Determinants of Central bank independence and governance : problems and policy implications

Central bank independence and governance (CBIG) is a term subject to conflicting definitions and so its related studies are difficult to compare. This paper therefore focuses on developing of a more useable definition, and an index model identifying the determinants of independence and governance and their possible policy implications. It also examines various independence measurement tools such as ranking and index. The index model resulting centres on key central bank independence and corporate governance issues, such as, legal aspects, political aspects, price stability objective aspects, exchange rate policy aspects, monetary policy and deficit financing aspects and finally, transparency and accountability aspects.

An evaluation of the indicators of threat to auditor independence in an Islamic legal system: The case of Iran

This study aimed to assist in developing a more effective framework for regulating auditor independence practice in Iran, a non-IFRS country with an Islamic legal system. It investigated the following general research question: In order to increase auditor independence in a non-IFRS country with an Islamic legal system, what are the potential indicators of threats to auditor independence, and how should a regulator prioritise addressing these threats?

The 2008 declaration of independence by the Hong Kong Court and anomalies in the Hong Kong Company Law

Discusses two aspects of Hong Kong law: 1) the judgment of the Hong Kong Court of Final Appeal in A Solicitor v The Law Society of Hong Kong on whether Hong Kong courts were bound, post-1997, by pre-1997 House of Lords or Privy Council decisions, by pre-1997 decisions of their own, or by post-1997 overseas decisions from any jurisdiction; and 2) the need for clarification in the Hong Kong Companies Ordinance of whether a company can have a single legal representative, the ultra vires rule and the duties of company directors

Regulatory responses to auditor independence dilemmas – who takes the stronger line?

A key part of corporate governance reforms in Australia, as represented by CLERP 9, addresses concerns over the audit function and the role of independent auditors in monitoring managers and providing useful information to stakeholders about the financial position of the company. In comparing the regulatory responses to auditor independence dilemmas, there have been claims that CLERP 9 is less ‘stringent’ than the reforms imposed by the Sarbanes Oxley Act in the US. This paper looks at three particular situations that have been the subject of recent reform to strengthen independence: the mandatory rotation of auditors, recruitment of former auditors as board members, and provision of non-audit services to clients. In each case, we compare the similarities and differences of the regulatory response between Australia and US, to distil the efficacy of the CLERP 9 approach.

Auditor independence : an analysis of the adequacy of selected provisions in CLERP 9

Worldwide corporate collapses in the past have highlighted various weaknesses in corporate governance, which included auditor independence. This thesis advocates the use of private interest theory as a framework to evaluate proposals for law reform related to the independence of external company auditors. This study argues that the current regulation of auditor independence falls short of the 'ideal independence' required by the general public. This is because the regulation was developed, in some instances, to serve the private interests of powerful lobby groups rather than the public interest. This research concludes that there is a case for reform of the existing requirements in the Corporations Act 2001 (Cth) in respect of auditor independence.

A Comprehensive Analysis of the Legal Issues Relating to Nominee Directors

Dans la foulée des scandales financiers ayant secoué le milieu des affaires ces dernières années, l’efficacité des pratiques de régie d’entreprise, et, en particulier celles liées à l’indépendance des administrateurs, a été passée au crible. L’administrateur désigné par une partie pour la représenter est un type d’administrateur que l’on rencontre fréquemment au sein des conseils d’administration des entreprises. Toutefois, l’on peut se questionner sur l’indépendance réelle de ces administrateurs, considérant leur loyauté envers la personne les ayant désignés, laquelle détient habituellement un intérêt à titre d’actionnaire ou de partie prenante dans l’entreprise visée. En outre, alors que les principes légaux requièrent que les administrateurs agissent dans le meilleur intérêt de l’entreprise, la réalité pratique est parfois toute autre: aux prises avec les instructions ou les souhaits de la personne les ayant nommés, les administrateurs désignés se retrouvent placés en situation inhérente de conflit d’intérêts. Ce texte vise à offrir une analyse détaillée au sujet de l’administrateur désigné et du conflit d’intérêts résultant de cette double exigence de loyauté. L’objectif est de présenter un examen approfondi des diverses difficultés résultant de la nomination d’un administrateur désigné ou associées à celle-ci, ainsi que des réponses judiciaires et législatives liées à cette problématique. Cette réflexion mènera à une exploration de certains systèmes législatifs et légaux, en particulier ceux du Royaume-Uni, de l’Australie et de la Nouvelle-Zélande, afin d’obtenir une meilleure compréhension et d’offrir une perspective éclairée quant aux enjeux analysés par la présente.

Accessing Education: Legal Perspectives

Access to education becomes an issue of equity with diverse claims from stakeholders justifying their rights based on perceptions of equity — both social and individual. In-spite of the phenomenal increase since independence in the number of institutions imparting education and the number of beneficiaries, India being the second largest nation in terms of population of the young finds its resources spread thin in meeting the demand for education. Quality education comes at a premium in India whether it is provided in the private or in the public sector. Education seemingly enables the individuals, singly and collectively. to overcome the social barriers perpetuated by the caste system. Taken together, these unleash grave demands on formulating equitable standards. It is in this context that identifying the deserving for favourable consideration becomes all the more important. In this sea of claims and counter-claims, this thesis tries to identify the issues involved on the question of equitable access to education on the basis of the factual position in the field of education. Identifying the issues correctly provides the necessary impetus for framing the questions that provide meaningful answers. The objective of this research is to help formulate the policy guidelines governing the principles of equity that is needed to ensure universal access to education in India.

A critical analysis of central bank independence and governance in Australia and Bangladesh

This study examines central bank independence and governance (CBIG) in Bangladesh and Australia. It applies a unique index model of Ahsan, Skully and Wickramanayake (2008) to assess their respective legal, political, price stability objectives, exchange rate policies, monetary policy and deficit financing practices, transparency and accountability positions from 1991 to 2008. While the model shows CBIG is much weaker in Bangladesh than in Australia, the Bangladesh Bank’s CBIG shown considerable improvement over the period. These findings suggest that the Government of Bangladesh might learn from Australia’s experience with Reserve Bank of Australia and delegate further power and authority to Bangladesh Bank as well as lessen its political interference.

Central bank independence and governance in the South Asia

This paper constructs the central bank independence and governance (CBIG) index for eight South Asian countries and examines their relationship with inflation. This CBIG index is constructed following the unique model developed by Ahsan, Skully and Wickramanayake (2006). This index consists of total 26 variables; all variables together form the overall index and different sub-sets of these variables construct sub-indices (eg. legal; political; price stability objectives; exchange rate policy; monetary policy and deficit financing; and accountability and transparency).
Several countries have improved their CBIG in last fifteen years. The war torn Afghanistan have established a new central bank act in 2003 which has improved the standard of CBIG in the region. In recent time Nepal has made remarkable improvement in its ranking by allowing improved independence to its central bank. Bangladesh has taken lead in term of gradual CBIG improvement in last fifteen years. Sri Lanka, Indian and Pakistan are three countries always maintained a standard level of CBIG. Bhutan and Maldives showed less improvement among the countries. This paper also examines the statistical relationship between CBIG indices and inflation. The results indicate that there is a positive relationship between CBIG and inflation in the region which in contrary to normal expectation that inflation is one of the robust proxy of actual CBIG.

Regulation of the Telecommunications in Switzerland: A Network Approach to Assess the Regulatory Agencies' Independence

The liberalization process of the Swiss telecommunications sector follows a logic of ‘autonomous adaptation’ to the regulations of the European Union (EU). Switzerland, which is not a Member State of the EU, voluntarily adapts to the European policy without being for- mally required to do so (Sciarini et al., 2004). This process went hand in hand with the partial privatization of the legal statute and assets of the former monopolist and with the re-regulation of the liberalized telecommunications sector.

O devido processo legal para o refúgio no Brasil

O processo para o refúgio é o conjunto de regras e princípios necessários à aplicação do Direito dos Refugiados aos casos concretos. Quando este conjunto respeita os padrões democráticos do Devido Processo Legal, as tendências históricas de exploração e manipulação política do instituto de refúgio podem ser limitadas e os objetivos humanitários deste ramo dos Direitos Humanos podem ser alcançados com maior transparência. Quando o Devido Processo Legal para o refúgio é respeitado, também se permite que a pessoa que figura como solicitante de refúgio seja tratada como sujeito de direitos - e não como objeto do processo. Uma vez que a Convenção de Genebra de 1951, sobre o Estatuto dos Refugiados, não estabeleceu normas de processo, cada país signatário necessita criar um regime próprio para processar os pedidos de determinação, extensão, perda e cessação da condição de refugiado em seus territórios. O primeiro regime processual brasileiro foi criado no ano de 1997, pela Lei Federal 9497. Desde então, o país vem desenvolvendo, através do Comitê Nacional para Refugiados (CONARE), regras infra legais e rotinas práticas que têm determinado um padrão processual ainda fragmentado e inseguro. O estudo do aparato normativo nacional e da realidade observada entre 2012 e 2014 revelam a existência de problemas (pontuais ou crônicos) sobre o cumprimento de diversos princípios processuais, tais como a Legalidade, a Impessoalidade e Independência da autoridade julgadora, o Contraditório, a Ampla Defesa, a Publicidade, a Fundamentação, a Igualdade e a Razoável Duração do Processo. Estes problemas impõem desafios variados ao Brasil, tanto em dimensão legislativa quanto estrutural. O enfrentamento destas questões precisa ocorrer com rapidez. O motivo da urgência, porém, não é a nova demanda de imigração observada no país, mas sim o fato de que as violações ao Devido Processo Legal, verificadas no processo para o refúgio brasileiro, representam, em si, violações de Direitos Humanos, que, ademais prejudicam o compromisso do país para com a proteção internacional dos refugiados.

Between Principle and Practicality: A Dynamic Realist Examination of Independence in the Canadian Justice System

This work examines independence in the Canadian justice system using an approach adapted from new legal realist scholarship called ‘dynamic realism’. This approach proposes that issues in law must be considered in relation to their recursive and simultaneous development with historic, social and political events. Such events describe ‘law in action’ and more holistically demonstrate principles like independence, rule of law and access to justice. My dynamic realist analysis of independence in the justice system employs a range methodological tools and approaches from the social sciences, including: historical and historiographical study; public administrative; policy and institutional analysis; an empirical component; as well as constitutional, statutory interpretation and jurisprudential analysis. In my view, principles like independence represent aspirational ideals in law which can be better understood by examining how they manifest in legal culture and in the legal system. This examination focuses on the principle and practice of independence for both lawyers and judges in the justice system, but highlights the independence of the Bar. It considers the inter-relation between lawyer independence and the ongoing refinement of judicial independence in Canadian law. It also considers both independence of the Bar and the Judiciary in the context of the administration of justice, and practically illustrates the interaction between these principles through a case study of a specific aspect of the court system. This work also focuses on recent developments in the principle of Bar independence and its relation to an emerging school of professionalism scholarship in Canada. The work concludes by describing the principle of independence as both conditional and dynamic, but rooted in a unitary concept for both lawyers and judges. In short, independence can be defined as impartiality, neutrality and autonomy of legal decision-makers in the justice system to apply, protect and improve the law for what has become its primary normative purpose: facilitating access to justice. While both independence of the Bar and the Judiciary are required to support access to independent courts, some recent developments suggest the practical interactions between independence and access need to be the subject of further research, to better account for both the principles and the practicalities of the Canadian justice system.