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Leonard Birmingham of Harney Westwood & Riegels compares the approach of the new BVI Business Companies Act with that of its predecessor and wonders whether the BVI is doing enough to balance investor protection and company profitability

Paul Lee of Hermes Investment Management explains why openness should arise naturally from a fund manager's duty to its own clients

Central American overview

Corporate governance has never been as important as it is now. The headlines from financial scandals may be fading for the moment, but the reforms that emerged in response to corporate malpractice remain. The need for good advice has grown quickly as public companies get used to their new burdens of responsibility. As jurisdictions such as the US set the trend for restructuring the ways that corporations can function, the ripple effect has seen dozens of other countries revamp their own corporate governance requirements.

Simon Wong of McKinsey & Company looks at the choices facing policymakers when setting governance rules pros and cons of laws versus codes

Richard Fleck, Malcolm Lombers, Lindsay Robertson and Ian Brown explain some of the practical issues when structuring a consortium bid

Many recent US reforms on independent directors' responsibilities are misguided and unclear. Delaware's state court rulings may be doing more to promote good corporate governance than SEC or stock exchange rules, says Richard Hall of Cravath, Swaine & Moore LLP

Melissa J Schwartz and Felix Saratovsky of Akin Gump Strauss Hauer & Feld highlight the differences between US and Russian board of directors standards and the developments expected in this area of Russian corporate governance

By Vicente Lines and Anna Karina Jiménez of FA Arias & Muñoz

Deutsche Börse's failed bid to take over the London Stock Exchange is an example of how not to win the confidence of shareholders. Here Stilpon Nestor of Nestor Advisors draws nine lessons from the story