SOE Reform : Time for Serious Corporate Governance

SOE Reform : Time for Serious Corporate Governance

This policy paper is motivated by the Government's 'Pakistan: framework for Economic Growth (FEG) 2011' which places weak corporate governance at the top of the 'software' constraints to growth. The efforts to reform the St...

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Bibliographic Details
Main Author:	Speakman, John
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ACCESS TO CAPITAL MARKETS ACCOUNTABILITY ACCOUNTABILITY MECHANISMS AMOUNTS OWED ASSET MANAGEMENT AUDIT COMMITTEE AUDIT COMMITTEES AUTHORITY BAD GOVERNANCE BALANCE SHEET BANKS BOARD MEMBERS BOARDS OF DIRECTORS BUREAUCRACY CAPITAL MARKET CENTRAL BANK CEO CEOS CHAIRMAN AND CEO CHIEF EXECUTIVE CIVIL SERVICE COMPANIES ACT COMPETITION COMMISSION COMPETITIVE MARKET CONFLICTS OF INTEREST CONSENSUS CONSULTATIVE PROCESS CONTINGENT LIABILITIES CONTRACT ENFORCEMENT CORPORATE GOVERNANCE CORPORATE GOVERNANCE REFORMS CORPORATE OWNERSHIP CORPORATE STRUCTURE CORPORATIONS COST OF CAPITAL DEBT DISCLOSURE DISCLOSURE REQUIREMENTS DISTRIBUTION COMPANIES DIVIDENDS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC REFORMS EMERGING MARKETS ENTERPRISE REFORM ENTRY POINTS EXCHANGE COMMISSION EXTERNAL ACCOUNTABILITY EXTERNALITIES FINANCE CORPORATION FINANCIAL AUTONOMY FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FISCAL BURDEN FISCAL PROBLEMS FOREIGN INVESTMENT GOOD CORPORATE GOVERNANCE GOOD GOVERNANCE GOVERNANCE ENVIRONMENT GOVERNANCE PRACTICES GOVERNANCE REFORM GOVERNANCE REGULATIONS GOVERNMENT AGENCIES GOVERNMENT OWNERSHIP GOVERNMENT RESPONSIBILITY GROSS DOMESTIC PRODUCT GROWTH PATH HARD BUDGET CONSTRAINTS HOLDING COMPANIES HOLDING COMPANY HUMAN RESOURCE HUMAN RESOURCES INDEPENDENT DIRECTORS INDIVIDUALS INDUSTRIAL COMPANIES INFORMATION SYSTEMS INSURANCE INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL CONTROL JOINT VENTURE KEY PERFORMANCE INDICATORS LABOR MARKETS LEGAL FRAMEWORK LEGISLATION LEVEL PLAYING FIELD LIFE INSURANCE LIMITED MANAGEMENT INFORMATION SYSTEMS MARKET ECONOMY MARKET REGULATIONS MARKET STRUCTURE MINISTERS MINISTRY OF FINANCE MINORITY SHAREHOLDERS MONOPOLY NATIONAL BANK NATIONAL ECONOMY NATIONAL LEVEL NATIONS OUTPUTS PERFORMANCE INDICATORS POLITICAL ECONOMY POLITICAL PARTIES POOR GOVERNANCE PRIME MINISTER PRINCIPAL-AGENT PRIVATE COMPANIES PRIVATE ENTERPRISE PRIVATE SECTOR CREDIT PRIVATE SECTOR GROWTH PRIVATE SECTOR REPRESENTATIVES PRIVATIZATION PRODUCTIVITY PROFITABILITY PUBLIC ENTERPRISES PUBLIC PROCUREMENT PUBLIC SECTOR RED TAPE REFORM PROGRAM REGULATOR REGULATORS REGULATORY AUTHORITY REGULATORY BODIES REGULATORY BODY REGULATORY FRAMEWORK REINSURANCE REPRESENTATIVES SECURITIES SERVICE DELIVERY STAKEHOLDER STAKEHOLDERS STATE BANK STATE BANK OF PAKISTAN STATE OWNERSHIP STATE-OWNED ENTERPRISES STOCK EXCHANGE STOCK MARKET STRONG CORPORATE GOVERNANCE STRONG GOVERNANCE SUSTAINABLE REFORM TRANSFER OF OWNERSHIP TRANSPARENCY TRANSPORT WEAK CORPORATE GOVERNANCE
Online Access:	http://documents.worldbank.org/curated/en/141221468286535581/State-owned-enterprise-SOE-reform-time-for-serious-corporate-governance http://hdl.handle.net/10986/26831

Description
Summary:	This policy paper is motivated by the Government's 'Pakistan: framework for Economic Growth (FEG) 2011' which places weak corporate governance at the top of the 'software' constraints to growth. The efforts to reform the State-Owned Enterprises (SOEs) have stalled in Pakistan for almost five years with significant negative implications not only in terms of fiscal losses, but also deteriorated and cost-ineffective service delivery. The paper suggests a number of urgent policy measures designed to improve the efficiency and effectiveness of SOEs. These include basic governance reforms, revamped commercialization processes and enhanced market regulations. The paper also provides some perspectives on international experience on SOE reforms combined with some suggestions on how the Government can move forward.

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