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2022 | Book

International Cases of Corporate Governance

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About this book

This book provides insights into current issues in corporate governance by examining twelve cases from the 2010s and 2020s where corporate governance was seen to be an issue. The cases are designed to introduce the reader to ‘real life’ episodes with corporate governance implications, shedding light on why corporate scandals continue to occuer, to what extent these are a corporate governance failure, and in which ways corporate governance – and the behaviour of those involved in ensuring good governance and an ethical culture in their business - may be improved in the future. This book will be of interest to businesspeople, students of business, and lawyers and motivate discussion on the reasons why corporate governance failed, or was seen to be inadequate.

Table of Contents

Frontmatter
Chapter 1. Introduction
Jean Jinghan Chen
Chapter 2. Carillion PLC
Jean Jinghan Chen
Chapter 3. Tesco Plc
Jean Jinghan Chen
Chapter 4. Volkswagen
Jean Jinghan Chen
Chapter 5. Wirecard
Abstract
Wirecard AG is a German financial technology (FinTech) giant that provides electronic payment processing services and operates internationally. As Europe’s largest FinTech company, it is regarded as the European version of Alipay. On 25 June 2020, Wirecard filed for insolvency after revealing that €1.9 billion in cash was missing from its balance sheet. This followed more than a decade’s worth of lies and systematic fraud, which finally caught up with the company’s senior management in 2020. Wirecard’s chief executive officer (CEO) Markus Braun announced his resignation on 19 June and was arrested on 23 June on suspicion of false accounting and market manipulation. The company’s chief operating officer (COO), Jan Marsalek, was sacked on 22 June and then disappeared in late June. He remains a fugitive wanted by the German police.
Jean Jinghan Chen
Chapter 6. Stora Enso
Abstract
Stora Enso is a leading renewable materials company that provides renewable solutions in packaging, biomaterials, wood construction and paper for a wide range of industries. In 2015, according to a report published by Worldkings (2021), Stora Enso ranked fourth in the world in terms of earnings among companies in the pulp, paper and packaging industry. With sustainability as a core element of its entire value chain, Stora Enso is committed to integrating both strategic decision making and corporate social responsibility (CSR) practices into its corporate governance.
Jean Jinghan Chen
Chapter 7. Wells Fargo
Abstract
Wells Fargo & Company (hereinafter referred to as ‘Wells Fargo’) is an American multinational financial services company headquartered in San Francisco, California. It was the world’s largest commercial bank by market value in 2015 and was named the US Bank with Best Customer Satisfaction in 2009 and 2010.
Jean Jinghan Chen
Chapter 8.  CommInsure
Abstract
CommInsure is one of Australia’s largest life insurance companies. It is an insurance arm of the Commonwealth Bank of Australia (CBA), the largest bank in Australia. CBA was established in 1911 and has been Australia’s central bank for 50 years.
Jean Jinghan Chen
Chapter 9. Toshiba (Japan)
Jean Jinghan Chen
Chapter 10. Gome
Abstract
GOME is a Chinese household appliance retailer chain and one of the largest household appliance retailers in mainland China. GOME opened its first store in 1987 and started operating in different regions in 1999. In 2004, GOME was listed on the HKEX. Since then, it has expanded on a large scale across the country. In 2010, GOME had more than 1200 stores in large and medium-sized cities in China, with an annual sales revenue of RMB50.9 billion.
Jean Jinghan Chen
Chapter 11. Alibaba
Abstract
The Alibaba Group was established in Hangzhou, China, in 1999 by Ma Yun (internationally known as Jack Ma) and several partners from various backgrounds. These entrepreneurs gained experience working in China Yellow Pages and the Ministry of Foreign Trade and Economic Cooperation, which they used to set up Alibaba.
Jean Jinghan Chen
Chapter 12. Lee Kum Kee
Abstract
Lee Kum Kee (LKK) was founded in 1888 in Guangdong Province, China, and started as a small manufacturer of oyster sauce. LKK Oyster Sauce sold well, and the family business expanded internationally. Until 1980, LKK remained a niche company and employed only 25 people in Hong Kong. Man Tat, the third-generation owner and manager, bought out the shares of the rest of the family in the early 1970s.
Jean Jinghan Chen
Chapter 13. Yunnan Baiyao
Abstract
Yunnan Baiyao was first established as a Chinese family business by Qu Huanzhang in 1933 in China and became a state-owned enterprise (SOE or work unit) in the 1960s. The listing of the Yunnan Baiyao Group in 1993 made this SOE a self-responsible legal corporation under China’s Company Law. However, after its listing, the state remained the largest shareholder and had absolute control over both Yunnan Baiyao Group and Yunnan Baiyao Holdings.
Jean Jinghan Chen
Chapter 14. Conclusion
Abstract
This book discusses a variety of real-life cases of corporate governance scandals in the 2010s and 2020s. Not every case led to the closure of the company involved, but every scandal hit the corresponding company hard.
Jean Jinghan Chen
Backmatter
Metadata
Title
International Cases of Corporate Governance
Author
Jean Jinghan Chen
Copyright Year
2022
Publisher
Springer Nature Singapore
Electronic ISBN
978-981-19-3238-0
Print ISBN
978-981-19-3237-3
DOI
https://doi.org/10.1007/978-981-19-3238-0

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