Uruguay : Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment

This report provides an assessment of Uruguay's corporate governance policy framework, enforcement, and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Uruguay. The paper discusses Uruguay's recent advances in financial and economic stability have given rise to an adequate basis for capital markets deepening and growth. However, these initial advances were jeopardized by a series of defaulting securities issuers and the 2002 financial instability episode which led to a perception of high risk and unpredictability of capital markets. The report then identifies several key steps to take in order to set strong corporate governance efficiency in the state owned financial sector. These steps include: improving corporate information, particularly ownership disclosure, related party transactions procedures, and financial reporting; promoting effective and active boards of directors; strengthening institutions, including the securities regulator, and the companies registry; and modernizing securities markets by strengthening intermediation and related regulations.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2005-09
Subjects:	ACCOUNTING, ASSET MANAGEMENT, ASSET SALE, ASSET SALES, AUDIT COMMITTEES, AUDITING, AUDITORS, AUTHORITY, BANK ACCOUNTING, BANK LENDING, BANK RESTRUCTURING, BANK TRANSPARENCY, BANKING SECTOR, BANKING SUPERVISION, BANKRUPTCY, BANKRUPTCY COURT, BANKRUPTCY LAW, BANKS, BOARDS OF DIRECTORS, BODY CORPORATE, BOND ISSUES, BROKERS, BUSINESS COMMUNITY, BUSINESS ENTITIES, CAPITAL MARKETS, CAPITALIZATION, CEOS, CHAIRMAN AND CEO, CIVIL LAW, CIVIL LAW COUNTRY, COMPANIES LAW, COMPANY, COMPETITION LAW, CONFLICT OF INTEREST, CONFLICTS OF INTEREST, CONTROLLING SHAREHOLDER, CONTROLLING SHAREHOLDERS, CORPORATE ASSETS, CORPORATE BOARDS, CORPORATE CONTROL, CORPORATE DECISIONS, CORPORATE EQUITY, CORPORATE EXECUTIVES, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE CODE, CORPORATE GOVERNANCE REFORMS, CORPORATE LAW, CORPORATE MANAGERS, CORPORATE SECURITIES, CORPORATE SOCIAL RESPONSIBILITY, CORPORATION, CORPORATIONS, COST OF CAPITAL, DEBT, DECISION-MAKING, DISCIPLINARY SANCTIONS, DISCLOSURE OBLIGATIONS, DISPUTE RESOLUTION, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC STABILITY, ENFORCEMENT POWERS, EQUITY MARKETS, EXECUTIVE POWER, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL DISCLOSURE, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIATION, FINANCIAL REPORTING, FINANCIAL SECTOR, FINANCIAL SECTORS, FINANCIAL STATEMENTS, FOREIGN INVESTMENT, GOOD CORPORATE GOVERNANCE, GOVERNANCE ISSUES, INCOME, INDEPENDENT AUDIT, INDEPENDENT AUDIT COMMITTEES, INDEPENDENT DIRECTORS, INSIDER TRADING, INSTITUTION BUILDING, INSTITUTIONAL ARRANGEMENTS, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE FIRMS, INTERNAL CONTROLS, INTERNATIONAL AID, INTERNATIONAL ORGANIZATIONS, INVESTOR PROTECTION, LAWS, LEGAL FRAMEWORK, LIMITADA, LIMITED, LIMITED LIABILITY, LIMITED LIABILITY COMPANIES, LIQUIDATION, LIQUIDITY, MANAGERS, MARKET CONFIDENCE, MEMBER BOARD, MEMBER BOARD OF DIRECTORS, MERGER, MERGERS, MINORITY SHAREHOLDERS, PARLIAMENT, PENALTIES, PORTFOLIO DIVERSIFICATION, PORTFOLIOS, PRIVATE COMPANIES, PRIVATE ENTERPRISES, PRODUCTIVITY, PROFITABILITY, PROPERTY RIGHTS, PUBLIC OFFERINGS, PUBLIC POLICY, RATING AGENCIES, REGULATORY AGENCIES, REGULATORY FRAMEWORK, REGULATORY REQUIREMENTS, RETIREMENT, RIGHTS OF MINORITY SHAREHOLDERS, RIGHTS OF SHAREHOLDERS, RISK RATING AGENCIES, RULE OF LAW, SAVINGS, SECURITIES LAW, SECURITIES MARKETS, SECURITIES REGULATOR, SHAREHOLDER AGREEMENTS, SHAREHOLDER INTERESTS, SHAREHOLDER MEETINGS, SHAREHOLDER PROTECTION, STAKEHOLDER, STAKEHOLDERS, STATE-OWNED ENTERPRISES, STOCK EXCHANGE, STOCK EXCHANGES, STOCKS, SUPERVISORY FRAMEWORK, TAKEOVERS, TAX EXEMPTION, TAX REGULATIONS, TECHNICAL ASSISTANCE, TENDER OFFER, TENDER OFFERS, TRANSACTION COSTS, TRANSPARENCY, TRUST FUNDS, UNIVERSITIES, VENTURE CAPITAL, VOTING,
Online Access:	http://documents.worldbank.org/curated/en/2005/09/7380129/uruguay-report-observance-standards-codes-rosc-corporate-governance-country-assessment https://hdl.handle.net/10986/8766
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