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U.N. stresses improved governance for Asia's growth
SEOUL, June 17 (Yonhap) -- Asian nations need to improve corporate governance and transparency in order to achieve long-term, sustainable growth of their economies, United Nations officials said Tuesday.
James Gifford, executive director of the Principles for Responsible Investment Initiative (PRI), told a U.N. conference here that corporate ownership and governance structures are examined in detail by financial institutions around the world when making investments.
Adherence to measures designed to reduce global warming are issues dictating investment by responsible financial institutions, he told the meeting titled "Changing Landscapes: Towards a Sustainable Economy in Asia."
The need for improved management standards was echoed by Georg Kell, head of the UN Global Compact.
Every effort must be made to provide incentives and impetus to enhance the value of enterprise down the road instead to focusing on short term profits, Kell said.
Other participants said that bolstering growth in Asia is beneficial for the world economy since the region accounts for 60 percent of the population and 30 percent of the world's output.
The participants, including scholars, government officials and representatives of global organizations, were to adopt the Seoul Declaration later in the day which calls for concerted efforts to push for sustainable growth.
yonngong@yna.co.kr
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