Download - ROSC
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
Mierta CapaulPSACG, World Bank Group
ROSCCorporate Governance
Assessments
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
Overview
ROSC Background Features of CG ROSC Assessments
The Croatia CG ROSC Key country features Diagnostic/Policy Recommendations
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
ROSC background
G7 - Financial Stability Forum
Objective: crisis prevention
12 standards – 3 categories
IMF and WB mandate to assess country compliance
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
Features of CG ROSC
Voluntary country participationVoluntary country participation
Template based on OECD Template based on OECD PrinciplesPrinciples
Standard ROSC reportStandard ROSC report
Publication/disseminationPublication/dissemination
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
Croatia CG ROSC –Key country features
Legacy of transition and conflict 65 companies listed on ZSE, 480
companies listed on Varazdin OTC Civil law framework New and vulnerable institutions Drivers of change: EU membership
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
Diagnostic & policy recommendations (1) Share transfer Diagnostic: “Vinkulacija” restricts
transfer pending company approval
Recommendation: Amend company law to remove right to block share transfer for all joint stock companies
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
Diagnostic & policy recommendations (2) Participation in decisions on
fundamental corporate changes Diagnostic: Decisions are taken at
shareholder meetings with vote of those present and voting
Recommendation: Supermajority vote of all outstanding shares
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
Diagnostic & policy recommendations (3) Disclosure of material information Diagnostic:
Full adoption of IAS Weak auditing practices Material non-financial information
Recommendation: Incentives to graduate to higher tiers
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
Diagnostic & policy recommendations (4) Board responsibilities Diagnostic: Unclear roles and
responsibilities for directors Recommendation:
director training code of best practice business judgment rule
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South East European Roundtable: BucharestSeptember 20 – 21, 2001
More information About the ROSC program:
http://www.worldbank.org/ifa/ About corporate governance and
other World Bank private sector advisory services: http://rru.worldbank.org/
About the global corporate governance forum: www.gcgf.org