3rd Eurasian Corporate Governance Roundtable

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Presentation transcript:

3rd Eurasian Corporate Governance Roundtable Shareholder Rights, Equitable Treatment and the Role of the State April 17-18, 2002 hosted by Securities and Stock Market State Commission of Ukraine State Property Fund of Ukraine PFTS with the support of The Government of Japan The Global Corporate Governance Forum

The World Bank’s Georgian Corporate Governance Report on the Observance of Standards and Codes (ROSC) Warren Gorlick The World Bank Group Private Sector Advisory Services – Corporate Governance Unit April 17-18, 2002

Reports on Standards and Codes (ROSCs) Financial stability rests on standards WB and IMF make “ROSC” assessments WB leads in three of the 11 key standards: accounting and auditing insolvency and creditor rights corporate governance

Corporate Governance (CG) ROSCs Countries benchmarked in CG against OECD Principles CG template incorporates each OECD Principle Focus is on country, not company analysis ROSC exercises support diagnosis, dialogue and action

CG ROSC activity to date CG ROSCs have been completed for 11 countries ROSCs for nine countries are already on the World Bank public web site ROSCs are published at http://www.worldbank.org/html/fpd/privatesector/cg/cg_rosc.htm upon receipt of (country) government approval Growing number of CG assessments focus on transition economies World Bank has initiated its look at Eurasian corporate governance systems, beginning last year with Georgia

Georgia CG ROSC: Overview Part of Financial System Stability Assessment (FSSA) under the Financial Sector Assessment Program (FSAP), completed October 2001 Proposed by World Bank’s ECSPF in early 2001 Due diligence conducted April-July 2001; report completed December 2001 Government approval received March 2002; ROSC publication online April 2002

Georgia CG ROSC: Findings Shareholder rights (especially minority shareholder protection) Disclosure and transparency Adherence to duties by MDs and supervisory board members

Georgia CG ROSC: Policy recommendations Strengthen accounting and auditing profession Strengthen the securities regulator Prepare voluntary national code of best practice Set up IoD Centralize info on public companies and provide online access

Ukraine CG ROSC Being conducted with assistance from IFC Template and first draft completed and under review as of April 2002 Due diligence mission planned for May 2002 ROSC scheduled for completion FY 2003