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The paper expores the corporate governance conditions which are being developed and refined in Saudi Arabia today to stem the tide of corruption and to promote a more robust and dynamic economy. The paper discusses the failures of overly-aggressive deregulation in the world economy and how this is due to the free-trade implications of globalization. The paper includes a generic definition of corporate governance.
From the Paper:"Most of the research evaluated for the purposes of this discussion was examined under the theoretical auspices that there is a need for stronger corporate governance in Saudi Arabia due both to evidence of the failures inherent to overly-aggressive deregulation in the world economy and to evidence that the free-trade implications of globalization have encouraged this path to a fault. Namely, the literature evaluated suggested that there is an inherent flaw in our current approach to globalization which defies the logical demand for sounder corporate governance. This flaw is found in the vacuum between the decline of governmental regulation in parallel to the rise of globalization and the current reluctance of private sector leaders to adopt internal governance strategies to help restrain the process of globalization. Indeed, reports emergent from the Saudi market demonstrate the clear demand for some level of adaptation which demonstrates readiness for the conditions today being instigated. Indeed, private companies and accounting firms are "affected by the challenges faced by the Saudi capital market -- rapidly changing marketplace; the need for more enforceable information disclosure by listed companies; fair valuation of new issues; introduction of world-class regulatory standards; the strengthening of corporate governance; and the cross-listing of stocks on regional stock exchanges." (KT, 1)"
Sample of Sources Used:
- Administrator. (2009). Saudi Arabia: Corporate Governance Rules Amended. A. Pharaon & Partners. Online at http://www.pharaon-law.com/index.php?option=com_content&view=article&id=49:saudi-arabia-corporate-governance-rules-amended&catid=1:latest-news&Itemid=50
- Jackson, C. & Williams, A. (2006). Corporate governance development in the UK and Continental Europe. All Business. Online at http://www.allbusiness.com/finance-insurance/credit-intermediation-related-activities/4022261-1.html http://www.allbusiness.com/finance-insurance/credit-intermediation-related-activities/4022261-1.html
- Khaleej Times (KT). (2006). Saudi Arabia's New Corporate Governance Rules by End '06. Zawya.
- Saudi Paper Manufacturing Co. (2009). Corporate Governance. Saudi Paper. Online at http://www.saudipaper.com/en/CorporateGovernance.htm
Cite this Term Paper:
Corporate Governance Reform in Saudi Arabia (2012, April 29) Retrieved June 18, 2013, from http://www.academon.com/term-paper/corporate-governance-reform-in-saudi-arabia-150877/
"Corporate Governance Reform in Saudi Arabia" 29 April 2012. Web. 18 June. 2013. <http://www.academon.com/term-paper/corporate-governance-reform-in-saudi-arabia-150877/>