Corporate Governance Country Assessment : Republic of Lithuania

Corporate Governance Country Assessment : Republic of Lithuania

This assessment benchmarks the Lithuanian corporate governance system against the OECD Principles of Corporate Governance and highlights a number of areas where Lithuania's corporate governance system can be strengthened. Lithuania has already...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTABILITY ACQUISITION OF ASSETS ACQUISITION PRICE ADVISORY SERVICES AUDIT COMMITTEES AUTHORITY AUTHORIZATION AUTHORIZED CAPITAL BANKRUPTCY BOARD MEMBERS BOARD OF DIRECTORS CAPITAL MARKETS CAPITAL STRUCTURE CATEGORIES OF SHARES CLASSES OF SHARES COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LAW COMPANY COMPANY LAW COMPANY MANAGEMENT CONCENTRATION OF OWNERSHIP CONFIDENTIALITY AGREEMENT CONFLICT OF INTEREST CONFLICTS OF INTEREST CONVERTIBLE DEBENTURES CORPORATE CONTROL CORPORATE CULTURE CORPORATE GOVERNANCE CORPORATE GOVERNANCE SYSTEM CORPORATE PERFORMANCE CORPORATE STRATEGY CORPORATION CORPORATIONS COUNSEL DECISION MAKING DECISION MAKING PROCESS DECREES DEGREE OF CONTROL DISCLOSURE DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISCLOSURE RULES DIVIDENDS DOMESTIC INSTITUTIONAL INVESTORS DUE DILIGENCE EMPLOYMENT EXECUTIVE OFFICER EXPENDITURES EXTRAORDINARY SHAREHOLDERS FINANCIAL CONTROL FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERESTS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FIXED ASSETS FOREIGN DIRECT INVESTMENT FOREIGN SHAREHOLDERS GLOBAL ECONOMY GOVERNMENT OFFICIALS GROUP OF SHAREHOLDERS INSIDER TRADING INSOLVENCY INSOLVENT INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INTERNATIONAL MARKETS INVESTMENT BANKING INVESTOR RELATIONS JUDICIARY LEGAL ENTITIES LEGAL FRAMEWORK LEGAL REQUIREMENTS LEGISLATION LEGISLATIVE REFORM LIFE INSURANCE COMPANIES LIMITED LIABILITY LISTED COMPANIES MAJORITY OWNERSHIP MANAGEMENT MANAGEMENT BOARD MANAGEMENT BODY MARKET CONDITIONS MARKET ECONOMY MARKET INFORMATION MARKET PRICE MARKET STRUCTURE MASS MEDIA MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MUNICIPALITY NET PROFITS OWNERSHIP INTEREST OWNERSHIP STRUCTURE PENSION FUNDS PRIVATE PENSION PRIVATE SECTOR PRIVATE SECTORS PRIVATIZATION OF STATE PROTECTION OF MINORITY SHAREHOLDERS PUBLIC COMPANIES PUBLIC DISCLOSURE PUBLIC INTEREST RATIONALIZATION REGULATORY FRAMEWORK REPRESENTATIVES RISK MANAGEMENT SHARE CAPITAL SHARE OWNERSHIP SHAREHOLDER MEETINGS SHAREHOLDERS SHAREHOLDING SHAREHOLDING STRUCTURE SHARES OUTSTANDING STAKEHOLDERS STATE-OWNED ENTERPRISES STATEMENTS STOCK EXCHANGE STRATEGIC INVESTORS SURETY TRANSPARENCY VETO VOTING VOTING SHARES VOUCHER PRIVATIZATION
Online Access:	http://documents.worldbank.org/curated/en/2002/07/6568353/report-observance-standards-codes-rosc-lithuania-corporate-governance-country-assessment http://hdl.handle.net/10986/15305

Description
Summary:	This assessment benchmarks the Lithuanian corporate governance system against the OECD Principles of Corporate Governance and highlights a number of areas where Lithuania's corporate governance system can be strengthened. Lithuania has already invested considerable resources in upgrading its legislation to meet EU Directives, and the legislative and regulatory framework dealing with corporate governance issues is quite robust. The policy recommendations can be grouped under three broad categories: legislative reform, institutional strengthening and voluntary/private initiatives. The legislative and regulatory framework dealing with corporate governance practices has undergone substantial change. The most serious problem is compliance and enforcement. While the assessment highlights several areas where Lithuania's corporate governance system could be strengthened, the priority should be given to the enforcement of existing laws. This report promotes private sector initiatives and capacity building to follow up on the legislative progress on corporate governance reform. It recommends the development of a Lithuanian or regional voluntary code of best practice in corporate governance. The code should be prepared by a task force coordinated by the LSE and made up of public and private sector representatives. In addition, the report proposes the creation of a regional Institute of Directors, to provide training for supervisory board members, disseminate best practice and play a vital role in the dialogue between the public and private sector. Together, these measures give issuers the choice to implement best practice and investors a benchmark against which to measure corporate governance in Lithuania.

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