Joel Kurtzman writes: “I hope you find the attached annual update of the Opacity Index useful in your endeavors.”
It is no surprise that risks have increased worldwide over the last year, as the latest release of the Opacity Index shows. The United States, in particular, has continued its fall from 4th place, when we began our analysis, to 13th, place, in 2009, with continued downward momentum. This unprecedented decline is accounted for by regulatory and enforcement lapses. But equally important, the performance of boards of directors in the United States has failed to improve, despite rules stemming from Sarbanes-Oxley legislation which have now been in effect for quite some time. The demise of several major financial institutions is representative of poor board oversight and regulatory and enforcement laxity, among other things.
On a positive note, the world in general has made progress with regard to the adoption of international accounting standards and some countries – notably China – have seen declines in corruption levels. Best Regards,Joel Kurtzman
Kurtzman Group/Milken Institute http://www.kurtzmangroup.com
Read: “Global Edge: Using the Opacity Index to Manage the Risks of Cross Border Business,” Harvard Business School Press
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