Corporate Governance Country Assessment : Republic of Lithuania

World Bank

Washington, DC

关键词: ACCOUNTABILITY;    ACQUISITION OF ASSETS;    ACQUISITION PRICE;    ADVISORY SERVICES;    AUDIT COMMITTEES;   

RP-ID  :  35096

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 assessment benchmarks theLithuanian corporate governance system against the OECDPrinciples of Corporate Governance and highlights a numberof areas where Lithuania's corporate governance systemcan be strengthened. Lithuania has already investedconsiderable resources in upgrading its legislation to meetEU Directives, and the legislative and regulatory frameworkdealing with corporate governance issues is quite robust.The policy recommendations can be grouped under three broadcategories: legislative reform, institutional strengtheningand voluntary/private initiatives. The legislative andregulatory framework dealing with corporate governancepractices has undergone substantial change. The most seriousproblem is compliance and enforcement. While the assessmenthighlights several areas where Lithuania's corporategovernance system could be strengthened, the priority shouldbe given to the enforcement of existing laws. This reportpromotes private sector initiatives and capacity building tofollow up on the legislative progress on corporategovernance reform. It recommends the development of aLithuanian or regional voluntary code of best practice incorporate governance. The code should be prepared by a taskforce coordinated by the LSE and made up of public andprivate sector representatives. In addition, the reportproposes the creation of a regional Institute of Directors,to provide training for supervisory board members,disseminate best practice and play a vital role in thedialogue between the public and private sector. Together,these measures give issuers the choice to implement bestpractice and investors a benchmark against which to measurecorporate governance in Lithuania.