THE NOTION OF CORPORATE GOVERNANCE AND COMPARISON OF THE US, UK AND GERMAN CORPORATE GOVERNANCE MODELS

Dünyada birçok farklı şirket yönetimi modeli bulunmaktadır. Ülkelerin büyük çoğunluğu kendi özel şartlarına bağlı olan ve diğerlerinden farklılık gösteren bir model yönetimini benimsemişlerdir. Bu yönetim modelleri genel olarak iki kategori içinde sınıflandırılabilirler. Bunlardan ilki; İngiltere ve Amerikada uygulanan hissedarlık sistemi, diğeri ise; Japonya ile birçok Latin ülkesi ve Kıta Avrupasında görülen paydaşlık sistemidir. Amerikan şirketleri geleneksel olarak hissedarlık modelini benimsemişlerdir. Burada, hissedar ya da ortaklar şirketi kontrol edecek yönetim kurulunu seçmektedirler. Bu yöneticilerin başlıca görevi; hissedarların menfaatlerini en iyi şekilde temsil etmek, zenginliklerini arttırmaktır. İngiliz şirket yönetimi ve hukukunun kökleri ise bireyselcilik felsefesi ve sözleşme serbestisine dayanmaktadır. Bu durum, İngiliz kolonilerini de kapsayan ve birçok sistemi etkileyen geleneksel bir modelin ortaya çıkmasına yol açmıştır. İngiltere şu anda hissedarlar için hesap verilebilirliği güvence altına almakta kullanılan bağımsız yönetici ve denetçilerle tek kademeli yönetim modelini kullanmaktadır. Buna karşılık Almanya, kendi şirket yönetim sistemini oluşturmak için paydaşlık modelini kabul etmiştir. Bu nedenledir ki, bu modelin odağı yalnızca hissedarların korunmasıyla sınırlı değildir.

Şirket Yönetimi Kavramı ile Amerikan, İngiliz ve Alman Şirket Yönetim Modellerin Bir Karşılaştırması

There are many different models of corporate governance around the world. Most countries adopt one of a set of models, each of which differs depending on the specific conditions in which the state itself operates. These models can be broadly classed in two categories: the shareholder system, as practised by the United Kingdom and the United States; the stakeholder system as used by the Japanese and most Latin and Continental European countries. Historically, US companies have always followed the shareholder model. Here, shareholders elect a management board to control the company. These directors are tasked with the primary role of representing the best interests of their shareholders, namely, by increasing their wealth. The roots of the UK corporate system and law are based on the philosophy of individualism and freedom of contract; this gave rise to a traditional model which has influenced many systems, including the British colonies. The UK currently uses a one-tier board structure, with elected non-executive directors and independent auditors used as a safeguard of accountability for shareholders. Germany has adopted the stakeholder model to form its corporate governance system, and its focus is thus no limited solely to the protection of shareholders.

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Books and Articles

Aguilera, Ruth V, Williams Cynthia A, Conley John M and Rupp Deborah, Corporate Governance and Social Responsibility: A Comparative Analysis of the UK and the US, Corporate Governance: An International Review, Volume: 14, No: 3, May 2006, pp.147-158

Albert-Roulhac, Catherine, and Peter Breen, Corporate Governance in Europe: Current Status and Future Trends, Journal of Business Strategy, Volume: 26, Issue: 6, 2005, pp.19-29

Barnett Abigail and Maniam Balasundram, A Comparison of US Corporate Governance and European Corporate Governance, The Business Review, Cambridge, Vol. 9, Num. 2, Summer, 2008

Burmajster Anna, The United Kingdom, in The Handbook of International Corporate Governance: a definitive guide, Second Edition, 2009

Clarke Thomas and Douglas Branson, Introduction: Corporate Governance An Emerging Discipline?, in Clarke Thomas and Branson Douglas (editors), The SAGE Handbook of Corporate Governance, SAGE, 2012

Goergen Marc, International Corporate Governance, 2012

Grossman, Nadelle, Director Compliance with Elusive Fiduciary Duties in a Climate of Corporate Governance Reform, Fordham Journal of Corporate and Financial Law, Volume: 12, Issue: 3, 2007, pp.393-466

Hopt, Klaus J, and Leyens Patrick C, Board Models in Europe Recent Devel-opments of Internal Corporate Governance Structures in Germany, the United Kingdom, France, and Italy, European Company and Financial Law Review, Volume: 1, Issue: 2, 2004, pp.135-168

Iulia Lupu, Corporate Governance in Central and Eastern Europe: Convergence to European Corporate Governance? Annals of the University of Oradea, Economic Science Series, Vol. 17 Issue: 2, 2008, pp.694-698

Jackson Katharine V, Towards a Stakeholder-Shareholder Theory of Corporate Governance: a Comparative Analysis, Hasting Business Law Journal, Vol.7, Issue.2, 2011, pp.309-392

Salacuse Jeswald W, Corporate Governance in the New Century, Company Lawyer, 2004

Smith Adam, An Inquiry Into the Nature and Causes of the Wealth of Nations, 2009

Jungmann Carsten, The Effectiveness of Corporate Governance in One-Tier and Two-Tier Board Systems Evidence from the UK and Germany, European Company and Financial Law Review, Volume: 3, No: 4, 2006, pp.427-474

Mallin A. Christine, Corporate Governance, Oxford University Press, 2004

Nordberg Donald, Corporate Governance: Principles and Issues, SAGE, 2011

OSullivan Mary, Corporate Governance and Globalization, the Annals of the American Academy of Political Science, Volume: 570, no: 1, 2000, pp.153-172

Ping Zou and Andy W. Cheng, Corporate Governance: A Summary Review on Different Theory Approaches, International Research Journal of Finance and Economics Issue: 68, 2011, pp.7-13

Plessis Jean Jacques Du/Hargovan Anil and Bagaric Mirko, Principles of Contemporary Corporate Governance, Cambridge University Press, Second Edition, November 2010

Raber Roger and Lajoux Alexandra, The United States of America, in The Handbook of International Corporate Governance: a definitive guide, Second Edition, 2009

Solomon Jill, Corporate Governance and Accountability, Third Edition, 2010

Strenger Christian, Overview and Current Issues in Germany, in The Handbook of International Corporate Governance: a definitive guide, Second Edition, 2009

Thomsen Steen and Conyon Martin, Corporate Governance: Mechanisms and Systems, McGraw-Hill Education, 2012

Tricker Bob, The Evolution of Corporate Governance, in Clarke Thomas and Branson Douglas (editors), The SAGE Handbook of Corporate Governance, SAGE, 2012

Tricker Bob, Corporate Governance: principles, policies and practices, Second Edition, Oxford University Press, 2012

Ungureanu Mihaela, Models and Practices of Corporate Governance Worldwide, Volume: 4, Issue: 3a, 2012, pp.625-635

Veasey E. Norman, The Emergence of Corporate Governance as a New Legal Discipline, The Business Lawyer, Volume: 48, No: 4, 1993

Wei Yuwa, Comparative Corporate Governance, Kluwer Law International, 2003

Zhao Jun, Comparative Study of US and German Corporate Governance: Suggestions on the Relationship Between Independent Directors and the Supervisory Board of Listed Companies in China, Michigan State Journal of International Law, Volume:18, No:3, 2010, pp.495-510

Internet Resources

Bohinc Rado, One or Two-Tier Corporate Governance Systems in Some EU and Non EU Countries, p.61, online at: http://www.megatrendreview.com/files/articles/015/RadoBohinc.pdf, accessed on: 16.01.2013

European Commission, Green Paper: The EU corporate governance framework, online at: http://ec.europa.eu/internal_market/company/docs/modern/ com2011-164_en.pdf, accessed on: 11.01.2013

EWMI/PFS Program / Lectures on Corporate Governance - Three Models of Corporate Governance December2005.doc, online at: http://www.emergingmarketsesg.net/esg/wp-content/uploads/2011/01/Three-Models-of-Corporate-Governance-January-2009.pdf, accessed on: 06.01.2013

Financial Reporting Council, The UK Approach to Corporate Governance, October 2010, online at: http://www.frc.org.uk/Our-Work/Publications/Corporate-Governance/The-UK-Approach-to-Corporate-Governance.aspx, accessed on: 01.02.2013

Mendez A. Miguel, Corporate Governance: A US/EU Comparison Course Outline, online at: http://www.foster.washington.edu/centers/gbc/Documents/ Faculty/Miguel%20Mendez%20Final.pdf, accessed on: 05.01.2013

Towers Watson, A Lack of Shared Identity versus a Move towards Convergence, online at: http://www.towerswatson.com/assets/pdf/6977/EC-Corporate-Governance.pdf,accessed on: 10.01.2013