Publication: Corporate Governance Country Assessment : Togo
Loading...
Date
2009-03
ISSN
Published
2009-03
Author(s)
Editor(s)
Abstract
The purpose of this ROSC assessment of corporate governance in Togo is to help improve corporate governance in the country by assessing law and practice, suggesting reforms, and supporting the country in its effort to implement changes for better corporate governance. Corporate governance refers to the structures and processes for the direction and control of companies. Corporate governance concerns the relationships among the management, board of directors, controlling shareholders, minority shareholders and other stakeholders. This definition focuses on company performance and shareholder value. For emerging market countries, improving corporate governance can serve a number of important public policy objectives. Good corporate governance reduces emerging market vulnerability to financial crises, reinforces property rights, reduces transaction costs and the cost of capital, and leads to capital market development. Weak corporate governance frameworks reduce investor confidence, and can discourage outside investment. In state-owned enterprises (SOEs), good corporate governance could improve performance and social service, and lessen impact on state budget. Due to the small market size for listed securities in Togo, the scope of the present report is broadened to include a corporate governance assessment of non-listed public limited companies, SOEs, as well as private and state-owned banks (SOBs).
Link to Data Set
Citation
“World Bank. 2009. Corporate Governance Country Assessment : Togo. © http://hdl.handle.net/10986/20434 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Senegal : Report on the Observance of Standards and Codes (ROSC) : Corporate Governance Country Assessment(Washington, DC, 2006-06)This report provides an assessment of Senegal's corporate governance policy framework, enforcement, and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Senegal. The report identifies several key next steps that can be carried out in Senegal and that focus on implementation, including: (i) developing program to build awareness of the importance of corporate governance and to train directors in modern corporate governance principles; (ii) drafting a code of corporate governance; (iii) addressing governance weaknesses in the state-owned enterprises. A separate report reviews the special issues for the corporate governance of state-owned enterprises in Senegal; and (iv) revising the Organization for the Harmonization of Business Law in Africa (OHADA) uniform act for commercial companies (over the long term) to incorporate modern corporate governance principles.Publication Corporate Governance Country Assessment : Vietnam(Washington, DC, 2013-08)This report assesses Vietnam'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 Vietnam. It is an update of the 2006 Corporate Governance ROSC for Vietnam. Good corporate governance enhances investor trust, protects minority shareholders, and encourages better decision making and improved relations with workers, creditors, and other stakeholders. Better investor protection can lower the cost of capital and encourage companies to list and raise funds through equity markets. Good corporate governance also helps to ensure that these companies operate more transparently and efficiently. Vietnam has undertaken important corporate governance reforms in recent years. However protecting minority shareholders, fully tapping the potential of capital markets, and professionalizing boards and management will require that reform continues. Key reforms include: Developing an action plan to address core failings of state owned enterprise corporate governance, including replacing the current state economic groups, or SEG oriented system with one that has more accountable state ownership; and Increasing transparency with greater auditor independence, better disclosure of ownership and control, and convergence of accounting standards with International Financial Reporting Standards, or IFRS.Publication Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria(Washington, DC, 2002-09)Market capitalization of the Bulgarian Stock Exchange is low at four percent of gross Domestic Product, having fallen from a peak of seven percent in 1998. Similarly, market turnover remains low, even by the standards of transition economies. However in recent years, Bulgaria has made substantive concrete improvements in its legal and regulatory framework, in part in preparation of accession to the European Union. The Bulgarian National Securities Commission was established in 1996 and subsequent amendments to both the commercial and securities legislation strengthened the corporate governance framework. In particular, the 2001 revisions and amendments adopted in June 2002 substantially strengthened shareholder rights for "public" companies. In addition, proposed additional amendments will ensure pre-emptive rights of existing shareholders and will require legal entities to disclose both direct and indirect ownership interests in Bulgarian companies, where such interests are at five percent or more of the company. The assessment recommends three additional areas of improvements: 1) Amend the Commercial Law to establish a minimum quorum for shareholders' meetings and strengthen the duties of members of (supervisory) boards of directors. 2) Encourage private sector organizations and business associations to prepare a corporate governance code, encouraging improved corporate governance practices in the corporate sector. 3) Encourage the private sector to establish an Institute of Directors that could provide training and disseminate international practices for (supervisory) boards of directors.Publication Ghana : Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment(Washington, DC, 2005-05)This report assesses Ghana's corporate governance policy framework, enforcement and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Ghana. Ghana is a promising capital market with remarkable recent performance, significant momentum and will for improvement. Continuing challenges are presented however, by its weak institutional base and capacity, as well as by persistent gaps in enforcement. The report identifies several key next steps that focus on implementation, including: 1. A concentrated effort to raise awareness of corporate governance, transparency and accountability. The effort should include director training, possibly with Securities and Exchange Commission (SEC) certification requirements. 2. An overhaul of the institutional framework and capacity, including training, resources, and effectiveness. Particular focus should be directed at promoting the new specialized commercial court, and private arbitration; developing a central depository system for equities; creating an effective companies registry; and improving enforcement of accounting and auditing. 3. Continued legislative review and modernization. 4. An improvement of SEC resources and training would enable it to focus on rule-making and enforcement of disclosure quality, related party transactions, insider trading, ownership disclosure (especially by directors and insiders), management of conflicts of interest among market operators, and shareholder redress. Improved electronic market surveillance by the Ghana Stock Exchange will assist with this ambitious agenda. These measures will help develop Ghana's capital markets, attract investors, and promote best practice of investor protection.Publication Hungary : Corporate Governance Country Assessment(Washington, DC, 2003-02)This report assesses the corporate governance policy framework and enforcement and compliance practices in Hungary. Hungary has already invested considerable resources in upgrading its legislation to meet European Union Directives, and the legislative and regulatory framework dealing with corporate governance issues is robust. The major issues identified by this review include: (1) the general weakness of the supervisory board, which causes some non-compliance with several OECD Principles; and (2) a conflict between law and practice in the area of share registration, particularly the problems related to the ability of all shareholders to attend meetings and exercise their voting and other rights. Strengths and weaknesses are highlighted, and the policy recommendations made may be grouped under three categories: legislative reform, institutional strengthening, and voluntary/private initiatives. The report recommends creating a "share registration working group" to synchronize law and practice in the area of shareholder record keeping and voting. It also makes recommendations to be implemented as part of a Company Law update. Finally, the report promotes private sector initiatives and capacity building to build on legislative progress on corporate governance reform. It recommends developing a Hungarian corporate governance code of best practice, which would address key issues to include supervisory board roles and institutional investor responsibilities. The report also proposes that an Institute of Directors be created train supervisory board members, disseminate best practice, and promote dialogue between the public and private sectors. Together, these measures give issuers the choice to implement best practice and investors a benchmark against which to measure corporate governance in Hungary.
Users also downloaded
Showing related downloaded files
Publication Climate Change and Migration : Evidence from the Middle East and North Africa(Washington, DC: World Bank, 2014-07-15)Climate change is a major source of concern in the Middle East and North Africa (MENA) region, and migration is often understood as one of several strategies used by households to respond to changes in climate and environmental conditions, including extreme weather events. This study focuses on the link between climate change and migration. Most micro-level studies measure climate change either by the incidences of extreme weather events or by variation in temperature or rainfall. A few studies have found that formal and informal institutions as well as policies also affect migration. Institutions that make government more responsive to households (for example through public spending) discourage both international and domestic migration in the aftermath of extreme weather events. Migration is often an option of last resort after vulnerable rural populations attempting to cope with new and challenging circumstances have exhausted other options such as eating less, selling assets, or removing children from school. This study is based in large part on new data collected in 2011 in Algeria, Egypt, Morocco, Syria, and the Republic of Yemen. The surveys were administered by in-country partners to a randomly selected set of 800 households per country. It is also important to emphasize that neither the household survey results nor the findings from the qualitative focus groups are meant to be representative of the five countries in which the work was carried, since only a few areas were surveyed in each country. This report is organized as follows: section one gives synthesis. Section two discusses household perceptions about climate change and extreme weather events. Section three focuses on migration as a coping mechanisms and income diversification strategy. Section four examines other coping and adaptation strategies. Section five discusses perceptions about government and community programs.Publication Early Child Development, From Measurement to Action : A priority for Growth and Equity(Washington, DC: World Bank, 2007)The World Bank recently hosted a symposium on the priority of early child development (ECD) for economic growth and equity. The participants urged application of population-based tools and measures to assess the outcomes of children's early years and children's readiness for school. This study is derived from the symposium and is a valuable resource for policy makers, economists, donors, and investors, as well as researchers and practitioners in early child development. It summarizes the current neuroscience on early child development and major longitudinal studies, the rationale and urgency for greater investment, and countries' innovative funding strategies. The report consists of 15 chapters authored by ECD experts and leaders in the field. The chapters are grouped into five main parts relating to the: business imperative and societal benefits of ECD investments; lessons from evaluation of longitudinal ECD interventions; countries' experiences in monitoring ECD interventions; innovative approaches to countries' financing of ECD initiatives; and next steps on the ECD agenda for the next 5 years. A theme highlighted at the symposium and enlarged upon here is the urgent need for evidence- and population-based instruments and measures to monitor, evaluate, and compare ECD interventions over time and across settings.Publication Making Monitoring and Evaluation Systems Work : A Capacity Development Toolkit(World Bank, 2009)There are constant and growing pressures on governments and organizations around the world to be more responsive to demands from internal and external stakeholders for good governance, accountability and transparency, greater development effectiveness and delivery of tangible results. Governments, parliaments, citizens, the private sector, non-governmental organizations (NGOs), civil society, international organizations, and donors are all among stakeholders interested in better performance. As demands for greater accountability and results have grown, there is an accompanying need for useful and useable results-based monitoring and evaluation systems to support the management of policies, programs, and projects. Governments and other organizations have many different kinds of tracking systems as part of their management toolkits: good human resource systems, financial systems, and accountability systems. They also need good feedback systems. A results-based monitoring and evaluation (M&E) system is essentially such a feedback system; it is a management tool to measure and evaluate outcomes, providing information for governance and decision making. Many management systems have been missing a feedback component to enable them to track the consequences of actions. Building an M&E system gives decision-makers an additional management tool by providing feedback on performance as a basis for future improvement.Publication Disease Control Priorities, Third Edition(Washington, DC: World Bank, 2016-04-06)This book focuses on maternal conditions, childhood illness, and malnutrition. Specifically, the chapters address acute illness and undernutrition in children, principally under age 5. It also covers maternal mortality, morbidity, stillbirth, and influences to pregnancy and pre-pregnancy. It also includes the transition to older childhood, in particular, the overlap and commonality with the child development volume.Publication Changing the Face of the Waters : The Promise and Challenge of Sustainable Aquaculture(Washington, DC: World Bank, 2007)This study provides strategic orientations and recommendations for Bank client countries and suggests approaches for the Bank's role in a rapidly changing industry with high economic potential. It identifies priorities and options for policy adjustments, catalytic investments, and entry points for the Bank and other investors to foster environmentally friendly, wealth-creating, and sustainable aquaculture. The objectives of the study are to inform and provide guidance on sustainable aquaculture to decision makers in the international development community and in client countries of international finance institutions. The study focuses on several critical issues and challenges: 1) Harnessing the contribution of aquaculture to economic development, including poverty alleviation and wealth creation, to employment and to food security and trade, particularly for least developed countries (LDCs); 2) Building environmentally sustainable aquaculture, including the role of aquaculture in the broader suite of environmental management measures; 3) Creating the enabling conditions for sustainable aquaculture, including the governance, policy, and regulatory frameworks, and identifying the roles of the public and private sectors; and 4) Developing and transferring human and institutional capacity in governance, technologies, and business models with special reference to the application of lessons from Asia to Sub-Saharan Africa and Latin America.