Es probable que el grado de conocimiento de Business Roundatble fuera de los Estados Unidos no se corresponda con la notable influencia que esa asociación tiene en la vida empresarial estadounidense. Business Roundtable es la asociación en la que participan los principales consejeros ejecutivos (chief executive officers o C.E.O.s) de las grandes corporaciones estadounidenses. Quien quiera conocer con mayor detalle esa asociación, sus finalidades y sus actividades, puede hacerlo a través de su web http://www.businessroundtable.org/. En ella suelen publicarse los interesantes estudios e investigaciones que la citada asociación lleva a cabo sobre aspectos relevantes de la organización, funcionamiento y regulación de las grandes empresas norteamericanas. Uno de ellos es el del gobierno corporativo, en el que Business Rountable ha impulsado variadas iniciativas, incluída la consistente en la publicación de sus Principios. En este mes, se ha presentado una nueva edición de sus Principles of Corporate Governance-2010.
La revisión era previsible teniendo en cuenta las incidencias que la actual crisis financiera está teniendo para el modelo de administración de las grandes corporaciones estadounidenses, que ha superado el escenario post Enron (o post Ley Sarbanes-Oxley) que recogió la edición anterior de 2005. Así lo explica la introducción de los Principios:
“Business Roundtable has long been a leading advocate of best practices in corporate governance. Past publications of Business Roundtable that have addressed corporate governance matters include Principles of Corporate Governance (May 2002, November 2005), Executive Compensation: Principles and Commentary (November 2003, January 2007), The Nominating Process and Corporate Governance Committees: Principles and Commentary (April 2004) and Guidelines for Shareholder-Director Communications (May 2005). Other Publications from Business Roundtable that have addressed corporate governance include Statement on Corporate Governance (September 1997), Executive Compensation/Share Ownership (March 1992), Corporate Governance and American Competitiveness (March 1990), Statement on Corporate Responsibility (October 1981) and The Role and Composition of the Board of Directors of the Large Publicly Owned Corporation (January 1978).
Since November 2005, when Business Roundtable last updated its Principles of Corporate Governance, U.S. public corporations have continued to adopt best practices within the framework of strengthened securities market listing standards and legal requirements that developed beginning with the passage of the Sarbanes-Oxley Act of 2002. More recently, in the wake of the financial crisis, corporations have navigated an extremely challenging economic environment. “
En la nueva edición de sus Principios, Business Roundtable sigue considerando que, a pesar de todo, participa en el mejor sistema de gobierno corporativo del mundo:
“Business Roundtable continues to believe, as we noted in Principles of Corporate Governance (2005), that the United States has the best corporate governance, financial reporting and securities markets systems in the world. These systems work because of the adoption of best practices by public companies within a framework of laws and regulations that establish minimum requirements while affording companies the ability to develop individualized practices that are appropriate for them. Even in the challenging times posed by the current economic environment, corporations have continued to work proactively to refine their governance practices, and develop new practices, as conditions change and “best practices” continue to evolve.”
No debiera sorprender que los principales protagonistas (¿y beneficiarios?) de ese sistema reivindiquen su calidad, pero tampoco que tan elogiosa valoración sea puesta en cuestión a la vista de las severas críticas que han partido desde ámbitos gubernamentales o parlamentarios estadounidenses. No se olvide que algunas de las grandes empresas emblemáticas y cuyos CEOs participan en Business Roundtable han sobrevivido gracias a ingentes ayudas públicas.
Dejando a un lado esa discusión, lo que resulta indudable es que estamos ante un documento interesante puesto que expresa la visión de actores determinantes del gobierno empresarial sobre cuáles son los principios que el modelo de gestión debe respetar. En síntesis, los Principios son los siguientes:
“Business Roundtable supports the following guiding principles:
First, the paramount duty of the board of directors of a public corporation is to select a chief executive officer and to oversee the CEO and senior management in the competent and ethical operation of the corporation on a day-to-day basis.
Second, it is the responsibility of management, under the oversight of the board, to operate the corporation in an effective and ethical manner to produce long-term value for shareholders. The board of directors, the CEO and senior management should set a “tone at the top” that establishes a culture of legal compliance and integrity. Directors and management should never put personal interests ahead of or in conflict with the interests of the corporation.
Third, it is the responsibility of management, under the oversight of the board, to develop and implement the corporation’s strategic plans, and to identify, evaluate and manage the risks inherent in the corporation’s strategy. The board of directors should understand the corporation’s strategic plans, the associated risks, and the steps that management is taking to monitor and manage those risks. The board and senior management should agree on the appropriate risk profile for the corporation, and they should be comfortable that the strategic plans are consistent with that risk profile.
Fourth, it is the responsibility of management, under the oversight of the audit committee and the board, to produce financial statements that fairly present the financial condition and results of operations of the corporation and to make the timely disclosures investors need to assess the financial and business soundness and risks of the corporation.
Fifth, it is the responsibility of the board, through its audit committee, to engage an independent accounting firm to audit the financial statements prepared by management and issue an opinion that those statements are fairly stated in accordance with Generally Accepted Accounting Principles, as well as to oversee the corporation’s relationship with the outside auditor.
Sixth, it is the responsibility of the board, through its corporate governance committee, to play a leadership role in shaping the corporate governance of the corporation and the composition of the board. The corporate governance committee should regularly assess the skills and experience of the board and its members and engage in succession planning for the board.
Seventh, it is the responsibility of the board, through its compensation committee, to adopt and oversee the implementation of compensation policies, establish goals for performance- based compensation, and determine the compensation of the CEO and senior management. Compensation policies and goals should be aligned with the corporation’s long-term strategy, and they should create incentives to innovate and produce long-term value for shareholders without excessive risk.
Eighth, it is the responsibility of the corporation to engage with long-term shareholders in a meaningful way on issues and concerns that are of widespread interest to long-term shareholders, with appropriate involvement from the board of directors and management.
Ninth, it is the responsibility of the corporation to deal with its employees, customers, suppliers and other constituencies in a fair and equitable manner and to exemplify the highest standards of corporate citizenship.”
La transcripción de esos principios termina con una defensa rotunda de la autorregulación y de su voluntaria observancia:
“These responsibilities and others are critical to the functioning of the modern public corporation and the integrity of the public markets. No law or regulation can be a substitute for the voluntary adherence to these principles by corporate directors and management in a manner that fits the needs of their individual corporations.”
Madrid, 23 de abril de 2010
