It is not an arcane topic for high-minded legal debate. Nor is it a dusty, little-used flowchart in a vacant boardroom. On the eve of a new century, new global imperatives demand a revitalized and modern perspective on the fundamental responsibilities between companies and their investors. Information is the lifeblood of markets. But unless investors trust this information, investor confidence dies.
Capital dries up.
Fair and orderly markets cease to exist. As the volume of information increases exponentially, the quality of information for investors and the markets they comprise must be our signal concern. The promise of a global marketplace, like never before, depends on it. As more countries move to an equity culture, high-quality financial information becomes the currency that drives the marketplace. And nothing honors that currency more than a strong and effective corporate governance mandate.