Young Leaders Propose Int'l Standard for Corporate Governance

Article excerpt

Young leaders from Asia and Europe yesterday called for the creation of an international standard, regulating corporate governance and transparency, to which companies can voluntarily submit.

The initiative was contained in a statement that followed the 3rd Asia-Europe Young Leaders Symposium held in Bokwang Phoenix Park in Kangwon-do and in Seoul during May 24-28, which attracted more than 100 young leaders of various professions from member countries of the 25 Asia-Europe Meeting (ASEM) and the European Commission.

Regarding the political agenda, the young leaders recommended the establishment of a ``virtual contact point'' for ASEM non-governmental organizations working with political issues.

Under the theme of ``Asia and Europe: Preparing for the Challenges and Opportunities of the New Millennium,'' symposium participants held workshops in eight key areas for Asia-Europe cooperation: politics, security, economics, society, culture, media, environment and information technology.

The participants, noting that the Asian financial crisis highlighted the crucial importance of transparency in corporate governance, shared the view that economic competitiveness remains the key to survival for business corporations in both Asia and Europe. …