Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama

Clarke de la Cerda, Alvaro ; Barsallo, Carlos A.

International Finance Corporation, Washington, DC

关键词: ACCESS TO CAPITAL;    ACCOUNTING;    ACQUISITION;    ACQUISITIONS;    AGENCY COSTS;   

RP-ID  :  44247

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Focus 6 covers the experiences of twohigh-profile cases in Chile and Panama and analyzes reformsthat shape new legislation and protect minorityshareholders. The first article in this publication exploresthe impact the reforms to the regulation of corporategovernance in 2000 on the capital market in Chile. Afterseven years of implementing the new law it is possible toconsider, with a more informed vision, what the positive andnegative elements that strengthening the regulation ofcorporate governance have brought. The experience of Panamais also an ironic commentary on the Chilean experience. Itis the case for reform to protect minority shareholderswhich was introduced by the Panamanian securities regulator.In reaction to this, some interested individuals rejectedthe reform proposal in theory, tying up the initiative inthe courts, but accepted it and followed it in practice. Andcontinue to do so even today. The history, regulation andthe practice of takeovers in Panama presents interestingparadoxical and contradictory features, which can providelessons that can be of general use.