Jon Krause

Les fausses promesses des normes mondiales de gouvernance

Cambridge – Depuis la crise financière mondiale de l’année dernière, il est largement admis que les marchés, les économies et les résultats des entreprises peuvent être nettement infléchis si les investisseurs ne sont pas suffisamment protégés. Dans le monde entier, l’attention accrue portée à une meilleure gouvernance d’entreprise a entraîné une demande de normes fiables d’évaluation de la gouvernance dans les entreprises cotées en bourse. La Banque mondiale, les sociétés de conseil aux actionnaires et les économistes financiers ont tous déployé des efforts considérables pour élaborer des normes de ce type.

L’idée d’un ensemble unique de critères d’évaluation de la gouvernance des sociétés cotées en bourse est certes séduisante. Les investisseurs et ces sociétés évoluent dans des marchés financiers mondiaux de plus en plus intégrés ; pourtant, la quête de tels critères mondiaux est peu judicieuse.

Ces dix dernières années, on a certes noté une utilisation croissante des normes mondiales de gouvernance, très développées aux Etats-Unis, pour évaluer comment pays et sociétés protègent les investisseurs minoritaires. Or, les efforts dans ce sens n’ont pas tenu compte des différences fondamentales entre les sociétés contrôlées, qui ont un actionnaire majoritaire, et les sociétés à actionnariat dispersé, qui n’en ont pas. Si ces dernières dominent dans les marchés financiers aux Etats-Unis et au Royaume-Uni, ce sont les sociétés contrôlées qui prévalent dans la plupart des autres pays.

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