The following countries have "outsider" systems of corporate governance except:

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Governance rules and regulations differ among countries and regions around the world. The U.K. and U.S. systems have been termed "outsider" systems because of dispersed ownership of corporate equity among a large number of outside investors. Historically, although institutional investor ownership was predominant, institutions generally did not hold large shares in any given company; hence they had limited direct control. In contrast, in an insider system, such as that in many continental European countries, ownership tends to be much more concentrated, with shares often being owned by holding companies, families, or banks.

The Following Countries Have "Outsider" Systems of Corporate Governance Except