The fundamental problems that triggered alarm bells in the first place including real estate bubbles, local government debt, rapid growth in shadow banking activity, and rising corporate leverage ratios remain unresolved. Of these, the most immediate threat to China s economic and financial stability is the combination of high borrowing costs, low profitability for nonfinancial corporations, and very high corporate leverage ratios.

One is leverage.

UNDP intends to leverage its investment in corporate initiatives such as its Enterprise Resource Planning (Atlas system) to progressively link financial resources to defined outcomes for results based reporting within the RBM framework.

Grundsatzkommission Corporate Governance (German Panel for Corporate Governance) (2000). Corporate Governance Rules for German Quoted Companies.

How do you leverage that information?

Capacity to leverage resources for development

The role of the corporate sector, and corporate strategies

Statement on Global Corporate Governance Principles. International Corporate Governance Network.

Corporate strategy

Corporate responsibility

Revised Statement on Global Corporate Governance Principles. International Corporate Governance Network.

Finance Committee on Corporate Governance (2000). Malaysian Code on Corporate Governance.

Corporate Governance Committee (2004). The Belgian Code on Corporate Governance ('Lippens Code')

Committee on Corporate Governance (1999). Code of Best Practice for Corporate Governance.

But it's not how you actually get leverage.

Corporate specific reasons.

Initiative Corporate strategy

Corporate fund raising.

Corporate criminal liability

Corporate criminal liability

Corporate leaders realized that economic incentives accrued from being a good corporate citizen.

While the service is currently designed for individuals, companies could also use HealthRally to enhance their corporate wellness programs. By providing matching financial rewards, for example, a company could leverage its employees natural support networks and provide a valuable boost to the pot.

Leverage in some emerging markets household and corporate sectors has reached record levels. China s annual economic growth has slowed to around 7.5 , while Indonesia and India and, outside Asia, Brazil and South Africa are experiencing sharp downward pressure on their exchange rates.

In line with the decision taken by the October 2005 meeting of the High Level Committee on Management, UNDP will participate actively and will leverage the outcome and recommendation of the United Nations corporate governance working group to be formed (paragraph 252).

Committee on Corporate Governance (1997). Corporate Governance in the Netherlands Forty Recommendations (Peters Code).

European Corporate Governance Institute. (In particular, see index of corporate governance codes by country.

It's very cheap. We have a lot of leverage.

It shows leverage, trended out from 1919 to 2009.

But, to circumvent the restrictions in the state dominated financial system, a shadow banking system has developed, raising new risks economic distortions reliance on excess leverage to drive growth in the consumer, real estate, corporate, and government sectors and dangers associated with inadequate regulation. As a result, investors are worried that China could slip into the excess leverage growth model that has served many developed economies so poorly.

The Secret Corporate Takeover

The Corporate Tax Conundrum

Whose Corporate Social Responsibility?

Operationalizing the corporate strategy

Corporate and income tax

corporate environmental policy statement

Making matters worse, China s corporate debt is already the highest in the world, both in absolute terms and relative to GDP. In this context, increasing investment would not only reduce capital efficiency further it would also heighten the risk implied by companies high leverage ratios.

Corporate leverage in China rose from 2.4 times equity in 2007 to 3.5 times last year well above American and European levels. Nearly half of this debt matures within one year, even though much of it is being used to finance multi year infrastructure projects.

Others, including me, argued that, given the excesses of private sector leverage (in households, financial institutions, and corporate firms), this would be a U shaped recession long and deep. It would last about 24 months, and the world would not decouple from the US contraction.

Slum Upgrading How Public Finances Leverage Household and Commercial Finance

Leverage the combination of product innovation and the UNICEF brand.

Government Commission on the German Corporate Governance Code (2005). The German Corporate Governance Code ('Cromme Code')

JPK Working Group I on Corporate Governance in Malaysia (2000). Report on Corporate Governance in Malaysia.

(a) Capping of corporate costs, while corporate functions address strategic matters of governance, oversight and inspection

Corporate strategy Vision 2006 2007

What Corporate Tax for Europe?