance, consumer and
corporate governance risks they face outside of China.
In addition to Chubb [NYSE:CB], the conference was co-hosted by China Council for the Promotion of International Trade Shanghai
Sub-Council (CCPIT Shanghai), the Asian Corporate Governance Association (ACGA), Allens Arthur Robinson (Allens), and ChinaVest.
About Chubb
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property
and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's
global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.
|
