Figure 17Is capiPal sPrucPure benchmarked againsP privaPe secPor 54Figure 18Sources and condiPions of SOE debP financing 55Figure 19WhaP are Phe condiPions for sPaPe equiPy injecPions 56Figure 20 A ID: 886282
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1 Figure 16.General basis for financing de
Figure 16.General basis for financing decisions ...................
2 ........................................
........................................... 54 Figure 17.Is capiPal
3 sPrucPure benchmarked againsP privaPe s
sPrucPure benchmarked againsP privaPe secPor? ....................
4 ............ 54 Figure 18.Sources and co
............ 54 Figure 18.Sources and condiPions of SOE debP financ
5 ing ....................................
ing ............................................... 55 Figure 19.Wh
6 aP are Phe condiPions for sPaPe equiPy i
aP are Phe condiPions for sPaPe equiPy injecPions? ................
7 ........................ 56 Figure 20. A
........................ 56 Figure 20. Are SOEs subjecP Po raPe-of-
8 rePurn PargePs? ........................
rePurn PargePs? ...................................................
9 .. 57 Figure 21.How are dividend disPrib
.. 57 Figure 21.How are dividend disPribuPions dePermined? ........
10 ........................................
........................................... 58 Figure 22.Who is res
11 ponsible for nominaPing members Po Phe b
ponsible for nominaPing members Po Phe board? .....................
12 ....... 61 Figure 23.Are minimum board m
....... 61 Figure 23.Are minimum board member qualificaPion criPeri
13 a esPablished? .................... 62 F
a esPablished? .................... 62 Figure 24. Board composiPion
14 : MosPly Figure 25RemuneraPion levels a
: MosPly Figure 25RemuneraPion levels and Pheir impacP on candidaP
15 e qualiPy ........................... 70
e qualiPy ........................... 70 Figure 26.Sources of requi
16 remenPs for SOE boards Po esPablish spec
remenPs for SOE boards Po esPablish specialised commiPPees Po overs
17 ee risk managemenP .....................
ee risk managemenP ................................................
18 ......... 78 Figure 27.Sources of requir
......... 78 Figure 27.Sources of requiremenPs for SOE boards Po ov
19 ersee esPablishmenP of risk managemenP s
ersee esPablishmenP of risk managemenP sysPems ....................
20 ........................................
....................................................... 79 Figure 2
21 8.MePhods employed by Phe SPaPe Po revie
8.MePhods employed by Phe SPaPe Po review SOE risk managemenP sysPe
22 ms .... 81 Boxes Box 1. MainPaining a le
ms .... 81 Boxes Box 1. MainPaining a level playing field: main “
23 building blocks” in compePiPive neuPra
building blocks” in compePiPive neuPraliPy .. 3.2 Risk managemen
24 P by SOEs and Pheir ownership ..........
P by SOEs and Pheir ownership .....................................
25 .......................... 74 Legal and
.......................... 74 Legal and regulaPory framework applic
26 able Po SOE risk governance ............
able Po SOE risk governance .................................. 77 R
27 isk governance aP Phe level of Phe SOE .
isk governance aP Phe level of Phe SOE ............................
28 ........................................
.................................................. 77 Risk governan
29 ce aP Phe level of Phe sPaPe ...........
ce aP Phe level of Phe sPaPe ......................................
30 ........................................
........................................ 80 BIBLIOGRAPHY OF PUBLICL
31 Y AVAILABLE REFERENCES .................
Y AVAILABLE REFERENCES ...........................................
32 84 Tables Table 1.OuPline for Phe Compen
84 Tables Table 1.OuPline for Phe Compendium and main sources of in
33 formaPion .......................... 14
formaPion .......................... 14 Table 2.SPaPe enPerprise ow
34 nership raPionales in 30 jurisdicPions .
nership raPionales in 30 jurisdicPions ............................
35 ........ 17 able 3.Procedures and pracPi
........ 17 able 3.Procedures and pracPice for creaPing and Permina
36 Ping SOEs in 30 jurisdicPions . 21 able
Ping SOEs in 30 jurisdicPions . 21 able 4.Types of ownership model
37 sPrucPures .............................
sPrucPures ........................................................
38 .......... 24 able 5.NaPional approaches
.......... 24 able 5.NaPional approaches Po exercising Phe ownershi
39 p funcPion in 32 counPries ........ 26 a
p funcPion in 32 counPries ........ 26 able 6.Examples of coordinaP
40 ing agencies in Israel, India, LaPvia an
ing agencies in Israel, India, LaPvia and LiPhuania .......... 34 a
41 ble 7.DecenPralized ownership: Agencies
ble 7.DecenPralized ownership: Agencies execuPing Phe ownership fun
42 cPion in ArgenPina, Colombia and Mexico
cPion in ArgenPina, Colombia and Mexico ...........................
43 ........................................
........................................ 34 able 8.AggregaPe reporP
44 ing on sPaPe-owned enPerprises by counPr
ing on sPaPe-owned enPerprises by counPry .........................
45 ...... 36 able 9.CompePiPive NeuPraliPy
...... 36 able 9.CompePiPive NeuPraliPy CommiPmenPs ...............
46 ........................................
................................................. 45 able 10.Regula
47 Pory PreaPmenP of SOEs .................
Pory PreaPmenP of SOEs ............................................
48 ................................. 46 abl
................................. 46 able 11.Tax PreaPmenP of SOEs
49 ........................................
...................................................................
50 ..................... 47 able 12.Procure
..................... 47 able 12.ProcuremenP pracPices relaPed Po S
51 OEs ....................................
OEs ...............................................................
52 52 able 13.NaPional pracPices Powards S
52 able 13.NaPional pracPices Powards SOE financing: An overview .
53 .................................. 53 ab
.................................. 53 able 14.Board nominaPion: For
54 mal responsibiliPy .....................
mal responsibiliPy ................................................
55 ............ 63 able 15.PracPices on boa
............ 63 able 15.PracPices on board size ...................
56 ........................................
...................................................................
57 .. 66 able 16.Board composiPion and effi
.. 66 able 16.Board composiPion and efficiency ....................
58 ........................................
................................................... 67 able 17.Boar
59 d evaluaPions ..........................
d evaluaPions .....................................................
60 ........................................
........................................... 72 able 18.Overview: Ri
61 sk managemenP pracPices by SOEs and Phei
sk managemenP pracPices by SOEs and Pheir owners ..................
62 ... 75 able 19.PracPices for idenPifying
... 75 able 19.PracPices for idenPifying and reporPing risk Po Phe
63 board ..................................
board ..................................... 79 able 20.HighlighPs o
64 f naPional pracPices for sPaPe audiPs of
f naPional pracPices for sPaPe audiPs of SOEs and Pheir risk manage
65 menP sysPems ...........................
menP sysPems ......................................................
66 ............... 82 s Figure 1.Sources of
............... 82 s Figure 1.Sources of ownership raPionales where
67 Phe raPionale is expliciP .............
Phe raPionale is expliciP .......................... 18 ure 2.Sour
68 ces of ownership raPionales where Phe ra
ces of ownership raPionales where Phe raPionale is impliciP .......
69 .................. 18 ure 3.ObjecPives c
.................. 18 ure 3.ObjecPives ciPed in sPaPe enPerprise ow
70 nership raPionales .....................
nership raPionales .................................... 19 ure 4.Pr
71 ocedures and pracPices for SOE-creaPion
ocedures and pracPices for SOE-creaPion ...........................
72 .............................. 22 ure 5.
.............................. 22 ure 5.Procedures and pracPices fo
73 r SOE PerminaPion ......................
r SOE PerminaPion .................................................
74 ... 22 ure 6.Breakdown of Phe applicaPio
... 22 ure 6.Breakdown of Phe applicaPion of ownership models in 23
75 counPries .................. 24 ure 7.S
counPries .................. 24 ure 7.SpecPrum of sPaPe ownership
76 models in 31 counPries .................
models in 31 counPries .......................................... 2
77 6 ure 8.CenPralised model: InsPiPuPions
6 ure 8.CenPralised model: InsPiPuPions exercising Phe ownership fu
78 ncPion ..................... 32 ure 9.Du
ncPion ..................... 32 ure 9.Dual model: InsPiPuPions exec
79 uPing Phe ownership funcPion ...........
uPing Phe ownership funcPion ................................ 32 ur
80 e 10.How many counPries produce aggregaP
e 10.How many counPries produce aggregaPe reporPs on SOEs? ........
81 .................... 38 ure 11.WhaP is i
.................... 38 ure 11.WhaP is included in aggregaPe reporP
82 s? .....................................
s? ........................................................... 39 u
83 re 12.Do aggregaPe reporPs include compa
re 12.Do aggregaPe reporPs include company-specific informaPion? ..
84 ...................... 41 ure 13.SeparaP
...................... 41 ure 13.SeparaPion of accounPs ...........
85 ........................................
...................................................................
86 ....... 49 ure 14.CompensaPion of public
....... 49 ure 14.CompensaPion of public service obligaPions ......
87 ........................................
.............................................. 50 ure 15.Cross-subs
88 idaPion pracPices in public service deli
idaPion pracPices in public service delivery ......................