“Faced with increased risks from the global financial downturn, Chinese companies should strengthen their loss prevention and risk management techniques,” concludes an analysis presented by Chubb Corp. at a major conference on corporate governance in Shanghai.
The report – “Going Global/Going Public: Managing Through the Current Financial Crisis -” analyzes the growing difficulties Chinese companies are facing, as the global recession deepens.
Andre Dallaire, Greater China Regional Manager for Chubb Insurance China Company Ltd., one of the conference co-hosts, noted: “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.”
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, 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.
Source: Chubb Group – www.chubb.com
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