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Broadening the Ownership of State-Owned Enterprises

A Comparison of Governance Practices

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The State continues to remain an important shareholder in listed companies worldwide, especially among emerging economies, which rely increasingly on mixed-ownership models. With the benefit of hindsight and more recent examples, this book provides fresh perspectives on the motivation to list state-owned enterprises (SOEs) and the process it entails. Drawing from the experiences of five economies (People's Republic of China, India, New Zealand, Poland and Turkey), the book concludes that broadened ownership generally has a positive impact on the governance and performance of these companies. However, country practices show that the act of listing cannot guarantee that these companies are completely averse to State interests; and deviations from sound corporate governance practices, as enshrined in the OECD Guidelines on Corporate Governance of SOEs, can in some cases, raise concerns with regards to non-State shareholder rights, commercial orientation, board independence, conflicting State objectives, transparency, disclosure and more.

English

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Foreword

This report provides a comparative mapping of relevant national experiences in broadening the ownership of state-owned enterprises (SOEs) through the practice of listing. Based on the national experiences of the People’s Republic of China (hereafter “China”), India, New Zealand, Poland and Turkey, the report considers the motivation behind listing. It explores whether the nature of State participation and remaining State objectives in mixed-ownership companies has an impact on overall governance and performance especially in comparison with other non-state invested listed companies.

English

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