Corporate Governance Country Assessment : Romania

This report provides an assessment of the corporate governance policy framework, and enforcement and compliance practices in Romania, and updates the assessment completed in 2002. Strengths and weaknesses are highlighted and policy recommendations formulated. The major issues are driven by Romania's effort to join the European Union (EU), and the continuing transformation of the Romanian capital markets. Legislative changes in recent years have improved the corporate governance framework. The report notes several areas for further improvement. It recommends that policymakers consider 1) giving a clear mandate to the CNVM (National Commission on Real Estate Values) to protect shareholder's rights, and, in providing additional resources to allow implementation of this mandate; 2) protecting shareholder rights for all publicly held companies, including the less active Rasdaq companies; 3) moving forward on the creation of a Corporate Governance Institute, to both provide training to board members, and develop a new Corporate Governance Code, refocused on the role of the board of directors; and, 4) revising the Company Law, with emphasis on shareholder rights, and that of the board of directors.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2004-04
Subjects:	ACCESS TO INFORMATION, ARBITRAGE, ASSETS, AUTHORITY, AUTHORIZATION, AUTHORIZED CAPITAL, BANKRUPTCY, BENCHMARKS, BID, BOOK VALUE, CAPITAL MARKETS, CHARTERS, COMPANY, COMPANY LAW, COMPANY MANAGEMENT, COMPETITORS, CONSUMERS, CORPORATE CONTROL, CORPORATE GOVERNANCE, CORPORATE INFORMATION, CORPORATE OWNERSHIP, CORPORATION, CORPORATIONS, DISCLOSURE, DISCLOSURE REQUIREMENTS, DISCLOSURE RULES, DIVIDENDS, EXECUTION, FINANCIAL INFORMATION, FINANCIAL PERFORMANCE, FIRMS, FOREIGN SHAREHOLDERS, GDP, INSIDER DEALING, INSIDER TRADING, INSIDER TRANSACTIONS, INSTITUTIONAL FRAMEWORK, INSTITUTIONAL INVESTORS, INTERNATIONAL FINANCE, INTERNATIONAL NORMS, INVESTMENT CLIMATE, INVESTMENT COMPANIES, INVESTMENT SERVICES, INVESTOR PROTECTION, JOINT STOCK COMPANIES, LEGAL ACTION, LEGISLATION, LEGISLATIVE CHANGES, LISTED COMPANIES, MERGERS, MINISTRY OF FINANCE, MINORITY SHAREHOLDERS, MUTUAL FUNDS, OWNERSHIP DISCLOSURE REQUIREMENTS, OWNERSHIP STRUCTURE, PRIVATIZATION AGENCY, PRIVATIZATION POLICY, PUBLIC FINANCE, PUBLIC INSTITUTIONS, REGULATORY FRAMEWORK, REPRESENTATIVES, SHARE CAPITAL, SHAREHOLDER MEETING, SHAREHOLDER MEETINGS, SHAREHOLDERS RIGHTS, STATE ENTERPRISES, STATEMENT, STATEMENTS, STRATEGIC INVESTORS, SUPPLIERS, TAKEOVER, TOTAL MARKET CAPITALIZATION, TRANSPARENCY, UNEMPLOYMENT, VALUATION, VALUING ASSETS, VETO, VOTING, WEALTH,
Online Access:	http://documents.worldbank.org/curated/en/2004/04/6588835/romania-report-observance-standards-codes-rosc-corporate-governance-country-assessment https://hdl.handle.net/10986/14482
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