La necesidad de un impulso real a la reforma sobre gobierno corporativo

CAMBRIDGE – Cuando se reunieron a principios de este mes, los ministros de finanzas del G-20 y los encargados de los bancos centrales llamaron a aplicar mejoras globales en las reglas de gobierno corporativo. A menudo se escuchan esos llamados, pero hay potentes intereses creados que dificultan el que los gobiernos puedan hacerlos realidad. Así, será necesaria una fuerte y persistente presión pública para que haya reformas serias.

Muchos países dan a los inversionistas de empresas que se cotizan en la bolsa niveles de protección que son claramente inadecuados. Incluso en países con sistemas bien desarrollados de gobierno corporativo, existen disposiciones excesivamente permisivas para quienes forman parte de corporaciones y cuentan con información privilegiada, los llamados “ corporate insiders ”. Por ejemplo, en los Estados Unidos disfrutan de protección frente a la compra por parte de otras compañías que, de acuerdo a una cantidad sustancial de evidencia empírica, en realidad reducen el valor de la compañía misma. .

Las reglas de gobierno corporativo poco estrictas por lo general no son el resultado de la falta de conocimiento por parte de las autoridades públicas. A menudo hay impedimentos políticos que permiten su existencia incluso después de reconocida su ineficiencia.

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