Code of Best Practice for Corporate Governance September 1999 Committee on Corporate Governance FOREWORD Corporations play a critical role---now ever growing---in the national economy. A nation’s competitiveness and wealth, for that reason, depend on the competitive nature of its corporations. No doubt a transparent and reasonable governance structure bears positive impact on a company. Moreover, the issue of corporate governance structure now commands attention on the global stage. The Committee on Corporate Governance was founded as a non-government body in March 1999 to develop a code of best practices, a source to guide corporations in establishing proper corporate governance structure. The Committee was composed of fourteen members from the fields of business, finance, accounting, law and academia, along with an Advisory Group of thirteen law, securities, and financial specialists. The draft was initially drawn by three subcommittees of the Advisory Group, and revised through meetings based on opinions presented by each committee member. During its preparation, the Committee had eight meetings and the advisory, ten. The draft was circulated on August 27th via the internet and mass media, and opinions then collected through a public hearing on September 8th. The final draft, reflecting such input, reached completion on September 22nd through a general meeting of the Committee and Advisory Group. The Committee, by endeavoring to inform all related parties of the Code of Best Practice, has been able to gather a wide range of opinions from indivi