20 years of experience with transformation of state property to private property in Slovakia High Level MeetingANNA BUBENIKOVA of the State Ownership AuthoritiesNational.

Slides:

Advertisements

Similar presentations

Definition  Governance  Corporate Body Companies Public Sector Social Sector.

Advertisements

Ownership, Control and Compensation

1 Corporate Governance in Eurasia: A Comparative Overview Elena Miteva Administrator Corporate Affairs, Directorate for Financial and Enterprise Affairs.

Badri El Meouchi May 2007 ACAL The Benefits of Corporate Governance.

Corporate governance principles and entrepreneurship firms V.Darškuvienė Vytautas Magnus University Kaunas.

Governance Challenges in Family Owned Businesses Islamabad – 11 Feb 2015.

Introducing Transparency in Corporate Groups : Korean Context Introducing Transparency in Corporate Groups : Korean Context Introducing Transparency in.

Transparency and conflicts of interest. Transparency: The extent to which outsiders can evaluate firms’ operations Depends on Type of information (accounts,

3rd session: Corporate Governance

Implementing and Auditing Ethics Programs

Competing in the Capital Markets Arena Ramcharan Kalicharan CFA.

Trinidad & Tobago Corporate Governance Code 2013

Eurasian Corporate Governance Roundtable

Barros García, Bárbara Fernández Oraá, Ana Iglesias Fernández, Laura Junquera Belzunce, Coro ICGN Global Corporate Governance Principles: Revised (2009)

3rd Eurasian Corporate Governance Roundtable Shareholder Rights, Equitable Treatment and the Role of the State April 17-18, 2002 hosted by Securities and.

CODE OF CORPORATE GOVERNANCE FOR BANKS. BOARD AND MANAGEMENT – RESPONSIBILITIES – SIZE AND COMPOSITION – SEPARATION OF POWERS – APPOINTMENT AND TENURE.

Erdenebayar Gombo, Bank of Mongolia Jambaajamts Tundev, Financial Regulatory Commission Shagdarsuren Zuunai, Mongolian Bankers Association 24 November.

The Role of Institutional Investors in Corporate Governance Case of Romania Cristina Hodea, MBA THE THIRD SOUTH EASTERN EUROPE CORPORATE GOVERNANCE ROUNDTABLE.

Accounting as a Form of Communication

CORPORATE GOVERNANCE REFORMS AND IMPLEMENTATION IN MONGOLIA 5 TH CORPORATE GOVERNANCE FORUM May 9, 2012 Ulaanbaatar, Mongolia Dr. Demir Yener Senior Corporate.

EVCA Guidelines and Good Practice in the Management of Privately Held Companies in the Private Equity and Venture Capital Industry 28 June 2005 Second.

BUSS 3017 Global Issues For Accounting Topic 4 – Corporate Governance.

1 The OECD Principles of Corporate Governance – Why Corporate Governance Matters Alexander Karpf Corporate Affairs Division, OECD GCGF-IFC PEP SEE Media.

Corporate governance: Asia Pacific. JAPAN  The Japan corporate governance committee published its revised code in The Code had six chapters, which.

PREVENTION OF CORRUPTION IN PUBLIC PROCUREMENT Đinita Fočo.

Elements of Code of Corporate Governance: East Asia Perspective Prof. Stephen Y.L. Cheung Department of Economics & Finance City University of Hong Kong.

1. Safdar H. Tahir PhD-Scholar (Finance) Mohammad Ali Jinnah University (MAJU) Islamabad 2.

East Asia and the Pacific Region

1 INTOSAI September 2006 The OECD Guidelines on Corporate Governance of State-Owned Enterprises Mathilde Mesnard Economist Corporate Affairs Division Directorate.

GRC - Governance, Risk MANAGEMENT, and Compliance

Republic of Slovenia Capital Assets Management Agency of the Republic of Slovenia Corporate Governance of SOEs in Slovenia Dagmar Komar President of the.

Corporate Governance in the Caribbean Environment “The Caribbean Corporate Governance Forum” Trevor E Blake General Manager – ECSE.

Chapter 1 An Overview of Managerial Finance © 2005 Thomson/South-Western.

1 © 2012 John Wiley & Sons, Ltd, Accounting for Managers, 4th edition, Chapter 2 Accounting and its Relationship to Shareholder Value and.

CHAPTER 3 Corporate Governance. Chapter Objectives To define corporate governance To describe the history and practice of corporate governance To examine.

1 Environment and Theoretical Structure of Financial Accounting Sid Glandon, DBA, CPA Associate Professor of Accounting.

Corporate Governance and Risk Management. Introduction Corporate Governance What does it mean? and Why does it matter? Risk Management Challenges of growth.

FIRST SOUTH EAST EUROPE CORPORATE GOVERNANCE ROUNDTABLE SHAREHOLDER RIGHTS AND EQUITABLE TREATMENT Bucharest, September 2001 ENFORCMENT OF SHAREHOLDERS.

THE OECD PRINCIPLES OF CORPORATE GOVERNANCE Stilpon NESTOR OECD.

The OECD principles on corporate governance are intended to underpin an assessment of the implementation of the Principles in a jurisdiction and to provide.

Aishwarya Mohan Gahrana B.Sc., LL.B., A.I.I.I., F.C.S, Company Secretary in Practice New Delhi.

M I N I S T R Y O F I N D U S T R Y, E M P L O Y M E N T A N D C O M M U N I C A T I O N S OECD Guidelines on Corporate Governance of State Owned Enterprises.

Transparency and conflicts of interest. The prime aim Understand conflicts of interests that origin from the intermediaries between the investors and.

CORPORATE GOVERNANCE IN TREASURY COMPANIES Paris, 26th June 2003.

Corporate Governance in Emerging Markets 1 Corporate governance in emerging countries Daniel Córdova Dean of the School of Economics of UPC And Executive.

BULGARIAN NATIONAL SECURITIES COMMISSION CORPORATE GOVERNANCE AND THE STATE AS A PRINCIPAL THE BULGARIAN CASE Prof. Bistra Boeva, Commissioner OECD/APG.

1 INVESTMENT CLIMATE Corporate Governance Development Equity Associates Inc. February-March, 2004.

CORPORATE GOVERNANCE Corporate Governance. What is Corporate Governance ? Corporate Governance refers to the structures & processes for the efficient.

Financial Sector Development: Building Market Foundations Through International Codes And Standards Sherman G. Boone, Assistant Director Office of International.

1 Corporate Governance Market and Regulations. 2 Framework of Corporate Governance.

FINANCIAL ACCOUNTING A USER PERSPECTIVE Hoskin Fizzell Davidson Second Canadian Edition.

Privatization Effectiveness Audit: Objectives and Vehicles S. Burkov Accounts Chamber of the Russian Federation Chairman's Expert Advisory Board.

1 Prevention of corruption in the private sector: the view from the Anti-Fraud Office of Catalonia Reducing corruption: focusing on private sector corruption.

1 Bishkek, October 2003 The Responsibility of the Board according to the OECD Principles and Patterns of Change in the aftermath of Recent Corporate Events.

Governance, Risk and Ethics. 2 Section A: Governance and responsibility Section B: Internal control and review Section C: Identifying and assessing risk.

“Corporate Governance in Quoted Equities” The Securities Commission S e c of Zimbabwe.

Corporatization of Family Companies & International Corporate Governance Principles Syrian Commission on Financial Markets & Securities 3 rd Conference.

ITCILO/ACTRAV COURSE A Capacity Building for Members of Youth Committees on the Youth Employment Crisis in Africa 26 to 30 August 2013 Macro Economic.

Governance, Risk and Ethics. 2 Section A: Governance and responsibility Section B: Internal control and review Section C: Identifying and assessing risk.

Auditing & Investigations I

Entrepreneurship and Management

State Program on Federal Property Management

CAPACITY BUILDING PROGRAMME ON BOARD INDUCTION AND EVALUATION

CORPORATE GOVERNANCE IN STATE OWNED COMPANIES

Corporate Governance Corporate Governance also plays an important role in maintaining corporate integrity and managing the risk of corporate fraud, combating.

OECD - Introduction It is an organisation of those countries which describe themselves as Democratic and have Market economy. Its HQ is in Paris, France.

Chapter 1 The world of financial management

Chapter 7 Corporate governance and social responsibility

Presentation transcript:

20 years of experience with transformation of state property to private property in Slovakia High Level MeetingANNA BUBENIKOVA of the State Ownership AuthoritiesNational Property Fund Sept., Ljubljana, SloveniaSlovak Republic

Privatisation process in Slovakia National Property Fund functions Corporate Governance implementation

SLOVAKIA in 1991 great expectations for historical change state´s dominance elimination quick prosperity

SMALL PRIVATISATION goal create small and middle enterprises method public auctions

LARGE PRIVATISATION goal transfer substantial part of the state- owned property methods voucher privatization direct sale public auctions public tenders

VOUCHER PRIVATISATION positives citizens´collective investment lowered risk of corruption negatives atomized property no strategic shareholder

SLOVAKIA 1994 – 1998 unexperienced domestic investors low purchase price stagnation and decapitalization

NATIONAL PROPERTY FUND facilitate privatisation establish joint-stock companies exercise shareholder rights

ownership before transformation after transformation revenues from dividends revenues from taxes other benefits 100 % private lossprofitNOYESemployment 100 % state lossxNO potential source state + stragegic investor lossprofitYES satisfactory purchase price

MISTAKES IN PRIVATISATION inappropriate method insufficient institutional framework unexperienced domestic investors misuse of the situation

Implemented CG principles Equitable treatment of shareholders standard shareholder rights for the Fund autonomous decision making for companies protection of minority shareholders selection procedure rules on the website

Implemented CG principles Integrity and ethical behaviour proved moral integrity Interests of other stakeholders no privileged position effective debt recovery for creditors no exceptions from the law

Implemented CG principles Responsibilities of the board accountability of members regular reports to shareholders strategic, business, financial planning

Implemented CG principles Disclosure and transparency collection of documents publicly accessible remuneration disclosure internal audit

Thank you for your attention