Corporate Governance Country Assessment : Czech Republic

The Czech securities markets are rapidly evolving under political and commercial pressures. However, shortcomings remain that undercut their role in price discovery, and limit their value as risk diversification, as a source of finance and a mechan...

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Main Author:	World Bank
Format:	Pre-2003 Economic or Sector Report
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS ADVISORY SERVICES ASSET STRIPPING ASSETS AUCTIONS AUDIT COMMITTEES AUDITING AUDITS BANK ACCOUNTS BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKS BIDS BOARD MEMBERS BOARD OF DIRECTORS BRANCHES CAPITAL INCREASES CAPITAL MARKET CAPITAL MARKETS COMMON SHARES COMPANY COMPANY LAW COMPANY REPORTS CORPORATE FINANCE CORPORATE GOVERNANCE COURT PROCEDURES COURT SYSTEM CREDITORS DISCLOSURE DISCLOSURE REQUIREMENTS DISPOSITION OF ASSETS DIVERSIFICATION DIVIDENDS EQUITY CAPITAL EXTERNAL AUDITORS FAIR PRICE FINANCIAL MARKET FINANCIAL REGULATION FINANCIAL STATEMENTS FIRMS FOREIGN BANK FOREIGN DIRECT INVESTMENT FOREIGN SUBSIDIARIES FREE MARKETS HOLDING COMPANIES INDEPENDENT VALUATION INSIDER DEALING INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK FOR RECONSTRUCTION INTERNATIONAL STANDARDS INVESTMENT COMPANIES INVESTMENT FUND INVESTMENT FUNDS JOINT STOCK JOINT STOCK COMPANIES JOINT STOCK COMPANY JOINT-STOCK COMPANY LABOR LAW LAWS LAWYERS LEGAL COUNSEL LEGAL FORM LEGAL PROVISIONS LEGAL SYSTEM LEGISLATION LICENSING LIMITED LIABILITY LIMITED LIABILITY COMPANY LIQUIDATION MANAGEMENT BOARD MERGERS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MUTUAL FUNDS NET REVENUES NUMBER OF SHARES OWNERSHIP CONCENTRATION PENSION FUNDS PORTFOLIO PORTFOLIO INVESTMENT PREFERENTIAL TREATMENT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION OF STATE PRIVATIZATION PROGRAM PRIVATIZATION RESTRUCTURING PUBLIC COMPANIES PUBLIC INTEREST PUBLIC OFFERING RATING AGENCIES REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY PROVISIONS REGULATORY REFORMS REGULATORY RESTRICTIONS REORGANIZATION RISK FACTORS RISK MANAGEMENT SANCTION SANCTIONS SHARE CAPITAL SHARE OWNERSHIP SHARE PRICE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDING SPECULATION STAKEHOLDERS STATEMENT STATEMENTS STOCK EXCHANGE TAX COMPLIANCE TOTAL MARKET CAPITALIZATION TRADERS TRANSITION ECONOMIES TRANSPARENCY UNLISTED COMPANIES VOTING SHARES VOUCHER PRIVATIZATION
Online Access:	http://documents.worldbank.org/curated/en/2002/07/6556029/czech-republic-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14529

id	okr-10986-14529
recordtype	oai_dc
spelling	okr-10986-145292021-04-23T14:03:15Z Corporate Governance Country Assessment : Czech Republic World Bank ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS ADVISORY SERVICES ASSET STRIPPING ASSETS AUCTIONS AUDIT COMMITTEES AUDITING AUDITS BANK ACCOUNTS BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKS BIDS BOARD MEMBERS BOARD OF DIRECTORS BRANCHES CAPITAL INCREASES CAPITAL MARKET CAPITAL MARKETS COMMON SHARES COMPANY COMPANY LAW COMPANY REPORTS CORPORATE FINANCE CORPORATE GOVERNANCE COURT PROCEDURES COURT SYSTEM CREDITORS DISCLOSURE DISCLOSURE REQUIREMENTS DISPOSITION OF ASSETS DIVERSIFICATION DIVIDENDS EQUITY CAPITAL EXTERNAL AUDITORS FAIR PRICE FINANCIAL MARKET FINANCIAL REGULATION FINANCIAL STATEMENTS FIRMS FOREIGN BANK FOREIGN DIRECT INVESTMENT FOREIGN SUBSIDIARIES FREE MARKETS HOLDING COMPANIES INDEPENDENT VALUATION INSIDER DEALING INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK FOR RECONSTRUCTION INTERNATIONAL STANDARDS INVESTMENT COMPANIES INVESTMENT FUND INVESTMENT FUNDS JOINT STOCK JOINT STOCK COMPANIES JOINT STOCK COMPANY JOINT-STOCK COMPANY LABOR LAW LAWS LAWYERS LEGAL COUNSEL LEGAL FORM LEGAL PROVISIONS LEGAL SYSTEM LEGISLATION LICENSING LIMITED LIABILITY LIMITED LIABILITY COMPANY LIQUIDATION MANAGEMENT BOARD MERGERS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MUTUAL FUNDS NET REVENUES NUMBER OF SHARES OWNERSHIP CONCENTRATION PENSION FUNDS PORTFOLIO PORTFOLIO INVESTMENT PREFERENTIAL TREATMENT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION OF STATE PRIVATIZATION PROGRAM PRIVATIZATION RESTRUCTURING PUBLIC COMPANIES PUBLIC INTEREST PUBLIC OFFERING RATING AGENCIES REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY PROVISIONS REGULATORY REFORMS REGULATORY RESTRICTIONS REORGANIZATION RISK FACTORS RISK MANAGEMENT SANCTION SANCTIONS SHARE CAPITAL SHARE OWNERSHIP SHARE PRICE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDING SPECULATION STAKEHOLDERS STATEMENT STATEMENTS STOCK EXCHANGE TAX COMPLIANCE TOTAL MARKET CAPITALIZATION TRADERS TRANSITION ECONOMIES TRANSPARENCY UNLISTED COMPANIES VOTING SHARES VOUCHER PRIVATIZATION The Czech securities markets are rapidly evolving under political and commercial pressures. However, shortcomings remain that undercut their role in price discovery, and limit their value as risk diversification, as a source of finance and a mechanism for good corporate governance. Ownership concentration resulting from privatization in the early 1990s was accompanied by opaque deals and price manipulation, and owners often exploited control and acted against the interests of enterprises, creditors and minority shareholders. The policy recommendations may be grouped into three broad categories: legislative reform, institutional strengthening, and voluntary/private initiatives. In 2001, the Czech Republic instituted broad financial regulatory reforms. However, related party transactions, insolvency and more technical issues, such as voting by mail and shareholder meetings, still require more attention. Institutional strengthening is also vital to improve enforcement. The judiciary, Securities Commission, and other institutions that oversee financial market participants should be strengthened. Finally, in the area of voluntary/private initiatives, this report recommends enhanced training opportunities for Czech directors. 2013-07-24T17:09:48Z 2013-07-24T17:09:48Z 2002-07 http://documents.worldbank.org/curated/en/2002/07/6556029/czech-republic-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14529 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Pre-2003 Economic or Sector Report Economic & Sector Work Europe and Central Asia Czech Republic
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS ADVISORY SERVICES ASSET STRIPPING ASSETS AUCTIONS AUDIT COMMITTEES AUDITING AUDITS BANK ACCOUNTS BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKS BIDS BOARD MEMBERS BOARD OF DIRECTORS BRANCHES CAPITAL INCREASES CAPITAL MARKET CAPITAL MARKETS COMMON SHARES COMPANY COMPANY LAW COMPANY REPORTS CORPORATE FINANCE CORPORATE GOVERNANCE COURT PROCEDURES COURT SYSTEM CREDITORS DISCLOSURE DISCLOSURE REQUIREMENTS DISPOSITION OF ASSETS DIVERSIFICATION DIVIDENDS EQUITY CAPITAL EXTERNAL AUDITORS FAIR PRICE FINANCIAL MARKET FINANCIAL REGULATION FINANCIAL STATEMENTS FIRMS FOREIGN BANK FOREIGN DIRECT INVESTMENT FOREIGN SUBSIDIARIES FREE MARKETS HOLDING COMPANIES INDEPENDENT VALUATION INSIDER DEALING INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK FOR RECONSTRUCTION INTERNATIONAL STANDARDS INVESTMENT COMPANIES INVESTMENT FUND INVESTMENT FUNDS JOINT STOCK JOINT STOCK COMPANIES JOINT STOCK COMPANY JOINT-STOCK COMPANY LABOR LAW LAWS LAWYERS LEGAL COUNSEL LEGAL FORM LEGAL PROVISIONS LEGAL SYSTEM LEGISLATION LICENSING LIMITED LIABILITY LIMITED LIABILITY COMPANY LIQUIDATION MANAGEMENT BOARD MERGERS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MUTUAL FUNDS NET REVENUES NUMBER OF SHARES OWNERSHIP CONCENTRATION PENSION FUNDS PORTFOLIO PORTFOLIO INVESTMENT PREFERENTIAL TREATMENT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION OF STATE PRIVATIZATION PROGRAM PRIVATIZATION RESTRUCTURING PUBLIC COMPANIES PUBLIC INTEREST PUBLIC OFFERING RATING AGENCIES REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY PROVISIONS REGULATORY REFORMS REGULATORY RESTRICTIONS REORGANIZATION RISK FACTORS RISK MANAGEMENT SANCTION SANCTIONS SHARE CAPITAL SHARE OWNERSHIP SHARE PRICE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDING SPECULATION STAKEHOLDERS STATEMENT STATEMENTS STOCK EXCHANGE TAX COMPLIANCE TOTAL MARKET CAPITALIZATION TRADERS TRANSITION ECONOMIES TRANSPARENCY UNLISTED COMPANIES VOTING SHARES VOUCHER PRIVATIZATION
spellingShingle	ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS ADVISORY SERVICES ASSET STRIPPING ASSETS AUCTIONS AUDIT COMMITTEES AUDITING AUDITS BANK ACCOUNTS BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKS BIDS BOARD MEMBERS BOARD OF DIRECTORS BRANCHES CAPITAL INCREASES CAPITAL MARKET CAPITAL MARKETS COMMON SHARES COMPANY COMPANY LAW COMPANY REPORTS CORPORATE FINANCE CORPORATE GOVERNANCE COURT PROCEDURES COURT SYSTEM CREDITORS DISCLOSURE DISCLOSURE REQUIREMENTS DISPOSITION OF ASSETS DIVERSIFICATION DIVIDENDS EQUITY CAPITAL EXTERNAL AUDITORS FAIR PRICE FINANCIAL MARKET FINANCIAL REGULATION FINANCIAL STATEMENTS FIRMS FOREIGN BANK FOREIGN DIRECT INVESTMENT FOREIGN SUBSIDIARIES FREE MARKETS HOLDING COMPANIES INDEPENDENT VALUATION INSIDER DEALING INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK FOR RECONSTRUCTION INTERNATIONAL STANDARDS INVESTMENT COMPANIES INVESTMENT FUND INVESTMENT FUNDS JOINT STOCK JOINT STOCK COMPANIES JOINT STOCK COMPANY JOINT-STOCK COMPANY LABOR LAW LAWS LAWYERS LEGAL COUNSEL LEGAL FORM LEGAL PROVISIONS LEGAL SYSTEM LEGISLATION LICENSING LIMITED LIABILITY LIMITED LIABILITY COMPANY LIQUIDATION MANAGEMENT BOARD MERGERS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MUTUAL FUNDS NET REVENUES NUMBER OF SHARES OWNERSHIP CONCENTRATION PENSION FUNDS PORTFOLIO PORTFOLIO INVESTMENT PREFERENTIAL TREATMENT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION OF STATE PRIVATIZATION PROGRAM PRIVATIZATION RESTRUCTURING PUBLIC COMPANIES PUBLIC INTEREST PUBLIC OFFERING RATING AGENCIES REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY PROVISIONS REGULATORY REFORMS REGULATORY RESTRICTIONS REORGANIZATION RISK FACTORS RISK MANAGEMENT SANCTION SANCTIONS SHARE CAPITAL SHARE OWNERSHIP SHARE PRICE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDING SPECULATION STAKEHOLDERS STATEMENT STATEMENTS STOCK EXCHANGE TAX COMPLIANCE TOTAL MARKET CAPITALIZATION TRADERS TRANSITION ECONOMIES TRANSPARENCY UNLISTED COMPANIES VOTING SHARES VOUCHER PRIVATIZATION World Bank Corporate Governance Country Assessment : Czech Republic
geographic_facet	Europe and Central Asia Czech Republic
description	The Czech securities markets are rapidly evolving under political and commercial pressures. However, shortcomings remain that undercut their role in price discovery, and limit their value as risk diversification, as a source of finance and a mechanism for good corporate governance. Ownership concentration resulting from privatization in the early 1990s was accompanied by opaque deals and price manipulation, and owners often exploited control and acted against the interests of enterprises, creditors and minority shareholders. The policy recommendations may be grouped into three broad categories: legislative reform, institutional strengthening, and voluntary/private initiatives. In 2001, the Czech Republic instituted broad financial regulatory reforms. However, related party transactions, insolvency and more technical issues, such as voting by mail and shareholder meetings, still require more attention. Institutional strengthening is also vital to improve enforcement. The judiciary, Securities Commission, and other institutions that oversee financial market participants should be strengthened. Finally, in the area of voluntary/private initiatives, this report recommends enhanced training opportunities for Czech directors.
format	Economic & Sector Work :: Pre-2003 Economic or Sector Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Corporate Governance Country Assessment : Czech Republic
title_short	Corporate Governance Country Assessment : Czech Republic
title_full	Corporate Governance Country Assessment : Czech Republic
title_fullStr	Corporate Governance Country Assessment : Czech Republic
title_full_unstemmed	Corporate Governance Country Assessment : Czech Republic
title_sort	corporate governance country assessment : czech republic
publisher	Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2002/07/6556029/czech-republic-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14529
_version_	1764427554942353408

Corporate Governance Country Assessment : Czech Republic

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