"A call for a culture of values, not just rules - from the corner office to the boardroom". From the Enron scandal in 2001 to the uproar over NYSE Chairman Dick Grasso?s pay package in the fall of 2003, markets have been roiled and confidence shaken by portraits of corporate greed. From Paris, in this exclusive for Policy Options, OECD Secretary-General Don Johnston considers means of improving corporate governance among his 30 member countries, notably in North America and the European Union (EU). Executive compensation is the tail of the dog, not the dog, he reminds us, adding that improvements lie beyond legislation and regulation, and even beyond eliminating egregious conflicts of interest and bolstering the independence of outside directors. At the end of the day, there is no substitute for a culture of values, nor for professional and ethical management of corporations.

By IRPP, Canada.

Business Policy Resource.

Regional Venture Capitalism: UK and Germany Compared .This report examines the regional complexion of venture capital activity in the UK and Germany over recent years, particularly in the context of spatial concentration versus dispersal. It seeks to identify and explain differences in ?regional' venture capital policy models between the two countries, and the impacts of those policies to date; and finally to ascertain the scope for further policy development and learning from ?best practice'. By Ron Martin, Christian Berndt, Britta Klagge, Peter Sunley, Stephan Herten and Rolf Sternberg.

By Anglo-German Foundation, UK, Germany.

Business Policy Resource.