3rd Eurasian Corporate Governance Roundtable
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3rd Eurasian Corporate Governance Roundtable Shareholder Rights, Equitable Treatment and the Role of the State April 17-18, 2002 hosted by Securities and Stock Market State Commission of Ukraine State Property Fund of Ukraine PFTS with the support of The Government of Japan. The Global

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3rd Eurasian Corporate Governance Roundtable

Shareholder Rights, Equitable Treatment and the Role of the State

April 17-18, 2002

hosted by

Securities and Stock Market State Commission of Ukraine

State Property Fund of Ukraine

PFTS

with the support of

The Government of Japan

The Global

Corporate Governance Forum


The world bank s georgian corporate governance report on the observance of standards and codes rosc

The World Bank’s Georgian Corporate Governance Report on the Observance of Standards and Codes (ROSC)

Warren Gorlick

The World Bank Group

Private Sector Advisory Services – Corporate Governance Unit

April 17-18, 2002


Reports on standards and codes roscs
Reports on Standards and Codes (ROSCs) the Observance of Standards and Codes (ROSC)

  • Financial stability rests on standards

  • WB and IMF make “ROSC” assessments

  • WB leads in three of the 11 key standards:

    • accounting and auditing

    • insolvency and creditor rights

    • corporate governance


Corporate governance cg roscs
Corporate Governance (CG) ROSCs the Observance of Standards and Codes (ROSC)

  • Countries benchmarked in CG against OECD Principles

  • CG template incorporates each OECD Principle

  • Focus is on country, not company analysis

  • ROSC exercises support diagnosis, dialogue and action


Cg rosc activity to date
CG ROSC activity to date the Observance of Standards and Codes (ROSC)

  • CG ROSCs have been completed for 11 countries

  • ROSCs for nine countries are already on the World Bank public web site

  • ROSCs are published at http://www.worldbank.org/html/fpd/privatesector/cg/cg_rosc.htm upon receipt of (country) government approval

  • Growing number of CG assessments focus on transition economies

  • World Bank has initiated its look at Eurasian corporate governance systems, beginning last year with Georgia


Georgia cg rosc overview
Georgia CG ROSC: Overview the Observance of Standards and Codes (ROSC)

  • Part of Financial System Stability Assessment (FSSA) under the Financial Sector Assessment Program (FSAP), completed October 2001

  • Proposed by World Bank’s ECSPF in early 2001

  • Due diligence conducted April-July 2001; report completed December 2001

  • Government approval received March 2002; ROSC publication online April 2002


Georgia cg rosc findings
Georgia CG ROSC: Findings the Observance of Standards and Codes (ROSC)

  • Shareholder rights (especially minority shareholder protection)

  • Disclosure and transparency

  • Adherence to duties by MDs and supervisory board members


Georgia cg rosc policy recommendations
Georgia CG ROSC: Policy recommendations the Observance of Standards and Codes (ROSC)

  • Strengthen accounting and auditing profession

  • Strengthen the securities regulator

  • Prepare voluntary national code of best practice

  • Set up IoD

  • Centralize info on public companies and provide online access


Ukraine cg rosc
Ukraine CG ROSC the Observance of Standards and Codes (ROSC)

  • Being conducted with assistance from IFC

  • Template and first draft completed and under review as of April 2002

  • Due diligence mission planned for May 2002

  • ROSC scheduled for completion FY 2003


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