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The ACE Corporate Governance Code is a set of:
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Principles |
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Fundamental rules of
ethical behaviour |
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Prescribed applications |
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Standards requiring mandatory compliance, and if not, public
disclosure |
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Best practices |
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Desirable practical standards recommended for optimal governance |
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Where countries within Asia Pacific are branch
operations and not subsidiaries, and
prudential/regulatory authorities do not require the
formation of Boards and Audit committees, ACE’s policy
is to form Executive Boards of Management and Executive
Audit Committees. The operation, roles and
responsibilities of these formal committees of
management are generally in line with Boards and Audit
Committees.
While it may not be practical to have a majority of
independent members, there must be a degree of
independence in the composition of each committee.
Thus the overall corporate governance approach is
consistent through the region irrespective of the legal
structure that may exist country by country.
This group corporate governance code is subject to the
constitution (or equivalent document) of each individual
ACE entity and to the legalization, regulatory
requirements and guidelines prevalent in the
jurisdiction in which it operates. If there is a
conflict between the group corporate governance code and
the ACE entity's constitution or the local legalisation,
regulations or guidelines governing such an entity, the
group corporate governance policy shall not apply to the
extent of such conflict.
The
7 Key Principles of ACE Corporate Governance are:
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1. |
Independence |
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2. |
Integrity |
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3. |
Proper oversight |
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4. |
Accountability |
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5. |
Strong internal
controls |
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6. |
Transparency |
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7. |
Deterrence |
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