Bhutan : State Owned Enterprises and Corporate Governance Report

This paper reviews state-owned Enterprises (SOE) corporate governance in Bhutan, outlines SOE compensation and personnel management policies, and recommends policy options to improve state enterprise performance and facilitate greater autonomy in S...

Full description

Bibliographic Details
Main Author:	World Bank
Format:	Corporate Governance Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE MINISTRIES AMALGAMATION ANTI-CORRUPTION ARTICLES OF ASSOCIATION AUDIT COMMITTEE AUDIT COMMITTEES AUTHORITY BANKRUPTCY BENEFICIAL OWNERS BOARD MEETING BOARD MEMBER BOARD MEMBERS BOARDS OF DIRECTOR BOARDS OF DIRECTORS BOND BOND MARKET CAPITAL EXPENDITURES CAPITAL MARKET CAPITAL MARKET REGULATION CAPITAL STRUCTURE CENTRAL BANK CENTRAL DEPOSITORY CEO CEOS CHAMBER OF COMMERCE CHARTER COMMERCIAL BANKS COMMERCIAL ENTERPRISES COMMERCIAL ENTITIES COMMON LAW COMMON LAW COUNTRIES COMPANIES ACT COMPENSATION PACKAGES COMPENSATION POLICIES COMPENSATION POLICY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSENSUS CONSTITUTION CONTROLLING SHAREHOLDERS CORP. CORPORATE AFFAIRS CORPORATE ASSETS CORPORATE BOARDS CORPORATE BODIES CORPORATE GOVERNANCE CORPORATE GOVERNANCE REFORM CORPORATE MANAGEMENT CORPORATE OWNERSHIP CORPORATE PERFORMANCE CORPORATION CORPORATIONS COUNCIL OF MINISTERS CREDIT CARD CREDITORS CURRENCY DEBENTURES DEBT DEBT MANAGEMENT DECISION MAKING DECREE DEMOCRACY DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT FINANCE DISCLOSURE DISCLOSURE OBLIGATIONS DISCLOSURE REQUIREMENTS DISCLOSURE STANDARDS DOMESTIC MARKET DUE DILIGENCE ECONOMIC DEVELOPMENT EMPLOYMENT GENERATION ENABLING ENVIRONMENT ENTERPRISE PERFORMANCE EXPENDITURE FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL PERFORMANCE FINANCIAL PERFORMANCES FINANCIAL RESOURCES FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL TRANSPARENCY FOREIGN EQUITY FOREIGN EXCHANGE GLOBAL CORPORATE GOVERNANCE GOOD CORPORATE GOVERNANCE GOOD GOVERNANCE GOVERNANCE ARRANGEMENTS GOVERNANCE ISSUES GOVERNMENT ACCOUNTABILITY GOVERNMENT AGENCIES GOVERNMENT AGENCY GOVERNMENT COMPANIES GOVERNMENT COMPANY GOVERNMENT EQUITY GOVERNMENT INTERVENTION GOVERNMENT INVOLVEMENT GOVERNMENT OWNED COMPANIES GOVERNMENT OWNERSHIP GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SUBSIDY GOVERNMENT SUPPORT HOLDING HOLDINGS HUMAN RESOURCE HUMAN RESOURCE MANAGEMENT HUMAN RESOURCE POLICIES HUMAN RESOURCES INCORPORATION INDIVIDUALS INDUSTRIAL COMPANIES INSOLVENCY INSTITUTIONAL FRAMEWORK INSTRUMENT INSURANCE INSURANCE CORPORATION INTERESTED PARTIES INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNATIONAL STANDARDS LABOR MARKET LABOR MARKETS LAWS LEGAL ACTION LEGAL FORM LEGAL FRAMEWORK LEGISLATION LEGISLATURE LEVEL PLAYING FIELD LIMITED LOCAL COMPANIES LONG-TERM INTEREST LTD. MAJORITY SHAREHOLDER MANAGERS MANDATES MARKET CAPITALIZATION MARKET CONDITIONS MARKET DISTORTIONS MARKET PRICE MARKET REQUIREMENTS MARKET VALUE MINISTERS MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MONETARY AUTHORITY NATIONAL BANK NEGOTIABLE INSTRUMENT OLD-AGE PENSIONS OPPORTUNITY COST PENSION PENSION SYSTEM PRESIDENCY PRIVATE COMPANIES PRIVATE SECTOR GROWTH PRIVATE SECTOR PARTICIPATION PROTECTION OF MINORITY SHAREHOLDERS PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PUBLIC ADMINISTRATION PUBLIC COMPANIES PUBLIC COMPANY PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR PORTFOLIO REGISTERED COMPANIES REGISTRAR OF COMPANIES REGULATORY AGENCIES REGULATORY AGENCY REGULATORY BODIES REGULATORY FRAMEWORK REPRESENTATIVES RETURNS SECURITIES SECURITIES EXCHANGE SEPARATION OF OWNERSHIP SETTLEMENT SHARE CAPITAL SHAREHOLDER SHAREHOLDERS MEETINGS SOCIAL PROGRAMS SOCIETY SOLE PROPRIETORSHIPS SPECIFIC DUTIES STAKEHOLDERS STATE ADMINISTRATION STATE BANKS STATE ENTERPRISE STATE ENTERPRISES STATE OWNERSHIP STATE-OWNED COMPANIES STATE-OWNED ENTERPRISES STOCK EXCHANGE SUBSIDIARIES TAX TOTAL EXPENDITURES TRADING TRANSPARENCY TRUST LAW TURNOVER VOTING
Online Access:	http://documents.worldbank.org/curated/en/2007/01/16449972/bhutan-state-owned-enterprises-corporate-governance-soe-cg-report http://hdl.handle.net/10986/12722

Description
Summary:	This paper reviews state-owned Enterprises (SOE) corporate governance in Bhutan, outlines SOE compensation and personnel management policies, and recommends policy options to improve state enterprise performance and facilitate greater autonomy in SOE pay and personal management. Following the OECD Guidelines on the Corporate Governance of State Owned Enterprises, the report defines an SOE as any enterprise with state ownership, a distinct legal form (separate from the public administration) and having commercial sales and revenues. This definition includes both wholly owned enterprises and those with minority state ownership. Recommendations are provided, and include strengthening the ownership function by creating a specialized division in the Ministry of Finance to represent the government as a shareholder; regularly monitor and assess SOE performance at the aggregate level; encourage active ownership and the systematic exercising of state ownership right; strengthen board responsibilities, qualifications, and independence; make transparent and explicit subsidies to various categories of consumers through SOEs, and measure the efficiency of their delivery to consumers; focus and streamline Royal Audit Authority (RAA) audits.

Bhutan : State Owned Enterprises and Corporate Governance Report

Similar Items