Corporate Governance Country Assessment : Czech Republic

World Bank

Washington, DC

关键词: ACCOUNTING;    ACCOUNTING PRINCIPLES;    ACCOUNTING STANDARDS;    ADVISORY SERVICES;    ASSET STRIPPING;   

RP-ID  :  35025

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The Czech securities markets are rapidlyevolving under political and commercial pressures. However,shortcomings remain that undercut their role in pricediscovery, and limit their value as risk diversification, asa source of finance and a mechanism for good corporategovernance. Ownership concentration resulting fromprivatization in the early 1990s was accompanied by opaquedeals and price manipulation, and owners often exploitedcontrol and acted against the interests of enterprises,creditors and minority shareholders. The policyrecommendations may be grouped into three broad categories:legislative reform, institutional strengthening, andvoluntary/private initiatives. In 2001, the Czech Republicinstituted broad financial regulatory reforms. However,related party transactions, insolvency and more technicalissues, such as voting by mail and shareholder meetings,still require more attention. Institutional strengthening isalso vital to improve enforcement. The judiciary, SecuritiesCommission, and other institutions that oversee financialmarket participants should be strengthened. Finally, in thearea of voluntary/private initiatives, this reportrecommends enhanced training opportunities for Czech directors.