Title: The Lebanon Corporate Governance Task Force ACTION PLAN
1The Lebanon Corporate Governance Task Force
ACTION PLAN
Gérard Zovighian
2What are the objectives of the Task Force?
- Identify structural and functional innovations in
the Lebanese private sector.
- Assessing current status and practice of CG in
Lebanon.
- Implement better CG standards at the financial
marketslevel, the private level, and the public
level.
3What are the Guidelines of Work?
- A) Creation of Subcommittees
-
- 1- The Accounting and Auditing Subcommittee
- 2- The Legal and Regulatory Subcommittee
- 3- The Information, Communication, and Media
Subcommittee
- 4- The Membership and Funding Subcommittee
4What are the Guidelines of Work?
- B) Use of available principles as a base
- 1- Cadbury Report
- 2- OECD Principles
- 3- World Bank Groups Reports
5What are the Guidelines of Work?
- C) Assessment of Lebanons Current Compliance
Level.
- D) Looking for Innovative Communication Channels.
6The Action Plan
- Focusing on Public and Corporate Governance
- Addressing CG Principles
- Principles I and II The rights and equitable
treatment of shareholders.
- Principle III The role of stakeholders in
Corporate Governance.
- Principle IV Disclosure and Transparency.
- Principle V The responsibilities of the board.
7The Action Plan
- Focusing on Public and Corporate Governance
- ii) Self-Assessment mechanisms on the status
and practice of related principles.
8The Action Plan
B) Bringing the Change
- Joining efforts
- . Building a consensus for reforms
- . Assisting in adopting and implementing
principles
9The Action Plan
B) Bringing the Change
- How to assist in the adoption and implementation
of principles?
- A change of culture and crafting of CG
strategies.
- Amendments of laws and institutions.
- Enforcing right to know and to tell.
- Building the necessary human Capital.
- Ensuring sustainability and development.
10The Deliverables
- The Accounting and Auditing Subcommittee
- 1- A thematic list of accounting and auditing
issues
- 2- The results of the self-assessment compliance
survey
- 3- A table of codes and principles
- 4- Contributions to the final draft of the CG
survey in Lebanon The accounting and auditing
section
11The Deliverables
The Legal and Regulatory Subcommittee
A- Short-term objectives 1- Suggesting amendment
s to laws (particularly the Code of Commerce)
2- Developing and contributing to the drafting of
CG principles 3- Recruiting active members B-
Long-term objectives 1- Lobbying for legal amen
dments 2- Drafting and lobbying for other related
laws 3- Creating a CG research center for Legal
and Regulatory purposes
12The Deliverables
The Information, Communication and Media
Subcommittee 1- Develop tools to address the th
e government and business representatives
2- Launch seminars 3- Assist in updating the LCGT
F website 4- Distribute all material to raise awa
reness in 3 languages
13The Deliverables
The Membership and Funding Subcommittee
1- Preparation for the 2nd Forum on CG for MENA
countries 2- Launch a website for the LCGTF, pr
esenting the Task Force and including literature
and resources on CG.