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Corporate Governance Country Assessment : MalawiThis ROSC assessment of corporate
 governance in Malawi benchmarks law and practice against the
 Organization for Economic Cooperation and Development (OECD)
 Principles of Corporate Governance and covers public
 interest entities (including public limited companies,
 financial institutions, and parastatal companies) with
 special focus on the companies listed on the MSE. This
 report should be read in conjunction with the Accounting and
 Auditing ROSC Malawi, which reviews issues related to
 accounting, auditing, and financial reporting in more
 detail. Growth in 2006 has been estimated at 6.5 percent.
 Inflation and bank lending rates have declined significantly
 over the past few years. Malawi qualified for debt relief
 under the World Bank s Heavily Indebted Poor Countries
 (HIPC) initiative in 2006. The business environment has
 improved, and the private sector is optimistic about the
 future; the Malawi Business Survey 2006 conducted by the
 Malawi Confederation of the Chambers of Commerce and
 Industry (MCCI) rated the business environment good to very
 good with better expectations in the next 12 months. The
 Malawi Growth and Development Strategy (MGDS) 2006-2011 sets
 a future growth target of more than 6 percent annually for
 the five-year period, which will increase per capita income
 to US$450 by the end of 2011. For this purpose, Malawi is
 seeking to increase domestic and foreign investment.
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Corporate Governance Country Assessment : BrazilThis report assesses Brazil's
 corporate governance policy framework. It highlights recent
 improvements in corporate governance regulation, makes
 policy recommendations, and provides investors with a
 benchmark against which to measure corporate governance in
 Brazil. It is an update of the 2005 corporate governance
 Report on the Observance of Standards and Codes (ROSC).
 Brazil's experience over the past 10 years has shown
 the value of corporate governance reforms, both in Brazil
 and around the world. Good corporate governance enhances
 investor trust, helps to protects minority shareholders, and
 can encourage better decision making and improved relations
 with workers, creditors, and other stakeholders. It is an
 important prerequisite for attracting the patient capital
 needed for sustained long-term economic growth. This report
 is organized into four sections: section one is the
 commitment of the public and private sectors to reform;
 section two is shareholder rights; section three is
 disclosure and transparency; and section four is boards of directors.
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Corporate Governance in Emerging Markets : Why It Matters to Investors—and What They Can Do About ItWhat should investors do when scholarly research on corporate governance in emerging markets does not provide conclusive evidence on which aspects of governance matter most across all the emerging markets and how they affect firm performance? A researcher and a practitioner team up to offer guidelines and recommendations that focus on board independence and business group affiliation. Every day, institutional investors in emerging markets must make practical decisions on the basis of incomplete and at times conflicting information. So, it is critically important that they make the best use of this imperfect knowledge. Moreover, investors too often enter emerging markets with misguided perceptions of the underlying realities. And worse, they may cling to a conceptual framework of governance that does not allow them even to consider the searching questions they should be asking. This Private Sector Opinion, by the authors, explicitly highlights this problem. The authors identify a serious gap in research on emerging markets between high-level cross-country studies, with their inconclusive findings on good governance indicators at the macro level, and the separate effort to establish firm-level or country-specific governance metrics, typically based on what works 'in the West.' Unfortunately, less than one percent of the research papers available on corporate governance focus on emerging markets.