Speakman, John2017-06-012017-06-012012-11https://hdl.handle.net/10986/26831This policy paper is motivated by the Government's 'Pakistan: framework for Economic Growth (FEG) 2011' which places weak corporate governance at the top of the 'software' constraints to growth. The efforts to reform the State-Owned Enterprises (SOEs) have stalled in Pakistan for almost five years with significant negative implications not only in terms of fiscal losses, but also deteriorated and cost-ineffective service delivery. The paper suggests a number of urgent policy measures designed to improve the efficiency and effectiveness of SOEs. These include basic governance reforms, revamped commercialization processes and enhanced market regulations. The paper also provides some perspectives on international experience on SOE reforms combined with some suggestions on how the Government can move forward.en-USCC BY 3.0 IGOACCESS TO CAPITAL MARKETSACCOUNTABILITYACCOUNTABILITY MECHANISMSAMOUNTS OWEDASSET MANAGEMENTAUDIT COMMITTEEAUDIT COMMITTEESAUTHORITYBAD GOVERNANCEBALANCE SHEETBANKSBOARD MEMBERSBOARDS OF DIRECTORSBUREAUCRACYCAPITAL MARKETCENTRAL BANKCEOCEOSCHAIRMAN AND CEOCHIEF EXECUTIVECIVIL SERVICECOMPANIES ACTCOMPETITION COMMISSIONCOMPETITIVE MARKETCONFLICTS OF INTERESTCONSENSUSCONSULTATIVE PROCESSCONTINGENT LIABILITIESCONTRACT ENFORCEMENTCORPORATE GOVERNANCECORPORATE GOVERNANCE REFORMSCORPORATE OWNERSHIPCORPORATE STRUCTURECORPORATIONSCOST OF CAPITALDEBTDISCLOSUREDISCLOSURE REQUIREMENTSDISTRIBUTION COMPANIESDIVIDENDSECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC REFORMSEMERGING MARKETSENTERPRISE REFORMENTRY POINTSEXCHANGE COMMISSIONEXTERNAL ACCOUNTABILITYEXTERNALITIESFINANCE CORPORATIONFINANCIAL AUTONOMYFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL SERVICESFINANCIAL STATEMENTSFINANCIAL SUPPORTFINANCIAL SUSTAINABILITYFISCAL BURDENFISCAL PROBLEMSFOREIGN INVESTMENTGOOD CORPORATE GOVERNANCEGOOD GOVERNANCEGOVERNANCE ENVIRONMENTGOVERNANCE PRACTICESGOVERNANCE REFORMGOVERNANCE REGULATIONSGOVERNMENT AGENCIESGOVERNMENT OWNERSHIPGOVERNMENT RESPONSIBILITYGROSS DOMESTIC PRODUCTGROWTH PATHHARD BUDGET CONSTRAINTSHOLDING COMPANIESHOLDING COMPANYHUMAN RESOURCEHUMAN RESOURCESINDEPENDENT DIRECTORSINDIVIDUALSINDUSTRIAL COMPANIESINFORMATION SYSTEMSINSURANCEINTERNAL AUDITINTERNAL AUDIT FUNCTIONINTERNAL CONTROLJOINT VENTUREKEY PERFORMANCE INDICATORSLABOR MARKETSLEGAL FRAMEWORKLEGISLATIONLEVEL PLAYING FIELDLIFE INSURANCELIMITEDMANAGEMENT INFORMATION SYSTEMSMARKET ECONOMYMARKET REGULATIONSMARKET STRUCTUREMINISTERSMINISTRY OF FINANCEMINORITY SHAREHOLDERSMONOPOLYNATIONAL BANKNATIONAL ECONOMYNATIONAL LEVELNATIONSOUTPUTSPERFORMANCE INDICATORSPOLITICAL ECONOMYPOLITICAL PARTIESPOOR GOVERNANCEPRIME MINISTERPRINCIPAL-AGENTPRIVATE COMPANIESPRIVATE ENTERPRISEPRIVATE SECTOR CREDITPRIVATE SECTOR GROWTHPRIVATE SECTOR REPRESENTATIVESPRIVATIZATIONPRODUCTIVITYPROFITABILITYPUBLIC ENTERPRISESPUBLIC PROCUREMENTPUBLIC SECTORRED TAPEREFORM PROGRAMREGULATORREGULATORSREGULATORY AUTHORITYREGULATORY BODIESREGULATORY BODYREGULATORY FRAMEWORKREINSURANCEREPRESENTATIVESSECURITIESSERVICE DELIVERYSTAKEHOLDERSTAKEHOLDERSSTATE BANKSTATE BANK OF PAKISTANSTATE OWNERSHIPSTATE-OWNED ENTERPRISESSTOCK EXCHANGESTOCK MARKETSTRONG CORPORATE GOVERNANCESTRONG GOVERNANCESUSTAINABLE REFORMTRANSFER OF OWNERSHIPTRANSPARENCYTRANSPORTWEAK CORPORATE GOVERNANCEWorking PaperWorld Bank10.1596/26831