Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama
This report provides an assessment of the corporate governance policy framework and enforcement and compliance practices in Panama. Much progress has been made since the drafting of the new Securities and Banking Laws in the late 1990s. The major i...
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| Format: | Corporate Governance Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/06/6582362/panama-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14460 |
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okr-10986-144602021-04-23T14:03:18Z Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama World Bank ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE PROCEDURES ASSETS AUDIT COMMITTEES AUTHORIZATION BANKS BOLSA CAPITAL MARKETS CAPITAL REQUIREMENTS COMPANY CONSTITUTION CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE SECTOR CORPORATION CORPORATIONS COURT DEBT DEBT FINANCING DECREE DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS EMERGING MARKETS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL INTERESTS FINANCIAL MARKETS FIRMS FOREIGN SHAREHOLDERS FRAUD GOING PRIVATE GUIDELINES INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INTERNATIONAL FINANCE INVESTMENT ADVISORS INVESTMENT CLIMATE LATIN AMERICAN LAWYERS LEGAL FRAMEWORK LEGISLATION LIQUIDATION LISTED COMPANIES MERGERS MINORITY SHAREHOLDERS MUTUAL FUNDS NATIONALS OFFERINGS OPERATING COMPANIES PORTFOLIO PRIVATE PENSION PYRAMID STRUCTURES REGULATORY BODIES REGULATORY FRAMEWORK REGULATORY POWERS REPRESENTATIVES RISK MANAGEMENT SHARE CAPITAL SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDERS SOCIAL SECURITY STATEMENT STATEMENTS TENDERS TOTAL MARKET CAPITALIZATION TRANSPARENCY VOTING This report provides an assessment of the corporate governance policy framework and enforcement and compliance practices in Panama. Much progress has been made since the drafting of the new Securities and Banking Laws in the late 1990s. The major issues are driven by the preponderance of banks. Given abundant debt financing, there is little need for equity financing. In addition, institutional investors are largely absent from the equity market. The main legislation concerning listed companies is based on US laws and is sophisticated, though poorly enforced. The report recommends: (1) a sufficient level of disclosure in practice, to enable the identification of beneficial owners and their exact stakes, in the annual report; (2) simplified shareholder redress, including a more active role for the securities regulator, so as to enable shareholders to challenge corporate decisions; (3) the creation of an effective audit oversight mechanism; (4) the re-introduction of the regulation on proxy solicitation, requiring the provision of sufficient information for shareholders to make informed voting decisions; (5) mandatory audit committees for all listed companies; (6) clearer fiduciary duties and liabilities of directors, and (7) the availability of relevant and useful training for board members. The report also proposes strengthening the securities regulator's ability to issue and enforce regulations on listed firms, their boards and shareholders and stricter monitoring of the quality of disclosure. 2013-07-22T20:10:43Z 2013-07-22T20:10:43Z 2004-06 http://documents.worldbank.org/curated/en/2004/06/6582362/panama-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14460 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Corporate Governance Assessment (ROSC) Economic & Sector Work Latin America & Caribbean Panama |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE PROCEDURES ASSETS AUDIT COMMITTEES AUTHORIZATION BANKS BOLSA CAPITAL MARKETS CAPITAL REQUIREMENTS COMPANY CONSTITUTION CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE SECTOR CORPORATION CORPORATIONS COURT DEBT DEBT FINANCING DECREE DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS EMERGING MARKETS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL INTERESTS FINANCIAL MARKETS FIRMS FOREIGN SHAREHOLDERS FRAUD GOING PRIVATE GUIDELINES INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INTERNATIONAL FINANCE INVESTMENT ADVISORS INVESTMENT CLIMATE LATIN AMERICAN LAWYERS LEGAL FRAMEWORK LEGISLATION LIQUIDATION LISTED COMPANIES MERGERS MINORITY SHAREHOLDERS MUTUAL FUNDS NATIONALS OFFERINGS OPERATING COMPANIES PORTFOLIO PRIVATE PENSION PYRAMID STRUCTURES REGULATORY BODIES REGULATORY FRAMEWORK REGULATORY POWERS REPRESENTATIVES RISK MANAGEMENT SHARE CAPITAL SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDERS SOCIAL SECURITY STATEMENT STATEMENTS TENDERS TOTAL MARKET CAPITALIZATION TRANSPARENCY VOTING |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE PROCEDURES ASSETS AUDIT COMMITTEES AUTHORIZATION BANKS BOLSA CAPITAL MARKETS CAPITAL REQUIREMENTS COMPANY CONSTITUTION CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE SECTOR CORPORATION CORPORATIONS COURT DEBT DEBT FINANCING DECREE DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS EMERGING MARKETS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL INTERESTS FINANCIAL MARKETS FIRMS FOREIGN SHAREHOLDERS FRAUD GOING PRIVATE GUIDELINES INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INTERNATIONAL FINANCE INVESTMENT ADVISORS INVESTMENT CLIMATE LATIN AMERICAN LAWYERS LEGAL FRAMEWORK LEGISLATION LIQUIDATION LISTED COMPANIES MERGERS MINORITY SHAREHOLDERS MUTUAL FUNDS NATIONALS OFFERINGS OPERATING COMPANIES PORTFOLIO PRIVATE PENSION PYRAMID STRUCTURES REGULATORY BODIES REGULATORY FRAMEWORK REGULATORY POWERS REPRESENTATIVES RISK MANAGEMENT SHARE CAPITAL SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDERS SOCIAL SECURITY STATEMENT STATEMENTS TENDERS TOTAL MARKET CAPITALIZATION TRANSPARENCY VOTING World Bank Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama |
| geographic_facet |
Latin America & Caribbean Panama |
| description |
This report provides an assessment of
the corporate governance policy framework and enforcement
and compliance practices in Panama. Much progress has been
made since the drafting of the new Securities and Banking
Laws in the late 1990s. The major issues are driven by the
preponderance of banks. Given abundant debt financing, there
is little need for equity financing. In addition,
institutional investors are largely absent from the equity
market. The main legislation concerning listed companies is
based on US laws and is sophisticated, though poorly
enforced. The report recommends: (1) a sufficient level of
disclosure in practice, to enable the identification of
beneficial owners and their exact stakes, in the annual
report; (2) simplified shareholder redress, including a more
active role for the securities regulator, so as to enable
shareholders to challenge corporate decisions; (3) the
creation of an effective audit oversight mechanism; (4) the
re-introduction of the regulation on proxy solicitation,
requiring the provision of sufficient information for
shareholders to make informed voting decisions; (5)
mandatory audit committees for all listed companies; (6)
clearer fiduciary duties and liabilities of directors, and
(7) the availability of relevant and useful training for
board members. The report also proposes strengthening the
securities regulator's ability to issue and enforce
regulations on listed firms, their boards and shareholders
and stricter monitoring of the quality of disclosure. |
| format |
Economic & Sector Work :: Corporate Governance Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama |
| title_short |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama |
| title_full |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama |
| title_fullStr |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama |
| title_full_unstemmed |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama |
| title_sort |
report on the observance of standards and codes : corporate governance country assessment, panama |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/06/6582362/panama-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14460 |
| _version_ |
1764429226219405312 |