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Improving the Corporate Governance and Transparency in Bankas and Insurance Companies in Kosova
33, pdf
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Improving the Corporate Governance and Transparency in Bankas and Insurance Companies in Kosova
Publisher: Institute for Development Research (RIINVEST), Kosovo
Date: 2009
Volume: 33, pdf
Description
The purpose of this study is to analyze the challenges faced by the Kosovo government (as an owner in trust) in the process of strengthening corporate governance in central Publicly Owned Enterprises (POEs). The study also aims to increase the awareness of stakeholders regarding the achievements to date and offer recommendations towards improving corporate governance in these POEs. Lack of sound corporate governance, especially for POEs, which have natural monopoly features, enables distortion of the market and in turn deprives citizens of qualitative public services. Furthermore, in a situation when there are plans to introduce the private sector in these industries, lack of good corporate governance discourages sound investors, especially foreign investors, slowing down the evolution of ownership and contributing to economic stagnation. By using primary and secondary data, this study evaluates the developments achieved from the last evaluation done in 2008. This study analyzes the viewpoints of all stakeholders, including: board members of these enterprises, Policy and Monitoring Unit of Public Enterprises (PMUPE), members of parliament (MPs), civil society representatives, media and international institutions. Results show that progress has been made in the legal and institutional framework; however implementation of legal provisions, including monitoring the implementation, has stagnated. Riinvest Institute throughout several years of partnership with Center for International Private Enterprise (CIPE), since 2006, has been engaged with three projects in the promotion of modern corporate governance in Kosovo.