World Bank2014-10-152014-10-152008-03https://hdl.handle.net/10986/20435This report assesses Croatia's corporate governance policy framework for publicly traded companies. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Croatia. It is an update of the 2001 corporate governance Report on the Observance of Standards and Codes (ROSC). Croatia has experienced rapid and substantial reform over the last decade. New institutions have been created and the roles of private ownership and market forces have expanded. This rapid pace of reform has continued to meet the various requirements for membership in the European Union (EU). Since the 2001 ROSC there have been substantial legal and regulatory changes, many of which address shortcomings identified in the 2001 assessment. Since 2001, Croatia has undertaken substantial legal and regulatory change that has led to a number of improvements in the framework for corporate governance. The two stock exchanges were recently merged and a code of corporate governance introduced. Reform continues as Croatia works towards joining the EU. The real economy has also performed well, valuations have risen rapidly, and investment fund assets are growing strongly.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCOUNTINGACTIVE MARKETAUDIT COMMITTEEAUDIT COMMITTEESBANKING ASSETSBANKING LAWBANKING SECTORBANKRUPTCYBENEFICIARIESBIDSBONDBONDSBROKERAGEBROKERAGESBROKERSBULL MARKETBUY BACKCAPITAL FUNDSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCAPITAL STRUCTURECENTRAL DEPOSITORYCIVIL LAWCLOSED END INVESTMENTCOMMERCIAL PAPERCOMMON LAWCOMPANY INFORMATIONCOMPANY LAWCONFLICT OF INTERESTCONFLICTS OF INTERESTCONFLICTS OF INTERESTSCONTRACT ENFORCEMENTCORPORATE BONDSCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCORPORATE GOVERNANCE FRAMEWORKSCORPORATE GOVERNANCE REFORMSCORPORATE INSIDERSCORPORATE LAWCOST OF CAPITALCREDIBILITYCREDITORCREDITOR RIGHTSCREDITORSCUSTODYCUSTODY SERVICESDEBTDEPOSITSDERIVATIVEDISCLOSURE REQUIREMENTSDISCLOSURE STANDARDSDIVIDEND PAYMENTDUE DILIGENCEECONOMIC DEVELOPMENTECONOMIC PERFORMANCEEFFICIENT MARKETSEMERGING MARKETEMERGING MARKET COUNTRIESENFORCEMENT MECHANISMSEQUITIESEQUITY INVESTMENTSEQUITY MARKETEQUITY MARKET DEVELOPMENTEQUITY MARKETSEQUITY PRICESETHICAL BEHAVIOREXCHANGE RULESFINANCIAL CONGLOMERATESFINANCIAL CRISESFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL INTERMEDIARIESFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICESFINANCIAL STATEMENTSFINANCIAL STRUCTUREFIXED SHAREFOREIGN ASSETSFOREIGN BANKFOREIGN INVESTMENTFOREIGN INVESTORSFUND ASSETSFUND MANAGEMENTGOOD GOVERNANCEGOVERNANCE PRACTICESGOVERNANCE REGULATIONGOVERNMENT BONDSGOVERNMENT OWNERSHIPHOLDINGHOLDINGSINSIDER TRADINGINSTITUTIONAL DEVELOPMENTINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINSURERSINTERNATIONAL STANDARDSINVESTINGINVESTMENT BANKINGINVESTMENT BANKSINVESTMENT FUNDINVESTMENT FUNDSINVESTOR CONFIDENCEINVESTOR PROTECTIONISSUANCEISSUERS OF SECURITIESJOINT STOCK COMPANIESJOINT STOCK COMPANYLEGAL FRAMEWORKLEGAL PROVISIONSLEGAL REFORMLEGAL RIGHTSLEGAL TRADITIONLEGAL TRADITIONSLIMITED LIABILITYLIMITED LIABILITY COMPANIESLIMITED LIABILITY COMPANYLIMITED PARTNERSHIPSLIQUIDATIONLOCAL GOVERNMENTSMANDATORY PENSION FUNDSMARKET CAPITALIZATIONMARKET INTERMEDIARIESMARKET MANIPULATIONMARKET PARTICIPANTSMARKET TRANSPARENCYMARKET VALUEMINORITY SHAREHOLDERSMONETARY FUNDMONETARY INSTRUMENTSMUNICIPAL BONDSNATIONAL BANKNOTARYOPEN-END FUNDSOWNERSHIP DATAOWNERSHIP RIGHTSOWNERSHIP STRUCTUREPAYMENT OF DIVIDENDSPENSIONPENSION FUNDPENSION FUNDSPENSIONSPORTFOLIOPORTFOLIO INVESTMENTPREEMPTIVE RIGHTSPRIVATE PARTIESPRIVATE PENSIONSPRIVATIZATIONPRIVATIZATION INVESTMENTPROPERTY RIGHTSPUBLIC COMPANIESPUBLIC OFFERINGPUBLIC POLICYRAPID GROWTHREAL ESTATEREGISTRY REGULATIONREGULATORREGULATORSREGULATORY AGENCIESREGULATORY AUTHORITYREGULATORY CAPACITYREGULATORY FRAMEWORKREPUTATIONRESERVESRETAIL INVESTORSRETIREMENT SAVINGSRIGHTS OF SHAREHOLDERSRISK FACTORSRULE OF LAWSECURITIESSECURITIES LAWSECURITIES MARKETSECURITIES MARKETSSECURITIES REGULATIONSECURITIES REGULATORSETTLEMENTSETTLEMENT SERVICESSHARE OWNERSHIPSHAREHOLDERSHAREHOLDER RIGHTSSHAREHOLDERSSHAREHOLDERS RIGHTSSTANDARD CONTRACTSTATUTORY REQUIREMENTSSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCK PRICESSTOCKSSTRATEGIC INVESTORSSUPERVISORY AGENCYSUPERVISORY AUTHORITYSUPERVISORY BOARDSUPERVISORY BOARDSTRADINGTRADITIONAL BANKINGTRANSACTIONTRANSACTION COSTSTRANSPARENCYTREASURYTURNOVERTURNOVER RATIOUNDERWRITERSVALUATIONSVALUE OF ASSETSVENTURE CAPITALVENTURE CAPITAL FUNDSWEAK CORPORATE GOVERNANCE10.1596/20435