Corporate Governance Assessment

73 items available

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http://hdl.handle.net/10986/2112

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Georgia - Report on the Observance of Standards and Codes: Corporate Governance Country Assessment

(Washington, DC: World Bank, 2021-11-30) World Bank

This report assesses the Republic of Georgia’s corporate governance (CG) policy framework, as it stands in December 2021. The report on the observance of standards and codes (ROSC) highlights recent improvements in CG regulations, assesses actual practices, makes policy recommendations, and provides investors with a benchmark against which to measure CG in Georgia. The report focuses on the governance of public interest entities (PIEs), which in Georgia are defined by law to include listed companies, banks, and state-owned enterprises (SOEs). The report draws on several sources of data, including a detailed country assessment completed by Dentons Georgia LLC, that covered both the legal framework and CG practices. Recommendations draw on a range of internationally recognized standards, guidelines, and practices, and the latest available research produced by the World Bank and others. The report also uses the policies and practices outlined in the World Bank’s integrated SOE framework (iSOEF) and toolkit on CF of SOE, for the assessment of SOE governance frameworks and practices. This report offers a comprehensive assessment of the existing CG policies and practices in Georgia, and suggests policy recommendations for consideration, which are summarized in a sequenced action plan. The report and its recommendations are tailored to the country’s context and its current development stage and reflect the recent improvements to the legal and regulatory environment.
Fixing Markets, Not Prices: Policy Options to Tackle Economic Cartels in Latin America and the Caribbean

(World Bank, Washington, DC, 2021-06-30) World Bank

Collusive agreements among firms slow productivity growth, undermine economic efficiency, and hinder poverty reduction. When competitors agree to limit competition by forming economic cartels, poor households may pay up to 50 percent more for essential goods. Despite their numerous adverse consequences, cartels remain common across many markets. In many LAC countries, policies to foster competition and eliminate cartels are weakly enforced or nonexistent. However, recent successes in cartel detection offer new insight into how to police and prevent collusive agreements. As they implement aggressive and far-reaching post-pandemic recovery efforts, LAC countries have an opportunity to establish a foundation for competitive markets that incentivize efficiency and deliver broad-based gains in employment and income. This report provides novel evidence on the prevalence of cartels in LAC and offers concrete policy options for identifying and breaking up cartels that reflect the country context and market realities. This report draws on a new, comprehensive dataset of cartel agreements uncovered in LAC over the last four decades and presents a sequence of policy options for dismantling cartels and preventing cartel formation. The report also offers tools to guide policymakers in deciding which policy options are most appropriate to the local context, including a taxonomy of factors that facilitate cartelization and an index to gauge the institutional independence of competition authorities.
Croatia Integrated State-Owned Enterprises Framework Assessment

(World Bank, Washington, DC, 2021-05-01) World Bank

The report provides one of the first comprehensive applications of the World Bank’s new integrated SOE framework (iSOEF) in Europe. Based on firm-level data, it provides analytical arguments indicating underperformance of the Croatian SOE sector, which ultimately stems from corporate governance deficiencies. As the report points to areas where reforms are of utmost importance and gives actionable policy recommendations, it is intended to be used for deepening the policy dialogue in the area of SOEs with Croatian authorities. The analysis covers non-financial companies with central government ownership of at least 50 percent. Short analysis of local government SOEs is given in Annex one. Long-term state asset management reform efforts intensified after 2013 with the intention to improve the SOEs management and reduce their fiscal burden. Also, two reforms were introduced in 2017, pertaining to the restructuring of the Central State Office for State Asset Management into the Ministry of State Assets, intended to foster a more coordinated approach and give impetus to the restructuring and privatization of SOEs; and the adoption of a new Corporate Governance Code. As of 2020, the Ministry of State Assets was merged with the Ministry of Construction and Physical Planning, and these reforms are yet to yield desired effects in terms of SOEs´ efficiency and return.
Kyrgyz Republic: Integrated State-Owned Enterprises Framework Assessment

(World Bank, Washington, DC, 2021-03) World Bank

Notwithstanding its significant downsizing due to the country´s transition from a planned to a market economy, the public sector in Kyrgyz Republic still owns one hundred thirty-six SOEs, with the largest ones operating in strategic and economically important sectors. The main objective of this integrated state-owned enterprises framework assessment (iSOEF) is to analyze the economic and fiscal impact of the Kyrgyz state-owned enterprise (SOE) portfolio, and identify ways to strengthen its performance and corporate governance. This report describes the landscape and main characteristics of the SOE portfolio in the Kyrgyz Republic, provides an assessment of main fiscal costs and risks of the SOEs with a focus on energy sector SOEs, and analyzes the corporate governance and financial reporting frameworks and practices applied by Kyrgyz SOEs.
Bulgaria - Integrated State-Owned Enterprises Framework (iSOEF) Assessment

(Washington, DC, 2021) World Bank

Bulgaria's transition to a market economy involved massive privatizations over the past few decades, however the central government still retains a portfolio of State-Owned Enterprises (SOEs) which includes some of the largest companies in terms of assets and revenues and dominates strategic sectors such as energy and transport. This report applies the new World Bank integrated State-Owned Enterprises Framework (iSOEF) to assess the Bulgarian state-owned enterprise (SOE) sector and help to identify ways to strengthen its corporate governance and performance. The report provides one of the first comprehensive applications of the World Bank's new iSOEF in Eastern Europe. The report outlines the SOE landscape in Bulgaria and then assesses two key aspects: SOEs fiscal impact and their corporate governance and accountability mechanisms. Leveraging World Bank expertise, this multidimensional assessment looks at the interrelationships of the challenges and opportunities faced by Bulgarian SOEs to propose holistic and sequenced recommendations that aim to strengthen governance and performance. The primary audience of the iSOEF assessment is the government of the Republic of Bulgaria, in particular the Ministry of Finance, the Ministry of Economy and Industry, the Public Enterprises and Control Agency (PECA), and other relevant stakeholders.
Niger - Integrated State-Owned Enterprise Framework iSOEF

(Washington, DC: World Bank, 2020-01-01) World Bank

This Integrated State-Owned Enterprises Framework (iSOEF) assessment has been carried out in the context of the World Bank’s dialogue with the government of Niger (GoN) on state-owned enterprises (SOEs). The GoN is considering progressive reform to control SOE-related budget expenditures, improve financial and operational performance, and better manage emanating fiscal risks. The Niger iSOEF focuses on the fiscal implications of SOE reform and on corporate governance and accountability mechanisms. Based on the fiscal risk assessment and diagnosis of governance rules and practices, this study incorporates an action plan of policies and options for reforms that are deemed feasible within Niger’s context.The report is organized as follows. Chapter 2, the SOE Landscape, provides an overview of the SOE sector in Niger, covering the size, scope, and performance of SOEs. Chapter 3, based on Module 2 of the iSOEF, provides a fiscal risk assessment of the SOE sector, including a fiscal sustainability analysis covering different scenarios. Chapter 4, based on Module 4 of the iSOEF, reviews the corporate governance and accountability mechanisms pertaining to SOEs in Niger, including the legal and regulatory framework and the state’s oversight role and capacity to exercise its ownership and control functions effectively. Chapter 5 proposes reform options, adapted to the country context, that target improved SOE governance in the short and medium term.
Board Gender Diversity in ASEAN

(International Finance Corporation, Washington, DC, 2019) The Economist Intelligence Unit

Board gender diversity has improved across all regions over the last two decades. In the early 2000s, there were only a handful of countries in Western Europe where women held more than ten percent of board seats. Today, many countries exceed the double-digit threshold. There is also increasing awareness among businesses, governments, institutional investors and the public about the need to build more inclusive workplaces in general, all the way up to the highest echelons of management and directorships. Diversity can provide benefits to firms and raises both the quantity and quality of female leadership. This study focuses on six countries in the ASEAN region, and includes one regional non-ASEAN member, China, to provide a point of comparison. Most of these countries have made important strides towards achieving greater gender diversity in the boardroom.
Report on the Observance of Standards and Codes: Corporate Governance Country Assessment - Pakistan 2018

(World Bank, Islamabad, 2018-12-01) World Bank

This report assesses Pakistan’s corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Pakistan. The report focuses on the governance of large and listed companies, but includes a special section on the governance of public sector companies. The report highlights that corporate governance framework for listed companies has improved in recent years as the government has enhanced the legal and policy framework, and key institutions have grown in sophistication and maturity. Much more can be done to address corporate governance in Public Sector Companies. The findings of the Report on the Observance of Standards and Codes (ROSC) are based on the Detailed Country Assessment (DCA) of the OECD Principles of Corporate Governance, which is summarized in the tables at the end of each section. According to the World Bank methodology used to assess compliance with the 72 OECD Principles, 20 Principles were fully implemented, 33 were broadly implemented, 16 principles were partially implemented, and three were not applicable. A comparison with the 2005 Corporate Governance ROSC shows the level of improvement in the corporate governance framework; in 2005 out of a total of 32 applicable principles, only 4 were fully implemented, 17 were broadly implemented, 10 were partially implemented and 1 was reported as not implemented. The report (and this summary) is organized into five sections: The commitment of the public and private sectors to reform; Shareholder rights; Disclosure and transparency; Boards of directors and Public sector companies.
From Companies to Markets: Global Developments in Corporate Governance

(International Finance Corporation, Washington, DC, 2016-04) International Finance Corporation

Good corporate governance is a basic element for healthy companies and a key to sustainable private sector development. Strong governance fundamentals contribute to better management and more effective boards, leading to enhanced operational efficiency, reduced risk, improved decision making, and increased valuations, among other business benefits. This publication represents a unique collaborative effort to assess the state of corporate governance around the world in the wake of the 2008 global financial crisis. It draws on the expertise of the IFC Corporate Governance Private Sector Advisory Group and other practitioners in this important field, providing a fascinating and detailed accounting of the range of changes that have taken place in the past few years as the corporate governance agenda has been elevated. The report highlights notable improvements in board practices, control environment, shareholder protection, and transparency and disclosure. It also points to progress on more effective application, monitoring, and enforcement of corporate governance codes. Importantly, the publication identifies future directions where more work is needed, such as increased commitment at the national level to prioritize the corporate governance agenda. Specifically, Part A discusses developments from global or regional groups involved in corporate governance. Part B addresses developments in corporate governance practice, and Part C looks at developments in corporate governance codes and standards.
Bulgaria Detailed Assessment of Observance: Basel Core Principles for Effective Banking Supervision

(Washington, DC, 2015-09) International Monetary Fund ; World Bank

This assessment of the current state of the implementation of the Basel core principles (BCP) for effective banking supervision in Bulgaria has been completed as a stand-alone report on the observance of standards and codes undertaken by the international monetary fund (IMF) and the World Bank during March of 2015 at the request of the Bulgarian authorities. It reflects the regulatory and supervisory framework in place as of the date of the completion of the assessment. The Bulgarian National Bank (BNB) has an internal governance structure which, by vesting the majority of the powers of supervision in the Deputy Governor for banking supervision, exposes the supervisory function to risks. Under the BNB’s legal structure, supervision and enforcement is dissociated from the Governing Council, and the Governing Council has no right to compel transparency of decision making or to impose a framework to ensure consistency in the use of the enforcement regime. There are material concerns that the BNB is too resource constrained to deliver effective minimum levels of supervision. Despite a broad range of supervisory powers, there are some gaps in the legal framework that unduly restrict the BNB’s locus. The BNB has a good understanding of risk and many strong practices, and also making good use of international standards and guidelines, but there are some important system wide vulnerabilities. The assessment team reviewed the framework of laws, rules, and guidance and held extensive meetings with officials of the BNB, and additional meetings with the Finance Ministry, auditing firms, professional bodies, and banking sector participants. The authorities provided a comprehensive self-assessment of the CPs, as well as detailed responses to additional questionnaires, and facilitated access to supervisory documents and files on a confidential basis as well as staff and systems.