At its annual meeting in New York on 12-14 July, the International Corporate Governance Network (ICGN) formed two committees to further its aims for fairness for international shareholders and development of an international accounting architecture. The committee on share voting will assess progress to date in financial markets around the world in advancing the 11 principles of corporate governance adopted by the ICGN last year.
Over 300 participants from 25 countries attended the meeting. Peter Clapman, co-chairman and senior vice president and chief counsel, investments, TIAA-CREF, noted that the high attendance signalled that ICGN has become the authoritative voice of institutional shareholders in all markets across the globe. He said: "The world economy is on the threshold of unprecedented development and integration, but this trend will not come to full fruition unless global investors receive equitable treatment.