Good corporate governance practices reduce vulnerability to nancial crises, reinforce property rights, reduce the cost of capital, and lead to greater capital market development---all sought by investors. In this fourth round of the Association of Southeast Asian Nations (ASEAN) Corporate Governance initiative of the Asian Development Bank and the ASEAN Capital Markets Forum, over 500 top publicly listed companies from six ASEAN countries were assessed as to rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and responsibilities of the board. Corporate governance in ASEAN countries collectively continues to improve, with international best practices being incorporated into national corporate governance blueprints and strategies.