Mierta Capaul PSACG, World Bank Group South East European Roundtable: Bucharest September 20 – 21, 2001 ROSC Corporate Governance Assessments.

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Presentation transcript:

Mierta Capaul PSACG, World Bank Group South East European Roundtable: Bucharest September 20 – 21, 2001 ROSC Corporate Governance Assessments

South East European Roundtable: Bucharest September 20 – 21, 2001 Overview ROSC  Background  Features of CG ROSC Assessments The Croatia CG ROSC  Key country features  Diagnostic/Policy Recommendations

South East European Roundtable: Bucharest September 20 – 21, 2001 ROSC background G7 - Financial Stability Forum Objective: crisis prevention 12 standards – 3 categories IMF and WB mandate to assess country compliance

South East European Roundtable: Bucharest September 20 – 21, 2001 Features of CG ROSC Voluntary country participation Template based on OECD Principles Standard ROSC report Publication/dissemination

South East European Roundtable: Bucharest September 20 – 21, 2001 Croatia CG ROSC – Key country features Legacy of transition and conflict 65 companies listed on ZSE, 480 companies listed on Varazdin OTC Civil law framework New and vulnerable institutions Drivers of change: EU membership

South East European Roundtable: Bucharest September 20 – 21, 2001 Diagnostic & policy recommendations (1) Share transfer Diagnostic: “ Vinkulacija ” restricts transfer pending company approval Recommendation: Amend company law to remove right to block share transfer for all joint stock companies

South East European Roundtable: Bucharest September 20 – 21, 2001 Diagnostic & policy recommendations (2) Participation in decisions on fundamental corporate changes Diagnostic: Decisions are taken at shareholder meetings with vote of those present and voting Recommendation: Supermajority vote of all outstanding shares

South East European Roundtable: Bucharest September 20 – 21, 2001 Diagnostic & policy recommendations (3) Disclosure of material information Diagnostic:  Full adoption of IAS  Weak auditing practices  Material non-financial information Recommendation: Incentives to graduate to higher tiers

South East European Roundtable: Bucharest September 20 – 21, 2001 Diagnostic & policy recommendations (4) Board responsibilities Diagnostic: Unclear roles and responsibilities for directors Recommendation:  director training  code of best practice  business judgment rule

South East European Roundtable: Bucharest September 20 – 21, 2001 More information About the ROSC program: About corporate governance and other World Bank private sector advisory services: About the global corporate governance forum: