World Bank2014-09-082014-09-082014-07https://hdl.handle.net/10986/19983The main objective of this report is to provide a descriptive analysis of the current practices and trends of corporate governance of State-owned Enterprises (SOEs) in several Latin-American countries. It provides practitioners of SOE corporate governance with a stocktaking of current practices and trends in several Latin American countries, as well as international experiences and good practices elsewhere. This report intend to contribute to the discussion and growing interest on SOE corporate governance and to provide an impulse for further analytical work in this area. In most Latin American and Caribbean countries, the SOE sector contributes significantly to GDP and represents an important part of consolidated public expenditures. In several cases, the SOEs are also key and strategic actors in the country s economy providing essential goods and services and frequently hold a dominant market position in critical sectors, such as petroleum, electricity, and transportation. They also operate in competitive markets such as financial services, telecommunications, etc. SOEs are also increasingly under pressure, by both their governments and by international competition, to operate and achieve their goals more efficiently and effectively. Within this context, achieving good corporate governance practices is critical to SOEs effectively providing goods and services and achieving their short-, medium-, and long-term goals, within a sustainable fiscal framework. This report has been prepared with the direct collaboration of government officials involved in the SOE sectors of eight countries in Latin America and the Caribbean, and Spain. It is mainly based on financial information and other relevant data on the above-mentioned countries, covering the period from 2010 to 2013. As part of data collection for the report, representatives of the SOE sectors in Brazil, Chile, Colombia, Dominican Republic, Mexico, Panama, Paraguay, Peru, Spain and Uruguay, attended the Technical Workshop on SOE Supervision in Latin American and Caribbean Countries, organized by the SOE Monitoring Unit of Paraguay and the World Bank in December 2011 in Punta del Este, Uruguay.El principal objetivo de este informe es proveer un análisis descriptivo de las prácticas y tendencias vigentes relacionadas con aspectos de gobierno corporativo de las Empresas Públicas (EP) en varios países de América Latina. El informe ofrece a profesionales y funcionarios vinculados con el gobierno corporativo de las EP un conjunto de prácticas y tendencias vigentes en varios países de América Latina, complementado con experiencias y buenas prácticas internacionales. En la mayoría de los países de América Latina y el Caribe el sector de las EP contribuye de forma significativa al PIB y representa una parte importante del gasto público consolidado. Además, en muchos casos, las EP son actores clave y estratégicos de la economía de cada país mediante la provisión de bienes y servicios esenciales, operando frecuentemente con una posición dominante de mercado en sectores críticos como petróleo, electricidad, y transporte, o en mercados más competitivos como los servicios financieros, y telecomunicaciones. Alcanzar prácticas de buen gobierno corporativo resulta de vital importancia para lograr una provisión eficiente de bienes y servicios y para que éstas alcancen sus objetivos de corto, mediano y largo plazo, dentro de un marco fiscal sostenible.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTINGACCOUNTING STANDARDSADMINISTRATIVE FUNCTIONSADMINISTRATIVE LAWADMINISTRATIVE PROCEDUREADMINISTRATIVE REFORMADMINISTRATIVE REGULATIONSADMINISTRATIVE SYSTEMSARTICLES OF INCORPORATIONASSET SALESAUDIT COMMITTEEAUDIT COMMITTEESAUDIT STANDARDSAUTHORITYAUTHORIZATIONBALANCE SHEETBOARD MEMBERSBOARDS OF DIRECTORSBUDGETINGCAPITAL EXPENDITURECAPITAL INVESTMENTCAPITAL MARKETSCAPITAL STOCKCASH FLOWCENTRAL AGENCIESCENTRAL GOVERNMENTCENTRALIZATIONCEOCEOSCHIEF EXECUTIVECITIZENSCIVIL LAWCOMMERCIAL CORPORATIONSCOMMERCIAL LAWCOMMERCIAL LAWSCOMPANYCOMPETITIVE MARKETSCONFLICT OF INTERESTCONFLICTS OF INTERESTCONSENSUSCONSOLIDATIONCONSTITUTIONCONSTITUTIONSCONSUMER PROTECTIONCONTINGENT LIABILITIESCORPORATE FORMCORPORATE GOVERNANCECORPORATE GOVERNANCE CODECORPORATE GOVERNANCE PRINCIPLESCORPORATE LAWCORPORATE PRACTICESCORPORATIONCORPORATIONSCORPORATIONS LAWCOUNCIL OF MINISTERSDEBTDECISION MAKINGDECISION-MAKINGDECISION-MAKING POWERDECREEDEGREE OF AUTONOMYDEVELOPMENT BANKDISCLOSUREDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTSDISPUTE RESOLUTIONDIVIDEND POLICYECONOMIC EFFICIENCYEQUAL TREATMENTEX ANTEEX POSTEXCHANGE COMMISSIONEXECUTIONEXPENDITUREFEDERAL GOVERNMENTFINANCIAL AUDITSFINANCIAL AUTONOMYFINANCIAL CONSTRAINTSFINANCIAL INFORMATIONFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL REPORTSFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STATEMENTSFISCAL DISCIPLINEGENERAL CORPORATION LAWGOOD CORPORATE GOVERNANCEGOOD GOVERNANCEGOVERNANCE ISSUESGOVERNMENT AGENCIESGOVERNMENT MANAGEMENTGOVERNMENT OFFICIALSGROSS DOMESTIC PRODUCTGROUP OF COMPANIESHOLDINGHOLDING COMPANYINDEPENDENT AUDITSINFORMATION ASYMMETRIESINFORMATION DISCLOSUREINFORMATION SYSTEMINFORMATION SYSTEMSINSTITUTIONAL ARRANGEMENTSINSTITUTIONAL ASPECTSINSTITUTIONAL FRAMEWORKINSTITUTIONALIZATIONINSTRUMENTINSURANCEINTERNAL AUDITINTERNAL AUDIT PROCEDURESINTERNATIONAL BANKINTERNATIONAL STANDARDSINVESTMENT PROJECTSISSUANCEJOINT VENTURESLEGAL FORMLEGAL FRAMEWORKLEGAL FRAMEWORKSLEGAL PERSONALITYLEGAL SYSTEMLEGISLATIONLEGISLATURELEVEL PLAYING FIELDLIMITEDLIMITED LIABILITYLIMITED LIABILITY COMPANIESLIMITED LIABILITY CORPORATIONSLIQUIDATIONLOCAL STOCK MARKETSMAJORITY SHAREHOLDERMANAGEMENT CONTRACTSMANAGERSMARKET DISTORTIONSMINISTERSMINISTRY OF FINANCEMINORITY PARTICIPATIONMINORITY SHAREHOLDERMINORITY SHAREHOLDERSNATIONAL BANKNATIONAL CORPORATIONNATIONAL PLANNINGNATIONAL PLANNING DEPARTMENTNATIONAL SECURITIESNATIONAL TREASURYPARTNERSHIPPERSONSPOLITICAL INTERFERENCEPORTFOLIOPRIVATE COMPANIESPRIVATE ENTERPRISESPROPERTY RIGHTSPROTECTION OF MINORITY SHAREHOLDERSPUBLIC ACCOUNTABILITYPUBLIC ADMINISTRATIONPUBLIC ASSETSPUBLIC CONTROLPUBLIC CORPORATIONSPUBLIC EXPENDITURESPUBLIC INFORMATIONPUBLIC MANAGEMENTPUBLIC OFFICIALSPUBLIC POLICYPUBLIC PROCUREMENTPUBLIC SECTORREGULATORY BODIESREGULATORY FRAMEWORKREGULATORY REFORMSREGULATORY REQUIREMENTSREPRESENTATIVESRISK MANAGEMENTRISK MANAGEMENT COMMITTEESECURITIESSECURITIES LAWSENATESHAREHOLDER MEETINGSHAREHOLDERSSHAREHOLDERS MEETINGSINGLE OWNERSOCIAL OBLIGATIONSSOCIAL POLICYSPECIFIC DUTIESSTATE CONTROLSTATE ENTERPRISESSTATE OWNERSHIPSTATE PARTICIPATIONSTATE POWERSTATE-OWNED COMPANIESSTATE-OWNED ENTERPRISESSTOCK COMPANIESSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCK MARKETSSTOCKSSUBSIDIARYSUPERVISION MECHANISMSUPERVISION MECHANISMSTAXTAX LAWSTELECOMMUNICATIONSTRANSPARENCYTRANSPARENT PROCEDURESTRUST FUNDUNIONVOTINGWITHDRAWAL10.1596/19983