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Principle 8 - Insider trading. Insider trading and abusive self-dealing should be prohibited.
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Effectiveness of legal restrictions limited by low liquidity of the stock exchange and small size of the business community
Principle 9 - Insider disclosure. Members of the (Supervisory) board and management board should be required to disclose any material interests they have in transactions or matters affecting the corporation.
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Minor role played by supervisory boards in the strategic guidance of companies
Principle 10 - Rights of stakeholders. The corporate governance framework should recognize the rights of the stakeholders as established by law and encourage active cooperation between corporations and stakeholders in creating wealth, jobs, and the sustainability of financially sound enterprises.
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Principle 11 - Corporate disclosure. The corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership and governance of the company. Channels for disseminating information should provide for fair, timely and cost-efficient access to relevant information by users.
Disclosure should include, but not be limited to, material information on: (i) the financial and operating results of the company; (ii) major share ownership and voting rights; (iii) members of the board and key executives, and their remuneration; (iv) material foreseeable risk factors; (v) material issues regarding employees and other stakeholders; (Vi) governance structures and policies.
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Less than complete disclosure by most reporting companies, particularly of financial and operating results
Principle 12 - Accounting and auditing. Information should be prepared, audited and disclosed in accordance with high quality standards of accounting, financial and non-financial disclosure, and audit. An annual audit should be conducted by an independent auditor in order to provide an external and objective assurance on the way in which financial statements have been prepared and presented.
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Weak auditing practices and an audit law ...
