Enhancing the Role of the Boards of Directors of State-Owned Enterprises PDF Download
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Languages : en
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Author:
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Category :
Languages : en
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Author: W. Richard Frederick
Publisher:
ISBN:
Category : Finance and Investment
Languages : en
Pages : 33
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Book Description
This Working Paper summarises the main findings of an interview exercise that was conducted with the Chairs and other key board members in state-owned enterprises (SOEs) owned by OECD member governments. The work was part of an ongoing exercise in developing OECD best practices for organising SOE boards. The interviews confirmed that reforming the functioning of SOE boards is seen as a top priority in many countries due to continued pressure to increase SOE performance. Even where SOE performance is good or equivalent to the private sector, governments seek to better performance by further adjusting governance practices. A key strategy has been to provide boards with greater powers and the autonomy to exercise their powers; enhance board composition to ensure they have the necessary skills to achieve their goals; and ensuring the independence of board members including by shielding them from political intervention. It appears that in SOE governance, the private sector usually defines the best practice standard. It is almost uniform practice for governments to seek to improve performance by emulating private sector practices. Important national differences in SOE board practices were, however, detected. One example concerns decision making rights such as, for example, the right of the board to appoint the CEO. Increasingly, what appears to distinguish best practice from less good practice, is not legal rights, but rather the manner in which the government influences the course of SOEs. The Working Paper concludes that the key success factors for the public ownership function in enhancing SOE boards include a shared vision for the governance reforms that are to be achieved; clearly communicated policies and objectives to SOEs; abstaining from ad-hoc interventions in SOEs once their objectives have been defined; well-designed training programmes for board members as well as the government ownership representatives; enhanced channels of communications between CEOs, boards and the ownership function; and increased transparency around the conduct of SOE boards, management and the government ownership function.
Author: Maria Vagliasindi
Publisher: World Bank Publications
ISBN:
Category : Board member
Languages : en
Pages : 32
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Book Description
Abstract: This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition, other factors that may reduce directors' ability to monitor corporate activities, such as the age profile and the number of Boards on which they sit, need to be handled more carefully.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264200428
Category :
Languages : en
Pages : 114
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Book Description
This book sheds light on good practices concerning boards of directors of state-owned enterprises. It draws on national practices from over 30 economies.
Author: World Bank
Publisher: World Bank Publications
ISBN: 146480222X
Category : Business & Economics
Languages : en
Pages : 391
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Book Description
State-owned enterprises (SOEs) are still signifi cant players in critical economic sectors such as infrastructure, finance, natural resources, and manufacturing. They are under increasing pressure to improve their performance. These pressures come from various sources, including the need to enhance their competitiveness and that of the economy as a whole, especially where SOEs are major players; to provide essential infrastructure, financial, and other services to businesses and consumers more efficiently and cost effectively; to access alternative sources of finance through the capital markets while reducing their fiscal burden and fi scal risk; and to enhance the transparency and accountability of the use of scarce public funds. Improved performance of financial SOEs is also essential for broader financial sector development and for ensuring the soundness and stability of the financial system. A long history of SOE reform shows that the key to better SOE performance is improved governance. The aim of the Corporate Governance of State-Owned Enterprises: A Toolkit is to harness reform experiences and the growing body of knowledge to help policy makers and practitioners improve the corporate governance of SOEs. The toolkit provides an overall framework and practical solutions for improving SOE governance for the benefi t of all stakeholders: governments, managers, employees, consumers, and citizens. It focuses on commercial enterprises in which the government has significant control through full, majority, or signifi cant minority ownership. It includes SOEs in a range of sectors-manufacturing and services, utilities, banks and other financial institutions, and natural resources. The toolkit does not cover noncommercial SOEs fulfilling special public policy purposes (whether or not in a corporate form), although the frameworks and tools may still be relevant for such entities.
Author: Maria Vagliasindi
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition, other factors that may reduce directors' ability to monitor corporate activities, such as the age profile and the number of Boards on which they sit, need to be handled more carefully.
Author: OECD
Publisher: OECD Publishing
ISBN: 9789264187238
Category :
Languages : en
Pages : 114
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Book Description
This book sheds light on good practices concerning boards of directors of state-owned enterprises. It draws on national practices from over 30 economies.
Author: Russell Muir
Publisher: World Bank Publications
ISBN: 9780821334706
Category : Business & Economics
Languages : en
Pages : 202
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Book Description
Living Standards Measurement Study Paper No. 120. Provides an overview of the World Bank's Living Standard Measurement Studies (LSMS) surveys and outlines how readers may find more information on specific surveys. A first reference for those interested in using LSMS data in their research.
Author: Peter Verhezen
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110787822
Category : Business & Economics
Languages : en
Pages : 288
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Book Description
Most books about corporate governance are written for a Western audience. The Boardroom, however, takes a different approach to leadership development by emphasizing the unique socio-cultural and judicial features as well as idiosyncratic board structures in Asia, particularly in an Indonesian context. The principles of good corporate governance are accepted across borders, but the implementation and translation of transparency, fairness, accountability, and responsibility can differ quite distinctly from one country to another. Amidst global competitive turbulence, socio-economic volatility, and geopolitical uncertainty, The Boardroom analyses how Asian boardroom leaders steer organizations and how boards can be more effective. Boardmembers - appointed and entrusted by their owners - are guardians with a fiduciary duty to safeguard an organization and prepare it for a viable and sustainable future. Business managers, investors, academics, students and those interested in doing business in Asia will benefit from The Boardroom’s practical insights and recommendations to improve corporate governance and strengthen competitive advantage. "The Boardroom" - a book written by my predecessor Dr Tanri Abeng and his co-author Prof. Dr. Peter Verhezen who both combine practical experience and academic in-depth research - gives a good overview of what can and should be expected from a board. The authors describe the generic accepted governance principles, but rightfully claim the need to translate them into specific rules and regulations that make sense for Indonesian and other Asian companies. Erick Thohir, The Minister of State-Owned Enterprises of the Republic of Indonesia Understanding the dynamics of successful organizations is like being on a quest. It probably never ends. Organizations are open and social systems that cannot be managed or governed using simple theories and recipes. Hence, this book invites you to start your own leadership journey and become more mindful of your role in the functioning of a company. Prof. Dr. Koen Vandenbempt, Dean of the Faculty of Business & Economics at the University of Antwerp, Belgium
Author: Organisation for Economic Co-operation and Development
Publisher: Org. for Economic Cooperation & Development
ISBN:
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
This publication gives a comparative review of corporate governance practices in relation to state-owned enterprises in OECD countries, including scale and organisation, board composition and functions, relationships with non-state shareholders, the role of stakeholders transparency and disclosure.
