Corporate Governance Country Assessment : Romania
This report provides an assessment of the corporate governance policy framework, and enforcement and compliance practices in Romania, and updates the assessment completed in 2002. Strengths and weaknesses are highlighted and policy recommendations...
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| Format: | Corporate Governance Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/04/6588835/romania-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14482 |
| Summary: | This report provides an assessment of
the corporate governance policy framework, and enforcement
and compliance practices in Romania, and updates the
assessment completed in 2002. Strengths and weaknesses are
highlighted and policy recommendations formulated. The major
issues are driven by Romania's effort to join the
European Union (EU), and the continuing transformation of
the Romanian capital markets. Legislative changes in recent
years have improved the corporate governance framework. The
report notes several areas for further improvement. It
recommends that policymakers consider 1) giving a clear
mandate to the CNVM (National Commission on Real Estate
Values) to protect shareholder's rights, and, in
providing additional resources to allow implementation of
this mandate; 2) protecting shareholder rights for all
publicly held companies, including the less active Rasdaq
companies; 3) moving forward on the creation of a Corporate
Governance Institute, to both provide training to board
members, and develop a new Corporate Governance Code,
refocused on the role of the board of directors; and, 4)
revising the Company Law, with emphasis on shareholder
rights, and that of the board of directors. |
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