Description: Corporate Governance Country Assessment : El Salvador

Corporate Governance Country Assessment : El Salvador

This report assesses El Salvador s corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS AUDIT COMMITTEES AUDITS BALANCE SHEET BANKING LAW BANKING SECTOR BANKS BOARD MEMBER BOARD MEMBERS BOARD MEMBERSHIP BOARDS OF DIRECTORS BROKERS CAPACITY CONSTRAINTS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL STOCK CENTRAL BANK CENTRAL DEPOSITORY CEO CEOS CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CIVIL LAW COMMERCIAL CODE CONFLICTS OF INTEREST CONSTITUTION CONTROLLING SHAREHOLDERS COOPERATION AGREEMENT CORPORATE BOND CORPORATE BOND ISSUES CORPORATE ENTITIES CORPORATE GOVERNANCE CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE CODES CORPORATE GOVERNANCE FRAMEWORKS CORPORATE GOVERNANCE REFORMS CORPORATE INFORMATION CORPORATE PRACTICES CORPORATIONS COST OF CAPITAL CREDIBILITY CREDITORS CRITICAL MASS DEBT SECURITIES DECISION MAKING DECISION MAKING PROCESSES DECREE DEPOSITS DISCLOSURE DIVIDEND DIVIDEND POLICY DIVIDENDS DOMESTIC COMPANIES DOMESTIC EXCHANGE DOMESTIC INSTITUTIONAL INVESTORS ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC INTEGRATION EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKETS EQUAL TREATMENT EQUITY ISSUANCE EQUITY MARKET EQUITY MARKETS FIDUCIARY DUTIES FIDUCIARY RESPONSIBILITIES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DISCLOSURES FINANCIAL INSTITUTIONS FINANCIAL REQUIREMENTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SITUATION FINANCIAL STATEMENTS FINANCIAL SYSTEM FIXED CAPITAL FOOD PRICES FUND ASSETS FUND MANAGERS GOOD CORPORATE GOVERNANCE GOVERNANCE ISSUES GOVERNANCE PRACTICES GOVERNANCE REGULATION GOVERNANCE STANDARDS GOVERNMENT AUTHORITIES GROSS DOMESTIC PRODUCT HOLDING HOLDINGS HUMAN RESOURCES IMPROVING GOVERNANCE INCOME INCORPORATION INFORMATION TECHNOLOGY INSIDER TRADING INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERNAL AUDIT INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL GOVERNANCE STANDARDS INTERNATIONAL STANDARDS INVESTMENT CLIMATE INVESTMENT POLICIES INVESTOR CONFIDENCE INVESTOR PROTECTION ISSUANCES JOINT STOCK COMPANIES JOINT STOCK COMPANY JURISDICTION JURISDICTIONS LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL REFORMS LIABILITY LIMITED MAJORITY SHAREHOLDER MANAGEMENT OVERSIGHT MARKET CAP MARKET CAPITALIZATION MARKET PARTICIPANTS MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDER PROTECTION MINORITY SHAREHOLDERS MONETARY FUND NATIONAL ECONOMY OWNERSHIP STRUCTURE PENSION PENSION FUND PENSION FUND ASSETS PENSION FUNDS PORTFOLIO PREEMPTIVE RIGHTS PRIVATE PENSION PRIVATE SECTOR GROWTH PRIVATIZATION PROPERTY RIGHTS PROPORTIONAL REPRESENTATION PRUDENTIAL REGULATIONS PUBLIC DEBT PUBLIC DEBT SECURITIES PUBLIC INFORMATION PUBLIC POLICY REGIONAL INTEGRATION REGULATORS REGULATORY AUTHORITIES REGULATORY FRAMEWORK REMITTANCES REPRESENTATIVES REPUTATION RETIREMENT SAVINGS RISK MANAGEMENT SECURITIES SECURITIES LAW SHAREHOLDER SHAREHOLDER AGREEMENT SHAREHOLDER AGREEMENTS SHAREHOLDER APPROVAL SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDER PROTECTIONS SHAREHOLDER RIGHT SHAREHOLDER RIGHTS SHAREHOLDERS SMALL BUSINESSES SOCIAL SECURITY STAKEHOLDERS STATE-OWNED ENTERPRISES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET SUPERVISORY AGENCY TRACK RECORD TRANSACTION TRANSACTION COSTS TRANSPARENCY TRUSTEE TURNOVER TURNOVER RATIO UNIVERSITIES VOTING WEAK CORPORATE GOVERNANCE WITHDRAWAL WORLD DEVELOPMENT INDICATORS WORLD MARKETS
Online Access:	http://documents.worldbank.org/curated/en/2012/06/20225992/el-salvador-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/20447

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Summary:	This report assesses El Salvador s corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in El Salvador. The OECD Principles focus on private-sector publicly traded companies, both financial and nonfinancial, but are also applicable to other public interest entities, including banks, insurance companies, and state-owned enterprises The equity market in El Salvador is small and has not showed much growth in the past five years. Most observers blame unwieldy approval processes for new share offerings, and the predominance in the economy of small- and medium-sized family-owned companies which do not have an interest in becoming public. Given the limited depth of the market, both regulator (SSF) and stock exchange (BVES) have taken measures towards regional integration. El Salvador today is participating in a regional initiative to develop an integrated Central American capital market with Panama and Costa Rica. Good corporate governance enhances investor trust, helps to protect minority shareholders, and can encourage better decision making and improved relations with employees, creditors, and other stakeholders. It is an important prerequisite for attracting the patient capital needed for sustained long-term economic growth.

Corporate Governance Country Assessment : El Salvador

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