Corporate Governance of State-Owned Enterprises in Latin America : Current Trends and Country Cases

The main objective of this report is to provide a descriptive analysis of the current practices and trends of corporate governance of State-owned Enterprises (SOEs) in several Latin-American countries. It provides practitioners of SOE corporate gov...

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Bibliographic Details
Main Author:	World Bank
Format:	Working Paper
Language:	English en_US
Published:	World Bank Group, Washington, DC 2014
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE FUNCTIONS ADMINISTRATIVE LAW ADMINISTRATIVE PROCEDURE ADMINISTRATIVE REFORM ADMINISTRATIVE REGULATIONS ADMINISTRATIVE SYSTEMS ARTICLES OF INCORPORATION ASSET SALES AUDIT COMMITTEE AUDIT COMMITTEES AUDIT STANDARDS AUTHORITY AUTHORIZATION BALANCE SHEET BOARD MEMBERS BOARDS OF DIRECTORS BUDGETING CAPITAL EXPENDITURE CAPITAL INVESTMENT CAPITAL MARKETS CAPITAL STOCK CASH FLOW CENTRAL AGENCIES CENTRAL GOVERNMENT CENTRALIZATION CEO CEOS CHIEF EXECUTIVE CITIZENS CIVIL LAW COMMERCIAL CORPORATIONS COMMERCIAL LAW COMMERCIAL LAWS COMPANY COMPETITIVE MARKETS CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSENSUS CONSOLIDATION CONSTITUTION CONSTITUTIONS CONSUMER PROTECTION CONTINGENT LIABILITIES CORPORATE FORM CORPORATE GOVERNANCE CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE PRINCIPLES CORPORATE LAW CORPORATE PRACTICES CORPORATION CORPORATIONS CORPORATIONS LAW COUNCIL OF MINISTERS DEBT DECISION MAKING DECISION-MAKING DECISION-MAKING POWER DECREE DEGREE OF AUTONOMY DEVELOPMENT BANK DISCLOSURE DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION DIVIDEND POLICY ECONOMIC EFFICIENCY EQUAL TREATMENT EX ANTE EX POST EXCHANGE COMMISSION EXECUTION EXPENDITURE FEDERAL GOVERNMENT FINANCIAL AUDITS FINANCIAL AUTONOMY FINANCIAL CONSTRAINTS FINANCIAL INFORMATION FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL REPORTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STATEMENTS FISCAL DISCIPLINE GENERAL CORPORATION LAW GOOD CORPORATE GOVERNANCE GOOD GOVERNANCE GOVERNANCE ISSUES GOVERNMENT AGENCIES GOVERNMENT MANAGEMENT GOVERNMENT OFFICIALS GROSS DOMESTIC PRODUCT GROUP OF COMPANIES HOLDING HOLDING COMPANY INDEPENDENT AUDITS INFORMATION ASYMMETRIES INFORMATION DISCLOSURE INFORMATION SYSTEM INFORMATION SYSTEMS INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL ASPECTS INSTITUTIONAL FRAMEWORK INSTITUTIONALIZATION INSTRUMENT INSURANCE INTERNAL AUDIT INTERNAL AUDIT PROCEDURES INTERNATIONAL BANK INTERNATIONAL STANDARDS INVESTMENT PROJECTS ISSUANCE JOINT VENTURES LEGAL FORM LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL PERSONALITY LEGAL SYSTEM LEGISLATION LEGISLATURE LEVEL PLAYING FIELD LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED LIABILITY CORPORATIONS LIQUIDATION LOCAL STOCK MARKETS MAJORITY SHAREHOLDER MANAGEMENT CONTRACTS MANAGERS MARKET DISTORTIONS MINISTERS MINISTRY OF FINANCE MINORITY PARTICIPATION MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NATIONAL BANK NATIONAL CORPORATION NATIONAL PLANNING NATIONAL PLANNING DEPARTMENT NATIONAL SECURITIES NATIONAL TREASURY PARTNERSHIP PERSONS POLITICAL INTERFERENCE PORTFOLIO PRIVATE COMPANIES PRIVATE ENTERPRISES PROPERTY RIGHTS PROTECTION OF MINORITY SHAREHOLDERS PUBLIC ACCOUNTABILITY PUBLIC ADMINISTRATION PUBLIC ASSETS PUBLIC CONTROL PUBLIC CORPORATIONS PUBLIC EXPENDITURES PUBLIC INFORMATION PUBLIC MANAGEMENT PUBLIC OFFICIALS PUBLIC POLICY PUBLIC PROCUREMENT PUBLIC SECTOR REGULATORY BODIES REGULATORY FRAMEWORK REGULATORY REFORMS REGULATORY REQUIREMENTS REPRESENTATIVES RISK MANAGEMENT RISK MANAGEMENT COMMITTEE SECURITIES SECURITIES LAW SENATE SHAREHOLDER MEETING SHAREHOLDERS SHAREHOLDERS MEETING SINGLE OWNER SOCIAL OBLIGATIONS SOCIAL POLICY SPECIFIC DUTIES STATE CONTROL STATE ENTERPRISES STATE OWNERSHIP STATE PARTICIPATION STATE POWER STATE-OWNED COMPANIES STATE-OWNED ENTERPRISES STOCK COMPANIES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET STOCK MARKETS STOCKS SUBSIDIARY SUPERVISION MECHANISM SUPERVISION MECHANISMS TAX TAX LAWS TELECOMMUNICATIONS TRANSPARENCY TRANSPARENT PROCEDURES TRUST FUND UNION VOTING WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2014/07/20183864/ http://hdl.handle.net/10986/19983

Description
Summary:	The main objective of this report is to provide a descriptive analysis of the current practices and trends of corporate governance of State-owned Enterprises (SOEs) in several Latin-American countries. It provides practitioners of SOE corporate governance with a stocktaking of current practices and trends in several Latin American countries, as well as international experiences and good practices elsewhere. This report intend to contribute to the discussion and growing interest on SOE corporate governance and to provide an impulse for further analytical work in this area. In most Latin American and Caribbean countries, the SOE sector contributes significantly to GDP and represents an important part of consolidated public expenditures. In several cases, the SOEs are also key and strategic actors in the country s economy providing essential goods and services and frequently hold a dominant market position in critical sectors, such as petroleum, electricity, and transportation. They also operate in competitive markets such as financial services, telecommunications, etc. SOEs are also increasingly under pressure, by both their governments and by international competition, to operate and achieve their goals more efficiently and effectively. Within this context, achieving good corporate governance practices is critical to SOEs effectively providing goods and services and achieving their short-, medium-, and long-term goals, within a sustainable fiscal framework. This report has been prepared with the direct collaboration of government officials involved in the SOE sectors of eight countries in Latin America and the Caribbean, and Spain. It is mainly based on financial information and other relevant data on the above-mentioned countries, covering the period from 2010 to 2013. As part of data collection for the report, representatives of the SOE sectors in Brazil, Chile, Colombia, Dominican Republic, Mexico, Panama, Paraguay, Peru, Spain and Uruguay, attended the Technical Workshop on SOE Supervision in Latin American and Caribbean Countries, organized by the SOE Monitoring Unit of Paraguay and the World Bank in December 2011 in Punta del Este, Uruguay.

Corporate Governance of State-Owned Enterprises in Latin America : Current Trends and Country Cases

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