Even though they weren't responsible for the global financial crisis, companies in emerging economies are being scrutinized for their adherence to the kind of corporate governance principles that many of their counterparts in the developed world didn't follow and their regulators failed to enforce. Another problem that companies in emerging markets struggle with is understanding what boards are meant to do -- in particular, what the role and responsibilities of non-executive directors are, especially in companies where the majority shareholder is the chairman and CEO. Some governments in emerging economies have realized that they need to encourage both companies and their investors to raise the bar. Another problem is that it's difficult to gauge the efficacy of regulatory enforcement in emerging markets. Some experts believe that corporate governance codes are useless if they are not policed properly to ensure compliance.
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