World Bank2012-06-222012-06-222005-09https://hdl.handle.net/10986/8766This report provides an assessment of Uruguay'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 Uruguay. The paper discusses Uruguay's recent advances in financial and economic stability have given rise to an adequate basis for capital markets deepening and growth. However, these initial advances were jeopardized by a series of defaulting securities issuers and the 2002 financial instability episode which led to a perception of high risk and unpredictability of capital markets. The report then identifies several key steps to take in order to set strong corporate governance efficiency in the state owned financial sector. These steps include: improving corporate information, particularly ownership disclosure, related party transactions procedures, and financial reporting; promoting effective and active boards of directors; strengthening institutions, including the securities regulator, and the companies registry; and modernizing securities markets by strengthening intermediation and related regulations.en-USCC BY 3.0 IGOACCOUNTINGASSET MANAGEMENTASSET SALEASSET SALESAUDIT COMMITTEESAUDITINGAUDITORSAUTHORITYBANK ACCOUNTINGBANK LENDINGBANK RESTRUCTURINGBANK TRANSPARENCYBANKING SECTORBANKING SUPERVISIONBANKRUPTCYBANKRUPTCY COURTBANKRUPTCY LAWBANKSBOARDS OF DIRECTORSBODY CORPORATEBOND ISSUESBROKERSBUSINESS COMMUNITYBUSINESS ENTITIESCAPITAL MARKETSCAPITALIZATIONCEOSCHAIRMAN AND CEOCIVIL LAWCIVIL LAW COUNTRYCOMPANIES LAWCOMPANYCOMPETITION LAWCONFLICT OF INTERESTCONFLICTS OF INTERESTCONTROLLING SHAREHOLDERCONTROLLING SHAREHOLDERSCORPORATE ASSETSCORPORATE BOARDSCORPORATE CONTROLCORPORATE DECISIONSCORPORATE EQUITYCORPORATE EXECUTIVESCORPORATE GOVERNANCECORPORATE GOVERNANCE CODECORPORATE GOVERNANCE REFORMSCORPORATE LAWCORPORATE MANAGERSCORPORATE SECURITIESCORPORATE SOCIAL RESPONSIBILITYCORPORATIONCORPORATIONSCOST OF CAPITALDEBTDECISION-MAKINGDISCIPLINARY SANCTIONSDISCLOSURE OBLIGATIONSDISPUTE RESOLUTIONECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC PERFORMANCEECONOMIC STABILITYENFORCEMENT POWERSEQUITY MARKETSEXECUTIVE POWERFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DISCLOSUREFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL INTERMEDIATIONFINANCIAL REPORTINGFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL STATEMENTSFOREIGN INVESTMENTGOOD CORPORATE GOVERNANCEGOVERNANCE ISSUESINCOMEINDEPENDENT AUDITINDEPENDENT AUDIT COMMITTEESINDEPENDENT DIRECTORSINSIDER TRADINGINSTITUTION BUILDINGINSTITUTIONAL ARRANGEMENTSINSTITUTIONAL INVESTORSINSURANCEINSURANCE FIRMSINTERNAL CONTROLSINTERNATIONAL AIDINTERNATIONAL ORGANIZATIONSINVESTOR PROTECTIONLAWSLEGAL FRAMEWORKLIMITADALIMITEDLIMITED LIABILITYLIMITED LIABILITY COMPANIESLIQUIDATIONLIQUIDITYMANAGERSMARKET CONFIDENCEMEMBER BOARDMEMBER BOARD OF DIRECTORSMERGERMERGERSMINORITY SHAREHOLDERSPARLIAMENTPENALTIESPORTFOLIO DIVERSIFICATIONPORTFOLIOSPRIVATE COMPANIESPRIVATE ENTERPRISESPRODUCTIVITYPROFITABILITYPROPERTY RIGHTSPUBLIC OFFERINGSPUBLIC POLICYRATING AGENCIESREGULATORY AGENCIESREGULATORY FRAMEWORKREGULATORY REQUIREMENTSRETIREMENTRIGHTS OF MINORITY SHAREHOLDERSRIGHTS OF SHAREHOLDERSRISK RATING AGENCIESRULE OF LAWSAVINGSSECURITIES LAWSECURITIES MARKETSSECURITIES REGULATORSHAREHOLDER AGREEMENTSSHAREHOLDER INTERESTSSHAREHOLDER MEETINGSSHAREHOLDER PROTECTIONSTAKEHOLDERSTAKEHOLDERSSTATE-OWNED ENTERPRISESSTOCK EXCHANGESTOCK EXCHANGESSTOCKSSUPERVISORY FRAMEWORKTAKEOVERSTAX EXEMPTIONTAX REGULATIONSTECHNICAL ASSISTANCETENDER OFFERTENDER OFFERSTRANSACTION COSTSTRANSPARENCYTRUST FUNDSUNIVERSITIESVENTURE CAPITALVOTINGWorld Bank10.1596/8766