Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Panama

World Bank

Washington, DC

关键词: ACCOUNTING;    ACCOUNTING STANDARDS;    ADMINISTRATIVE PROCEDURES;    ASSETS;    AUDIT COMMITTEES;   

RP-ID  :  35169

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This report provides an assessment ofthe corporate governance policy framework and enforcementand compliance practices in Panama. Much progress has beenmade since the drafting of the new Securities and BankingLaws in the late 1990s. The major issues are driven by thepreponderance of banks. Given abundant debt financing, thereis little need for equity financing. In addition,institutional investors are largely absent from the equitymarket. The main legislation concerning listed companies isbased on US laws and is sophisticated, though poorlyenforced.The report recommends: (1) a sufficient level ofdisclosure in practice, to enable the identification ofbeneficial owners and their exact stakes, in the annualreport; (2) simplified shareholder redress, including a moreactive role for the securities regulator, so as to enableshareholders to challenge corporate decisions; (3) thecreation of an effective audit oversight mechanism; (4) there-introduction of the regulation on proxy solicitation,requiring the provision of sufficient information forshareholders to make informed voting decisions; (5)mandatory audit committees for all listed companies; (6)clearer fiduciary duties and liabilities of directors, and(7) the availability of relevant and useful training forboard members. The report also proposes strengthening thesecurities regulator's ability to issue and enforceregulations on listed firms, their boards and shareholdersand stricter monitoring of the quality of disclosure.