1. SOE Reform : Time for Serious Corporate Governance
- Author
-
Speakman, John
- Subjects
CORPORATIONS ,MINORITY SHAREHOLDERS ,STATE BANK ,INTERNAL AUDIT ,STOCK MARKET ,ECONOMIC GROWTH ,SUSTAINABLE REFORM ,GROSS DOMESTIC PRODUCT ,REINSURANCE ,REGULATORY BODY ,WEAK CORPORATE GOVERNANCE ,FINANCE CORPORATION ,ACCOUNTABILITY MECHANISMS ,ECONOMIC REFORMS ,EXTERNALITIES ,GOVERNMENT RESPONSIBILITY ,BAD GOVERNANCE ,STATE OWNERSHIP ,FINANCIAL SECTOR ,AMOUNTS OWED ,AUDIT COMMITTEE ,CHIEF EXECUTIVE ,NATIONAL LEVEL ,STAKEHOLDERS ,PRODUCTIVITY ,STATE-OWNED ENTERPRISES ,NATIONS ,STAKEHOLDER ,RED TAPE ,FISCAL BURDEN ,GOVERNMENT OWNERSHIP ,INDEPENDENT DIRECTORS ,PUBLIC PROCUREMENT ,GOVERNANCE ENVIRONMENT ,PERFORMANCE INDICATORS ,BOARDS OF DIRECTORS ,INTERNAL CONTROL ,CONFLICTS OF INTEREST ,DISCLOSURE REQUIREMENTS ,EXCHANGE COMMISSION ,REPRESENTATIVES ,PRINCIPAL-AGENT ,TRANSPARENCY ,SERVICE DELIVERY ,EMERGING MARKETS ,CORPORATE OWNERSHIP ,FINANCIAL MARKETS ,PRIME MINISTER ,DISTRIBUTION COMPANIES ,PRIVATE SECTOR CREDIT ,STRONG CORPORATE GOVERNANCE ,ENTRY POINTS ,LIMITED ,INFORMATION SYSTEMS ,GOVERNANCE PRACTICES ,MARKET STRUCTURE ,PRIVATE SECTOR REPRESENTATIVES ,CORPORATE GOVERNANCE ,FINANCIAL STATEMENTS ,GOVERNANCE REGULATIONS ,GOVERNANCE REFORM ,STOCK EXCHANGE ,ASSET MANAGEMENT ,BALANCE SHEET ,CIVIL SERVICE ,PUBLIC ENTERPRISES ,NATIONAL ECONOMY ,BOARD MEMBERS ,REFORM PROGRAM ,PUBLIC SECTOR ,DEBT ,CONTINGENT LIABILITIES ,COST OF CAPITAL ,REGULATORY AUTHORITY ,FINANCIAL SERVICES ,GOVERNMENT AGENCIES ,CONSENSUS ,COMPANIES ACT ,PROFITABILITY ,CONTRACT ENFORCEMENT ,ECONOMIC DEVELOPMENT ,CENTRAL BANK ,DISCLOSURE ,NATIONAL BANK ,DIVIDENDS ,MARKET REGULATIONS ,AUTHORITY ,MANAGEMENT INFORMATION SYSTEMS ,MINISTERS ,CAPITAL MARKET ,MINISTRY OF FINANCE ,ENTERPRISE REFORM ,FINANCIAL SECTORS ,FINANCIAL SUSTAINABILITY ,KEY PERFORMANCE INDICATORS ,TRANSFER OF OWNERSHIP ,PRIVATE ENTERPRISE ,POLITICAL ECONOMY ,CEO ,OUTPUTS ,MONOPOLY ,REGULATORY FRAMEWORK ,INSURANCE ,INTERNAL AUDIT FUNCTION ,PRIVATE SECTOR GROWTH ,REGULATOR ,CEOS ,JOINT VENTURE ,BANKS ,LIFE INSURANCE ,GOOD GOVERNANCE ,STRONG GOVERNANCE ,HUMAN RESOURCES ,PRIVATE COMPANIES ,BUREAUCRACY ,ACCESS TO CAPITAL MARKETS ,INDUSTRIAL COMPANIES ,PRIVATIZATION ,COMPETITION COMMISSION ,LEGISLATION ,SECURITIES ,COMPETITIVE MARKET ,POOR GOVERNANCE ,HOLDING COMPANIES ,CONSULTATIVE PROCESS ,GOOD CORPORATE GOVERNANCE ,LABOR MARKETS ,HARD BUDGET CONSTRAINTS ,CORPORATE GOVERNANCE REFORMS ,CORPORATE STRUCTURE ,EXTERNAL ACCOUNTABILITY ,FOREIGN INVESTMENT ,REGULATORS ,FINANCIAL AUTONOMY ,HOLDING COMPANY ,STATE BANK OF PAKISTAN ,FINANCIAL PERFORMANCE ,FISCAL PROBLEMS ,LEGAL FRAMEWORK ,GROWTH PATH ,AUDIT COMMITTEES ,REGULATORY BODIES ,TRANSPORT ,FINANCIAL SUPPORT ,INDIVIDUALS ,POLITICAL PARTIES ,CHAIRMAN AND CEO ,MARKET ECONOMY ,ACCOUNTABILITY ,LEVEL PLAYING FIELD ,HUMAN RESOURCE - Abstract
This policy paper is motivated by the Government's 'Pakistan: framework for Economic Growth (FEG) 2011' which places weak corporate governance at the top of the 'software' constraints to growth. The efforts to reform the State-Owned Enterprises (SOEs) have stalled in Pakistan for almost five years with significant negative implications not only in terms of fiscal losses, but also deteriorated and cost-ineffective service delivery. The paper suggests a number of urgent policy measures designed to improve the efficiency and effectiveness of SOEs. These include basic governance reforms, revamped commercialization processes and enhanced market regulations. The paper also provides some perspectives on international experience on SOE reforms combined with some suggestions on how the Government can move forward.
- Published
- 2012