7.5 Corporate Governance Reforms and their Impact on Securities Law

The reform's waves (the exam's tour): the Cadbury-and-Enron era's codes (the audit committees, the independent directors — the comparative genealogy), the Sarbanes-Oxley's certification-and- controls revolution (name only), the stewardship-and-ESG era (the sustainability disclosure's rise — the global codes), and Nepal's line: the Companies Act 2063's governance faces (the audit committee for the prescribed companies, the independent-director faces for the listed — LAW5404's detail), SEBON's corporate-governance directives for the listed companies (the board-composition-and-committee circulars), the NEPSE listing agreement's disciplines, and the demutualization's own governance reform (Unit 2.8). The impact's frame: the governance reforms migrated from the company law's interior to the securities law's market-face — the compliance costs' complaint vs the capital's trust-dividend (the cheaper capital of the well- governed issuer — the evidence's summary line).