Corporate Governance in Latvia [Paperback]

The Review of Corporate Governance in Latvia was prepared as part of the process of Latvias accession to OECD Membership. The report describes the corporate governance setting for both listed companies and the state-owned sector (SOEs).The Review of Corporate Governance in Latvia was prepared as part of the process of Latvias accession to OECD Membership. The report describes the corporate governance setting for both listed companies and the state-owned sector (SOEs). The Review then examines the legal and regulatory framework and company practices to assess the degree to which the recommendations of the G20/OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises have been implemented. The report finds that Latvia's framework for the corporate governance of listed companies is largely consistent with the Principles. However, the report recommends a series of measures to further strengthen the corporate governance framework, which could help to deepen its currently small capital market and attract investment. For SOEs, the report recognises considerable reforms undertaken during the accession review process to establish an ownership co-ordination unit and to begin re-establishing boards of directors (which had been abolished in 2009). The report calls for consolidation of these reforms and also stresses the importance of clarifying SOE objectives and strategies, and enhancing disclosure.The OECD is an international organization that consists of 30 Member countries from the developed world that accept the principles of representative democracy and free market economy. It originated in 1948 as the Organization for European Economic Cooperation (OEEC) to help administer the Marshall Plan for the reconstruction of Europe after World War II. Later its membership was extended to non-European states, and in 1961 it was reformed into the OECD. The organization provides a forum where governments can compare policy elCÁ