Corporate Governance of State-Owned Enterprises: Change and by OECD

By OECD

In 2005, OECD released a stocktaking of the company governance framework within the corporations member international locations. This booklet was once the foundation on which the OECD instructions on company Governance of State-Owned firms (the SOE directions) was once built. it's been broadly quoted in educational literature, in legitimate files and by means of practitioners. even if, the SOE panorama in OECD nations has replaced considerably due to the fact that 2005 and 4 new nations became participants of the supplier. This book presents an replace of adjustments in view that 2005, organised in accordance with the most sections of the SOE instructions: the criminal and regulatory framework for SOEs; the nation performing as an proprietor; equitable therapy of shareholders; kin with stakeholders; transparency and disclosure, and the duties of the forums of SOEs.

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Extra info for Corporate Governance of State-Owned Enterprises: Change and Reform in OECD Countries since 2005

Sample text

However, the largest SOEs engage in a process of reporting on material events. Compliance programmes for internal codes of ethics The SEP Code establishes an ethics standard that individual SOEs are required to implement, if necessary adapted to their specific situation and regulations. No legal requirement for SOEs to develop codes of ethics. Few have done so. Corporate ethics is the subject of circulars by the ownership unit, but SOEs are not required to develop internal codes and compliance programmes.

This is mandatory in Slovenia, mandatory in large SOEs in Israel and it rarely occurs in Estonia. In Chile, full board representation of employees is mandatory for a few large SOEs, and in a number of other enterprises employee representatives have speaking but not voting rights on the boards. B. Reporting on stakeholder relations. As a general rule, no reporting on stakeholder relations is formally required in the four new member countries. Annual financial disclosure and corporate governance reports however contain elements of such reporting and some of the largest SOEs have commenced disclosing information on stakeholder relations on their own initiative.

Avoiding involvement in day-to-day management and allowing operational autonomy. The area of operational autonomy is one of recent change in some new member countries. For example, Estonia has put in place specific legislation forbidding SOE board from taking “instructions” from government. The main formal source of influence in most countries is the recurrent approval of SOE business plans by AGMs. In Israel, specific complaint mechanisms have been established to prevent government interference.

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