VOA标准英语2009年-Indian Fraud Scandal Clouds Economic Reforms in

The fraud scandal at one of India's largest software outsourcers, Satyam Computer Services, has again placed the spotlight¹ on corporate² governance in Asia. Experts say the region has made some progress, but more needs to be done.
　
A security personnel stands guard in front of the office of Satyam Computer Services Ltd., in Hyderabad, India, 07 Jan 2009

Satyam Computer Services had been one of India's most admired companies. Last year, it received an award for corporate governance.

But many are asking, was it a mirage³?

The arrest for fraud of the Raju brothers who ran the company is seen as a setback⁴ for Asia's efforts to shake off perceptions of poor corporate governance. The collapse⁵ of some Asian family-run conglomerates⁶ during the region's financial crisis 10 years ago exposed some bad business practices - such as lack of transparency and shady financial transactions between family members.

"The problem has been there all this time," said Lee Kha Loon⁷, who heads the CFA Institute's Center on Financial Markets Integrity in Hong Kong. "Some [family-run businesses] bought into the concept of these regulations and changes that needed to be done. We do see some good corporate governance, but it is very hard to measure the level of success."

Since the Asian financial crisis, governments have instituted new laws on how businesses should behave, including adopting Western accounting⁸ standards, appointing independent directors on company boards and protecting minority shareholders⁹' rights. India was among those governments.

Asian Corporate Governance Association research director Sharmila Gopinath says there is what she calls a "mystique" of good governance in India largely because of the presence of a handful of exemplary companies.

"There are 9,000 listed companies in the country," said Gopinath. "If you look at the vast majority of them you are not going to find corporate governance standards of any great depth."

The problem, experts say, is in implementation¹⁰. Joseph Fan, a corporate governance expert at the City University of Hong Kong, says new laws and regulations are not enough because some companies are able to skirt the law.

"The quality of public governance, the quality of bureaucrats¹¹, the quality of government play a very important role," said Fan.

Indian regulators have been quick to start investigations¹² into Satyam's business practices.

Trouble at Satyam began to emerge last month when its chairman wanted the company to buy two companies owned by his family. Shareholders objected and independent directors resigned. Earlier this month, the chairman admitted to fabricating about $1 billion in cash and the company's profits.

Lee says Satyam's case serves as a reminder¹³ of the need for continued improvements in corporate governance, despite the reforms over the past decade.

"Where is the fear of family-owned companies to change? One is, regulators would come after them. Second is, investors¹⁴ would react like in the Satyam case," he said.

As another crisis hits Asia and companies face financial difficulties, experts say regulators need to be vigilant¹⁵ for irregularities.

1 spotlight   

n.公众注意的中心，聚光灯，探照灯，视听，注意，醒目

参考例句：

• This week the spotlight is on the world of fashion.本周引人瞩目的是时装界。
• The spotlight followed her round the stage.聚光灯的光圈随着她在舞台上转。

2 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

3 mirage   

n.海市蜃楼，幻景

参考例句：

• Perhaps we are all just chasing a mirage.也许我们都只是在追逐一个幻想。
• Western liberalism was always a mirage.西方自由主义永远是一座海市蜃楼。

4 setback   

n.退步，挫折，挫败

参考例句：

• Since that time there has never been any setback in his career.从那时起他在事业上一直没有遇到周折。
• She views every minor setback as a disaster.她把每个较小的挫折都看成重大灾难。

5 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

6 conglomerates   

n.（多种经营的）联合大企业( conglomerate的名词复数 )；砾岩；合成物；组合物

参考例句：

• At the surface, radioactivity of the conglomerates is locally as high as 30 X background. 在地表，砾岩的局部地段的放射性高达30倍本底值。 来自辞典例句
• The conglomerates failed to understand that books could not be sold like soap. 这些联合大企业不懂卖书不象卖肥皂那样。 来自辞典例句

7 loon   

n.狂人

参考例句：

• That guy's a real loon.那个人是个真正的疯子。
• Everyone thought he was a loon.每个人都骂他神经。

8 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

9 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

10 implementation   

n.实施，贯彻

参考例句：

• Implementation of the program is now well underway.这一项目的实施现在行情看好。

11 bureaucrats   

n.官僚( bureaucrat的名词复数 )；官僚主义；官僚主义者；官僚语言

参考例句：

• That is the fate of the bureaucrats, not the inspiration of statesmen. 那是官僚主义者的命运，而不是政治家的灵感。 来自辞典例句
• Big business and dozens of anonymous bureaucrats have as much power as Japan's top elected leaders. 大企业和许多不知名的官僚同日本选举出来的最高层领导者们的权力一样大。 来自辞典例句

12 investigations   

（正式的）调查( investigation的名词复数 )； 侦查； 科学研究； 学术研究

参考例句：

• His investigations were intensive and thorough but revealed nothing. 他进行了深入彻底的调查，但没有发现什么。
• He often sent them out to make investigations. 他常常派他们出去作调查。

13 reminder   

n.提醒物，纪念品；暗示，提示

参考例句：

• I have had another reminder from the library.我又收到图书馆的催还单。
• It always took a final reminder to get her to pay her share of the rent.总是得发给她一份最后催缴通知，她才付应该交的房租。

14 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

15 vigilant   

adj.警觉的，警戒的，警惕的

参考例句：

• He has to learn how to remain vigilant through these long nights.他得学会如何在这漫长的黑夜里保持警觉。
• The dog kept a vigilant guard over the house.这只狗警醒地守护着这所房屋。