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Last week, the Ministry of Transport called the ride-hailing firm “out of control” and criticized its management and background check procedures cufflinks shirt uk online. In its WeChat post, the firm also said it will consolidate some of its ride-hailing divisions – each responsible for different services – to form a single business unit in which it would invest to improve compliance and services standards. It said it would similarly move its bike rental, designated driver and public transportation units into a single entity..
HONG KONG (Reuters) – A leading corporate governance advocate said the board of Japanese carmaker Nissan (7201.T) must accept collective responsibility over alleged disclosure failings that led to the ousting of chairman Carlos Ghosn cufflinks shirt uk online. The remarks by Jamie Allen, secretary-general of the Asian Corporate Governance Association (ACGA), come as a biennial survey by the ACGA and CLSA, an Asia-focused brokerage, showed Japan sliding three places to seventh in a regional ranking of governance standards – the worst decline in performance of any country..
“If the chairman has been shown to be fraudulently disclosing information, then it’s not just the chairman that is responsible. The board of Nissan needs to do some soul-searching,” Allen told reporters. “The board does have collective responsibility and if they didn’t know about this remuneration then shame on them, they should have done, it speaks very poorly about their internal controls.”. Nissan Chief Executive Hiroto Saikawa said after Ghosn’s arrest that the company would need to “look back on what happened seriously and take immediate and fundamental counter-measures” cufflinks shirt uk online.
A Nissan spokesman on Wednesday referred to the board’s decision to create a special committee to improve its governance, with the help of an independent third party. Ghosn has been detained in Tokyo since his arrest on Nov. 19 for allegedly conspiring to understate his income by about half of the actual 10 billion yen ($88 million) over five years from 2010 cufflinks shirt uk online. Ghosn has yet to be charged and has not made any statement through his lawyers, but Japanese media reported that he has denied the allegations..
Allen, who was speaking at the launch of the ACGA/CLSA Corporate Governance Watch report, also said the pay disclosure regime in Japan was weak. “Japan needs to have remuneration committees so that those committees will be deciding on executive pay, ensuring that there is proper disclosure and making sure that there are proper checks and balances in the system,” he said cufflinks shirt uk online. Australia ranked top in the corporate governance survey with a score of 71 out of 100, despite revelations this year of widespread misconduct in its financial sector. Hong Kong and Singapore were next with 60 and 59 respectively..