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The three countries also face major security risks, unmet popular expectations and governance failures.
"Fundamental governance failures allow few to harm many with impunity," she says.
See Hawley (ed.), Corporate Governance Failures: The Role of Institutional Investors in the Financial Crisis (2011).
Governance failures and social factors, by contrast, are much more important.
The corporate governance failures seen in the 1990s reflect significant changes in the incentives of managers.
Its reputation has already been seriously damaged, and operations and governance failures can also have an impact on share price.
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In either case, we see it as a governance failure.
PricewaterhouseCoopers was appointed to investigate "allegations of governance failure, poor financial management and fraud".
In a previous report two years ago, the commission found no evidence of governance failure.
Finally, this is a classic case of a governance failure within a law firm.
From that perspective, who can blame Chinese officials for wanting to play down such extraordinary governance failure?
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