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Corporate Governance in Emerging Markets ...and Everywhere Else

"four Modest Proposals"

It is both a pleasure and an honor to speak on at the IAE Business School's Conference on Corporate Governance and Transparency. When Matthias Kleinhempel invited me address the subject of Corporate Governance in Emerging

Markets, I recalled Gandhi's response when asked what he thought of Western Civilization. By all means, he said, "it would be a good idea." So too, with corporate gover-nance-it would be a good idea; if we had a clear sense ofwhat it is.

Still, there is no shortage of opinions on Corporate Governance and it is typical of literature on the subject that its authors assume that their audience shares a common view of the topic when it cannot be assumed to be the case. Indeed, corporate governance is a passepartout-"the key that opens all doors"-a term that can mean anything and runs the risk of meaning nothing.

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