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Governance in state-owned enterprises revisited : the cases of water and electricity in Latin America and the Caribbean, Volume 1
 
Author:Andres, Luis Alberto; Guasch, Jose Luis; Azumendi, Sebastian Lopez; Country:Latin America;
Date Stored:2011/08/01Document Date:2011/08/01
Document Type:Policy Research Working PaperSubTopics:Governance Indicators; National Governance; Banks & Banking Reform; Corporate Law; Private Participation in Infrastructure
Language:EnglishRel. Proj ID:6L-Corporate Governance Of Soes In The Lac Region -- -- P108514;
Region:Latin America & CaribbeanReport Number:WPS5747
Collection Title:Policy Research working paper ; no. WPS 5747Volume No:1

Summary: This paper studies the governance structure of state-owned enterprises in the water and electricity sectors of Latin America and the Caribbean. Through a unique dataset, the paper compares 44 leading state companies of the region based on an aggregate measure of corporate governance and six salient aspects of their design: board, chief executive officer, performance orientation, management, legal framework, and transparency/disclosure. The results indicate the need for improvement in areas such as the selection and appointment of directors to the board and the performance-orientation of the enterprises. The paper also highlights the importance of discussing the management of state-owned enterprises in the wider context of public sector governance, with particular focus on accountability. Moreover, it recognizes the role of accountability as central in the management of state-owned enterprises, recommending a better understanding of regulation and performance management. The paper finds a positive correlation between corporate governance and the utilities' performance. Among the different aspects of corporate governance, performance orientation and professional management seem to be the highest contributors to well-performing state-owned enterprises. State-owned enterprises in the electricity sector show higher governance levels than those in the water sector.

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