The president of the National Association of Mutual Insurance Companies told an international industry group that the focus on improving U.S. corporate controls and accountability could hurt business efforts.
It "may come at the expense of corporate performance and economic enterprise," Charles M. Chamness told delegates to the International Cooperative and Mutual Insurance Federation (ICMIF) yesterday in Singapore, according to a news release from his organization.
While he said that NAMIC supports corporate governance reforms that "increase the confidence of the investing public in the operation of capital markets," he argued that mutual companies, because they lack shareholders, should not automatically be required to conform to identical governance standards.
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