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24/04/2017

Local difficulty

Proper governance of subsidiaries can overcome jurisdictional problems.

You cannot take the UK Corporate Governance Code and expect subsidiary boards simply to act as lower-level versions of the group board.  Although they have some things in common, the particular characteristics of subsidiary governance are too significant to gloss over.

The principal difference, of course, is the role of the regulators in each separate jurisdiction.  The fact is that, if it were not for the local regulators, many multinational groups would not have subsidiary governance at all.  They would follow the model customarily found in corporates, where the group exercises control through the management structure, and the legal structure exists for purposes of statutory compliance – typically with board meetings as occasional rubber-stamping formalities.

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