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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| Language: | English en_US |
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Washington, DC
2013
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| 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 |
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okr-10986-15305 |
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| recordtype |
oai_dc |
| 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 |
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 |
| spellingShingle |
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 World Bank Corporate Governance Country Assessment : Republic of Lithuania |
| geographic_facet |
Europe and Central Asia Lithuania |
| description |
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. |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Corporate Governance Country Assessment : Republic of Lithuania |
| title_short |
Corporate Governance Country Assessment : Republic of Lithuania |
| title_full |
Corporate Governance Country Assessment : Republic of Lithuania |
| title_fullStr |
Corporate Governance Country Assessment : Republic of Lithuania |
| title_full_unstemmed |
Corporate Governance Country Assessment : Republic of Lithuania |
| title_sort |
corporate governance country assessment : republic of lithuania |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
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 |
| _version_ |
1764427668060635136 |
| spelling |
okr-10986-153052021-04-23T14:03:15Z Corporate Governance Country Assessment : Republic of Lithuania World Bank 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 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. 2013-08-22T21:07:54Z 2013-08-22T21:07:54Z 2002-07 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 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Europe and Central Asia Lithuania |