Corporate Governance Country Assessment : Slovak Republic
This report provides an assessment of the corporate governance policy framework, and enforcement and compliance practices in the Slovak Republic. Slovakia has already upgraded its legislation to meet European Union (EU) Directives. The legislative...
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| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2003/10/6593973/slovak-republic-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14497 |
| Summary: | This report provides an assessment of
the corporate governance policy framework, and enforcement
and compliance practices in the Slovak Republic. Slovakia
has already upgraded its legislation to meet European Union
(EU) Directives. The legislative and regulatory framework
dealing with corporate governance issues has improved. The
major issues identified by this review include: 1) the
general weakness of the supervisory board, which causes some
non-compliance with several of the Organization for Economic
Cooperation and Development - OECD - Principles; 2) lack of
protection for shareholders of "Free Market"
companies, and, 3) inadequate authority and institutional
capacity at the Financial Market Authority (FMA). Strengths
and weaknesses are highlighted and policy recommendations
made where appropriate. The report proposes that an
Institute of Directors be created to train supervisory board
members, disseminate best practice, and promote dialogue
between the public and private sectors. Together, the
recommendations give issuers the choice to implement best
practice, and for investors a benchmark against which to
measure corporate governance in Slovakia. |
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