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高頓網(wǎng)校小編為各位ACCA學(xué)員整理了P1科目講義輔導(dǎo)，希望大家查漏補(bǔ)缺，對考試有所幫助。
2. Principles-based approach and rules-based approach
2.1 Principles-based approach
<1>Feature:
a. Focus on objectives of good corporate governance, rather than the mechanism by which those objectives will be achieved
b. Works on a comply or explain bases, companies should act in according with the principles and guidelines laid down in the code, otherwise they should explain the reason and level that they have not apply
<2>Advantage
a. Emphasized on those elements of corporate governance and rules not easily be applied
b. Avoid the need to comply with the inflexible legislation when it is not appropriate to the company
c. Less burdensome in terms of time and expenditure
d. Allows companies to develop their own approach to corporate governance within the limited laid down by stock exchange
e. Enforcement on a comply or explain basis (business can explain why they have departed from the specific provisions if they feel it is appropriate)
f. Puts the emphasis on investors, making up their minds about what business are doing
<3>Disadvantage
a. So broad, very little use as a guide to best corporate governance practice
b. Non-binding and fail to comply without giving an adequate or perhaps any explanation
c. Confusion over what is compulsory and what isn’t
<4>Application
a. Applies across different legal jurisdictions rather than being founded in the legal regulation of one country
b. Adopted by stock markets which have the prime role in setting standards
<5>Example
a. OECD Code; UK Combined Code (Hampel report)
2.2 Rules-based approach
<1>Feature:
a. Place more emphasis on definite achievement rather than underlying factors and control system
<2>Advantage:
a. Easier compliance with the rules, as they are unambiguous and can be evidenced
<3>Disadvantage:
a. Allow no leeway, focus on key issue (comply with rules)
b. Enforcement can be difficult for situations that are not covered explicitly in the rules
<4>Application
a. Adopted in legal jurisdictions (and culture) that lay great emphasis on obeying the letter of the law rather than the spirit of it
<5>Example
a. US SOX Act
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